Ageas, the Belgian insurer that previously attempted a multibillion-pound acquisition of Direct Line, is now seeking new takeover opportunities in the UK as part of its strategy to become a dominant player in the market.
Hans de Cuyper, CEO of Ageas, revealed the company’s ambitions in an interview with The Sunday Times, stating, “If there is an interesting opportunity, we will look at it.”
The news comes just days after Saga, the listed insurer and travel company, confirmed ongoing discussions with Ageas regarding a potential partnership for its insurance division. While these talks unfold, De Cuyper remains focused on expanding Ageas’s footprint in the UK, where it currently ranks as the sixth-largest car insurer.
De Cuyper did not provide specific details on potential acquisition targets but emphasized the company’s significant growth in the UK. In the first half of 2024, Ageas reported a 50% increase in UK sales, driven equally by rising insurance premiums and customer growth. De Cuyper credited some of this success to the brand’s heightened visibility following its failed bid for Direct Line.
“The brand came into the spotlight due to the Direct Line initiative, and now we are seeing the business benefits from that exposure,” he explained.
Ageas’s interest in Direct Line was made public in February, just days before Adam Winslow took over as Direct Line’s CEO. However, Ageas withdrew its £3.2 billion takeover bid a month later, after being unable to persuade Direct Line’s board to engage in negotiations.
Currently, Ageas employs 2,600 staff across four UK offices, including its headquarters in Eastleigh, Hampshire. The company specializes in personal lines insurance products, such as car, travel, and pet insurance.
With a market capitalization of €8.99 billion (£7.5 billion), Ageas is listed on the Brussels stock exchange. Its largest shareholder, the Chinese conglomerate Fosun—owner of Wolverhampton Wanderers football club—divested most of its 10% stake in Ageas after the insurer’s failed attempt to acquire Direct Line.
Recently, Ageas has been linked as a potential bidder for esure, a home and car insurance provider currently owned by private equity firm Bain Capital, which has put the company up for sale.
