Regulated information - price sensitive: Update on negotiations amended Fortis settlement
October 16 2017 - 2:45PM
Ageas and
the claimant organisations have been working intensively on an
amended settlement that would address the main concerns of the
Amsterdam Court of Appeal as expressed in its interim decision of
16 June 2017. No agreement has been reached yet and therefore an
extension of the filing period was requested to the
Court.
In order to
reach such an amended settlement, Ageas has decided to make a final
additional effort of EUR 100 million.
Since the publication of the
interim decision, Ageas and the claimant organisations have
intensively been discussing solutions for the Court's concerns.
However, no final agreement was reached within the timeframe
proposed by the Court. Hence, an extension was requested. In this
context, all parties have decided to diligently continue the
discussions and to work towards a reasonable and balanced solution
for all stakeholders.
Ageas has decided to make a final
additional effort of EUR 100 million, which should allow to address
the Court's main concerns, and to take into account the previous
commitments made.
Once a comprehensive agreement has
been finalised and filed, Ageas will inform the market.
Bart De
Smet, CEO Ageas, commented: "For all our
stakeholders and for the Group, we remain committed to finding a
reasonable and workable solution to the past. Consequently, an
extension of the filing period was requested and Ageas is prepared
to make an extra financial effort. I'm confident that all parties
will endeavour to work hard the coming weeks to reach an amended
and balanced agreement designed to respond to the main concerns of
the Court."
Ageas is a
listed international insurance Group with a heritage spanning 190
years. It offers Retail and Business customers Life and Non-Life
products that meet their specific needs, not just for today but
also for tomorrow. Ageas, one of the largest insurance companies in
Europe, is mainly active in Europe and Asia, which together make up
the majority of the global insurance market. Through a combination
of wholly owned subsidiaries and long term partnerships with strong
financial institutions and key distributors, Ageas operates
successful insurance businesses in Belgium, the UK, Luxembourg,
France, Italy, Portugal, Turkey, China, Malaysia, India, Thailand,
Vietnam, Laos, Cambodia, Singapore, and the Philippines. In most of
the countries where it operates, Ageas is among the market leaders.
Ageas has more than 40,000 employees, and inflows amounted to
around EUR 32 billion (all figures at 100%) in 2016.
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Source: Ageas via Globenewswire
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