Brief: Ageas Subscribes To A Capital Increase Of Taiping Reinsurance

China Taiping Insurance Holdings

27/08/2020 05:54

Aug 27 (Reuters) - Ageas SA  AGES.BR :
    * AGEAS BROADENS PARTNERSHIP WITH CHINA TAIPING BY
SUBSCRIBING TO
A CAPITAL INCREASE OF TAIPING REINSURANCE CO. LTD.
    * TOTAL CONSIDERATION OF HKD 3,100 MILLION (AROUND EUR 340
MILLION)
    * AGREED PRICE IS SUBJECT TO A COMPENSATION MECHANISM BASED
ON
EVOLUTION OF NET ASSET VALUE OF COMPANY SINCE 31 DECEMBER 2019
    * TRANSACTION IS SUBJECT TO REGULATORY APPROVAL AND IS
EXPECTED TO
BE CLOSED IN LAST QUARTER OF 2020
    * CORRESPONDING AMOUNT WILL BE PAID IN CASH
    * IMPACT ON GROUP'S SOLVENCY POSITION AT TIME OF CLOSING IS
ESTIMATED TO BE AROUND 9 PERCENTAGE POINTS
    * THIS SIZEABLE TRANSACTION REPLACES THIS YEAR'S SHARE
BUY-BACK
PROGRAMME THAT WAS DELAYED FOLLOWING RECOMMENDATION OF NATIONAL
BANK OF BELGIUM
    * IT WILL HOWEVER NOT IMPACT OUR COMMITMENT TO 2021 SHARE
BUY-BACK
PROGRAMME
    * SUBSCRIPTION TO CAPITAL INCREASE WILL INCREASE SHARE OF
NON-LIFE
ACTIVITIES IN GROUP'S BUSINESS PORTFOLIO
    * THIS TRANSACTION OFFERS AGEAS A UNIQUE OPPORTUNITY TO
ENTER
ASIAN REINSURANCE MARKET AND TO BENEFIT FROM ITS STRONG
POTENTIAL -CEO

Source text for Eikon:  ID:nGNE5RzWZZ 
Further company coverage:  AGES.BR 

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