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Ageas: wins all approvals to sell Italian unit

(CercleFinance.com) - Ageas has completed the sale of its Italian non-life insurance business Cargeas to BNP Paribas Cardif after getting all necessary regulatory approvals, the Belgian group said on Friday.

The completion of the transaction for a price of 178 million euros will generate a net capital gain of 77 million euros at the insurance-division level and an additional 10-million-euro gain at group level, both to be recorded in the last quarter of 2017.

Last July, Ageas reached an agreement with BNP Paribas Cardif to sell its 50% + one share in the capital of Cargeas.

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