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Ageas UK sells stake in Tesco Underwriting for £125m

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CEO Ant Middle says now is the "right time" for Ageas to hand over its stake in the car and home insurance provider to Tesco Bank as it focuses on developing broker distribution.

Ageas UK has sold its 50.1% stake in Tesco Underwriting to Tesco Bank for a total consideration of £104m.

Additionally, Ageas will receive a repayment of an internal loan valued at £21m.

The agreement also includes Ageas’s part of any change in net asset value realised by Tesco Underwriting from 30 June 2020 until the deal closes.

Tesco Bank stated that the acquisition will be funded from its cash reserves.

Change
It said in a statement: “All three parties will work closely to ensure a

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