Today Ageas announces that it is granting a EUR 225 million subordinated loan to its Belgian subsidiary AG Insurance as a partial replacement for the USD 550 million Fixed Rate Reset Perpetual Subordinated Notes AG Insurance called on 21 March 2019.
The loan, which qualifies as Tier 2 capital under Solvency II at the level of AG Insurance and matures in 2049 with a first call date in 2029, is issued at an effective yield of 3.46% and a fixed interest rate up to the first call date of 3.25%.
Ageas is a listed international insurance Group with a heritage spanning almost 200 years. It offers Retail and Business customers Life and Non-Life insurance products designed to suit their specific needs, today and tomorrow. As one of Europe's larger insurance companies, Ageas concentrates its activities in Europe and Asia, which together make up the major part of the global insurance market. It operates successful insurance businesses in Belgium, the UK, France, Portugal, Turkey, China, Malaysia, India, Thailand, Vietnam, Laos, Cambodia, Singapore, and the Philippines through a combination of wholly owned subsidiaries and long term partnerships with strong financial institutions and key distributors. Ageas ranks among the market leaders in the countries in which it operates. It represents a staff force of over 45,000 people and reported annual inflows of over EUR 34 billion in 2018 (all figures at 100%).
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