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Ageas announces new share buy-back programme

Written by Customer Service on . Posted in Public Companies.

      

Ageas announces new share buy-back programme

Ageas announces the decision of the Board of Directors to initiate a new share buy-back programme of its outstanding common stock for an amount of EUR 150 million. This follows the shareholders’ authorisation granted in May 2021. The share buy-back programme will start on 1 September 2021 and will run up to 29 July 2022.

This programme, which is in line with the Group’s financial targets under the Connect21 strategy, will be implemented in accordance with industry best practices and in compliance with the applicable buy-back rules and regulations. To this end, Ageas will mandate an independent broker to execute the programme through open market purchases on its behalf on Euronext Brussels.

The bought back shares will be held as treasury shares. Ageas intends to propose to its shareholders their cancellation, excluding the shares needed to cover share-plans granted to senior management. The share buy-back will not affect the solvency position of the insurance operations.

Ageas will keep the market fully informed of the progress of the transaction in line with applicable regulations.

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 36 billion in 2020 (all figures at 100%).

 

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