Ageas moves its Aksigorta and AgeSA stakes to Ageas Finance NV

Ageas has moved its 36 per cent stake in Aksigorta and its 40 per cent stake in AgeSA Hayat ve Emeklilik to Ageas Finance NV after a partial demerger, the two Istanbul-listed insurers said in filings on 27 October.

All of the shares held by Ageas Insurance International NV passed by universal succession to Ageas Finance NV, a company incorporated and operating under Belgian law, the filings say. The Insurance and Private Pension Regulation and Supervision Agency (SEDDK) approved the transaction, and the notifications required under Article 198 of the Turkish Commercial Code will follow. The filings give no reason for the demerger and no price, and describe no change to either company's board.

Each filing sets out the change in a table of direct holdings. Before the demerger Ageas Insurance International NV held 36 per cent of Aksigorta and 40 per cent of AgeSA; it now holds none, and Ageas Finance NV holds the same stakes.

Hacı Ömer Sabancı Holding's direct stakes are unchanged at 36 per cent of Aksigorta and 40 per cent of AgeSA, so the two partners still hold equal shares in each company. Aksigorta's free float is 27.98 per cent of its TL 1.612 billion capital, its KAP profile shows, and AgeSA's is 18.34 per cent of TL 180 million, its own profile shows.

The two companies are the insurance arm of Sabancı's financial services group. Aksigorta writes non-life business, and AgeSA life insurance and private pensions. Together they serve more than 6 million customers through a direct sales team, agents, brokers, digital channels and bancassurance with Akbank, Sabancı Holding says, with about 4,000 affiliated agents, roughly 20 per cent of all insurance agents in Türkiye. AgeSA has about 1,842 employees and 4.2 million customers; Aksigorta has 743 employees and more than 3,600 independent agents. Medisa, a health insurer set up in August 2022, is a third Sabancı and Ageas venture. Sabancı's banking arm Akbank sells policies for both companies through its branches.

Other parts of the Sabancı group have featured in recent financings, from the EBRD loan to Enerjisa Üretim, its joint venture with E.ON, to Akbank's role in arranging a package for tug builder Sanmar.