BNP Paribas announces the completion of the implementation of its long-term partnership with Ageas

Following the signature on 7^th December 2025 of a framework agreement between the BNP Paribas and Ageas Groups, BNP Paribas Fortis sold today its 25% stake in AG Insurance for a total amount of EUR 1.9 billion and renewed its historical partnership in bancassurance (savings, protection and property & casualty insurance) with AG Insurance in Belgium.

AG Insurance and BNP Paribas Asset Management signed a long-term partnership covering AG insurance investments in certain asset classes, leveraging BNP Paribas Asset Management’s offering for insurers and pension funds.

BNP Paribas Cardif, BNP Paribas’ insurance subsidiary, increased its stake from 14.9% to 22.5% in Ageas following a EUR 1.1 billion investment, contributing in particular to the capital increase of Ageas completed today.

As a long-term shareholder, the BNP Paribas Group will thereby strengthen Ageas’ capacity for growth while preserving its autonomy and independence. To this end, the two Groups have entered into a Relationship Agreement.

This transaction results in a net capital gain after tax of EUR 840 million and a positive impact on the CET1 ratio after pay-out of +5 basis points. In addition, the BNP Paribas Group net income is expected to increase on a recurring annual basis by EUR 40 million.

About BNP Paribas

Leader in banking and financial services in Europe, BNP Paribas operates in 64 countries and territories with more than 180,000 employees, including more than 146,000 in Europe. The Group’s activities are structured by three operating divisions: Commercial, Personal Banking & Services covering commercial & personal banking entities and specialised businesses; Investment & Protection Services for savings, investment and protection solutions; and Corporate & Institutional Banking, a bridge between corporate and institutional clients. Based on its strong diversified and integrated model, the Group accompanies all its clients (individuals, entrepreneurs, SMEs, corporates and institutional clients) through solutions spanning financing, investment, savings and insurance. The Group has a historic footprint in four eurozone markets: France, Italy, Belgium and Luxembourg. As a key player in international banking, the Group has leading platforms and business lines in Europe, a strong presence in the Americas as well as a solid and fast-growing business in Asia-Pacific. BNP Paribas implements a Social and Environmental Responsibility approach across all its activities, enabling it to contribute to building a sustainable future while ensuring the Group's performance and stability.