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Ageas 

“Market Cap $10.23 B As of May 2014

At a Glance

  • Industry: Diversified Insurance
  • Founded: 1824
  • Country: Netherlands
  • CEO: Bart De Smet
  • Website: www.ageas.com
  • Employees: 13,071
  • Sales: $15.84 B
  • Headquarters: Utrecht

Forbes Lists

#470 Global 2000

  • #598 in Sales
  • #797 in Profit
  • #202 in Assets
  • #1051 in Market value
Profile

Ageas NV is engaged in the provision of life and non-life insurance, investments, and real estate. The company operates through the following segments: Belgium, the United Kingdom, Continental Europe, Asia, and General Account. The Belgium segment offers life and non-life products to private individuals and small to medium enterprises under the name of ‘AG Insurance.’ The United Kingdom segment provides non-life insurance solutions and related life protection businesses, with personal and commercial line markets. The Continental Europe segment consists of European insurance activities excluding Belgium and the United Kingdom. The Asia segment is organized in the form of joint ventures with local partners and financial institutions in Hong Kong, China, Malaysia, Thailand, and India. The General Account segment comprises activities not related to the core Insurance business, such as group finance and other holding activities. The company was founded in 1990 and is headquartered in Utrecht, Netherlands.

“Ageas History

The company’s roots reach back to the 1824 foundation of the Belgian life insurer Assurances Générales (now AG Insurance). In 1990 AG merged with the Netherlands-based bancassurer AMEV/VSB to form Fortis. AMEV/VSB had itself been formed earlier that year by the combination of savings bank VSB (Verenigde Spaarbank) and insurer AMEV, which took advantage of the recent relaxation of Dutch legislation preventing mergers between banks and insurers. AMEV had originally been founded in Utrecht in 1920 as Algemeene Maatschappij tot Exploitatie van Verzekeringsmaatschappijen (English: General Society for Operation of Insurance).

After its creation in 1990, Fortis expanded its offerings to include private and investment banking and asset management, establishing subsidiaries around the world, and by 2007 it had become the 20th largest business in the world by revenue. That year Fortis agreed to jointly purchase ABN AMRO with Banco Santander and Royal Bank of Scotland Group, but the onset of the major financial crisis exacerbated problems with financing its part of the large acquisition and prompted fears of impending insolvency. Considered “too big to fail”, Fortis received an €11.2 billion bailout from the Benelux governments and saw its retail bankingoperations in Belgium sold to BNP Paribas and its insurance and banking subsidiaries in the Netherlands nationalised.

The remaining assets of the company, consisting principally of insurance operations but also including some distressed assets, were rebranded Fortis Holding. In April 2010 its shareholders agreed a formal change of name to Ageas N.V./S.A., with ownership of the Fortis brand passing to BNP Paribas.”

*Information from Forbes.com and Ageas.com

**Video published on YouTube by “Ageas UK