According to Belgian newspaper “De Tijd” (7,62 EUR, 2,42%) has started the sales process of its Belgian insurance subsidiaries Life Belgium and Non-Life Belgium. The divestment is part of the EC-approved restructuring plan.
In 2009 was ranking seventh in the Belgian insurance market with a combined premium income of € 916m o/w € 916m from the life activities. The combined profit was € 4m. The two entities employ 360 people.
(24,8 EUR, 3,14%) , (1,82 EUR, 4,31%) and Ethias are under the EC-approved restructuring plans prohibited from bidding for ING’s insurance operations. This leaves Delta Lloyd and Mercator as most suitable bidders. Ageas already has an exclusive distribution deal with (46,19 EUR, 2,87%) Bank which makes it unlikely that it wouldpursue another acquisition in Belgium. Its market share is also already too high.
We remain Accumulating with an unchanged target at € 9.0.