Fidea and AG Insurance today signed an agreement whereby Fidea sells to AG Insurance its portfolio of group insurance policies and individual pension commitments. 

This transaction is subject to approval by the National Bank of Belgium, the supervisory authority. 

The portfolio concerned represents €32 million in annual premium income and assets under management of approximately €440 million as at year-end 2013.  Edwin Schellens, CEO of Fidea, said, "The decision we have taken to sell our group insurance portfolio fits in perfectly with our determination to limit our Life activities and continue to strengthen Fidea's position in the Non-Life market. We're pleased to have been able to reach agreement with AG Insurance, a professional partner for the clients concerned."

Antonio Cano, CEO of AG Insurance, said, "This agreement confirms AG Insurance's expertise and reputation in "second pillar" supplementary occupational insurance. We can therefore carry out this transaction on the best terms while at the same time ensuring the continuity of the policies. We welcome the clients concerned and assure them that they will continue to receive first-class service from AG Insurance."