China's Anbang sells Belgian insurer Fidea to Baloise Group for €480m

Swiss insurer Baloise Group is acquiring Belgian multi-sector insurer Fidea NV from the Chinese Anbang Insurance Group for €480 million.

Anbang had been exploring the sale of Fidea since it was seized by the the Chinese government in February 2018. The Chinese government took full ownership of Anbang in June.

Fidea, formerly owned by JC Flowers, was bought by Anbang in May 2015 for €369 million. The company offers mobility, home, family and leisure, health, building and company, liability, and accident insurance services; and saving and investment products.

Baloise said the deal strengthens its position in the Belgian non-life and life insurance market. It will increase Baloise’s share of the non-life business in Belgium by 1.7 percentage points to 8.5 per cent, and in the life business it will increase market share by 0.7 percentage points to 4.2 per cent.

As part of the agreement, Fidea's staff based in Antwerp will transfer to Baloise.

The transaction is expected to be completed during the second half of the year, subject to regulatory approvals.

“The acquisition of Fidea fits perfectly with our Simply Safe strategy, both in terms of strengthening the core business in our focus markets and the highly innovative and experimental approach to digitalisation," said Baloise group CEO Gert De Winter. "The acquisition and resulting synergies will provide a long-term boost to our growth potential and earnings power and give us additional market share in the attractive Belgian market.”

Henk Janssen, CEO of Baloise Insurance in Belgium, added: “I am pleased that this acquisition – our third in Belgium in the last ten years – will enable us to add market share and expand the existing sales network. Baloise Insurance is a preferred partner of customers and brokers. Together with our new colleagues, we will be able to serve the market even more effectively and win over even more customers and partners for our services.”