Ageas is acquiring insurance operations of Axa

The European Commission has given its agreement for the acquisition of all insurance activities of Axa Portugal by the Belgian group Ageas, a move that had been announced in August 2015. Axa Portugal is parting way with its three local entities specialized in damage to property, life, saving and pension, and direct sales insurance plans. These three subsidiaries have reported a global turnover of 433 million EUR (526 million USD) in 2014 and 203 million EUR (225 million USD) in the course of the first half of 2015. This move, estimated at 197.5 million EUR (216 million USD), will boost Ageas as Portugal’s second biggest non life insurer.

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