ILC ARTICLE

Ageas considering DLG acquisition


Ageas has confirmed that it is considering acquiring Direct Line Group.

It believes the deal, valued at nearly £3,095m, would unlock significant operational and capital synergies through the sharing of best-practices and the removal of overlapping overhead costs.

According to regulations, it will have to have to make a firm offer by 5pm on 27 March in order to progress with the acquisition.

Ageas said, “The proposed transaction is in line with Ageas’ stated M&A criteria and Impact24 ambitions, as it would further strengthen Ageas’ position in a European market where it already operates, whilst rebalancing Ageas’ business profile towards controlled entities and non-life business.”

It continued, “Ageas believes that the combination of Ageas’ and Direct Line’s complementary UK businesses would lead to the creation of a strong personal lines franchise in the UK with key positions in Ageas’ preferred business lines of household and motor. This combination would benefit from highly complementary distribution models founded on the combination of Ageas’ strong relationships with intermediary distribution partners and Direct Line’s strong brand recognition for direct and price comparison websites distribution.

“Furthermore, Ageas remains confident in its capacity to pursue sustainable and profitable growth through this transaction, underpinned by the delivery of operational synergies, scaling up the knowledge in domains like product innovation capabilities, best-in-class customer service and the unique ability to leverage data analytics.”

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