Ageas Insurance International NV, the insurer carved out of the remains of Fortis, said Monday it will sell its German life insurance business to peer Augur Capital AG.
“The sale of our German company is in line with Ageas’s strategic criteria determined in September 2009,” Steven Braekeveldt, chief executive for Continental Europe said in a statement. “We believe the sale to Augur is in the best interests of all parties involved, including employees and management, customers and distribution partners.”
No financial details were disclosed.
Ageas Deutschland Lebensversicherung AG began operating in the German life market in 2007 as Fortis Deutschland Lebensversicherung AG. In 2010, the company realized a premium income of EUR45 million and reached a solvency ratio of 305% at year-end, Ageas said.
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