The Trade and Industry Appeals Tribunal in The Hague (College van Beroep voor het bedrijfsleven) has upheld Ageas's appeal against the fine imposed by the Dutch Authority for the Financial Markets (AFM) concerning its subprime disclosure in 2007
As reported previously[1], in 2010 the Dutch supervisory authority AFM imposed fines on Fortis SA/NV and Fortis N.V. for infringements of provisions of the Dutch Financial Supervision Act concerning the disclosure of price sensitive information on subprime exposure to the market in September 2007.
The Trade and Industry Appeals Tribunal has upheld Ageas's appeal against the AFM's decision. Consequently, the AFM fine has been annulled and these legal proceedings have come to a final end.
This decision was published - in Dutch - on www.rechtspraak.nl.
Ageas is an international insurance group with a heritage spanning more than 180 years. Ranked among the top 20 insurance companies in Europe, Ageas has chosen to concentrate its business activities in Europe and Asia, which together make up the largest share of the global insurance market. These are grouped around four segments: Belgium, United Kingdom, Continental Europe and Asia and served through a combination of wholly owned subsidiaries and partnerships with strong financial institutions and key distributors around the world. Ageas operates successful partnerships in Belgium, UK, Luxembourg, Italy, Portugal, Turkey, China, Malaysia, India and Thailand and has subsidiaries in France, Hong Kong and UK. Ageas is the market leader in Belgium for individual life and employee benefits, as well as a leading non-life player through AG Insurance. In the UK, Ageas has a strong presence as the fourth largest player in private car insurance and the over 50's market. Ageas employs more than 13,000 people in the consolidated entities and over 20,000 in the non-consolidated partnerships and has annual inflows of more than EUR 21 billion
