Ageas Announces Final Installment Payment in Fortis Settlement-June 23, 2022 17:00

Ageas announces final installment payment for Fortis settlement

Today, Ageas announced that it has decided to close the Fortis settlement in consultation with the plaintiffs’ organization.

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The claim manager pays the final installment payment.

The first final calculation and final installment payment for all claimants will only be made after the last dispute has been resolved. However, because of the limited number of claims pending before Computershare (Independent Claims Administrator) or the Dispute Commission, Ageas has an estimated 279,000 other applicants with this limited number of outstanding claims. Did not want to delay longer.

Therefore, Ageas has decided to take on the residual risk of these outstanding claims in addition to the € 1.3 billion budget predicted in the settlement agreement. This allows the billing administrator to process the final installment payment and close the Fortis settlement for almost any claimant.

Certain components of the claimant’s provisional billing amount are subject to dilution, as the billing was significantly higher than expected.

Unresolved claims are considered rejected and all other claimants’ payments are maximized within the planned budget of € 1.3 billion for the purpose of determining the final payment percentage below.

The resulting payment percentage is applied to the corresponding compensation component of the claimant’s provisional bill to calculate the final bill.

  • Number of shares to be acquired: 100%

  • Number of shares held: 77.48%

  • Additional reward: 61.62%

  • Additional cost for active applicants: 120%

Buyers of Fortis shares will receive 100% of the tentatively billed purchase stock component because there are less than expected charges for the purchased shares.

Even after adding up to € 198.3 million in excess funds transferred from the basket of purchased shares to the basket of holdings, the shareholding share will be diluted to 77.48%.

For valid claimants, the additional cost component increases up to 120% as specified in the approved distribution plan.

Complementary compensation is most affected by the large number of claims filed, leading to a payment rate of 61.62%.

The claimant’s final installment payment will be the positive difference between the final invoice amount and the installment payment already received by the applicant. If the claimant is not a valid claimant and the claim consists primarily or exclusively of additional compensation and / or shares held, the final installment payment may be limited or equal to zero. .. An “early filer” is guaranteed to pay 70% of the provisional amount of the claim and can maintain the overpayment if the final amount of the claim is less than 70% of the provisional amount of the claim. I received it as the first installment payment.

The day after June 23, 2022, each applicant whose application has been accepted will receive a letter by email or regular mail stating the final amount of the application and the amount of the last possible installment payment. The final payment usually follows around August 25, 2022.

Ageas is patient and requires applicants not to contact the call center by phone or email with application-specific information until they receive the letter. Before that time, call centers do not yet have their final demand figures. You can reach the call center by phone from 9am to 6pm, Monday to Friday. Ageas advises applicants to visit the FORsettlement website (www.forsettlement.com) in advance if they have any questions regarding this communication.

“Thanks to the many claimants who have been patiently waiting for the closure, as well as to all the organizations and individuals involved in the process that led us to today’s location. With this decision, Ageas is even bigger. Take a step and enable the group to fully focus on its activities and continue to implement the strategic plan Impact24.

Hans de Kaiper, CEO Ageas

Ageas

Is a listed international insurance group with nearly 200 years of experience and know-how. We provide individual and professional customers with life and non-life insurance products designed to meet specific current and future needs. Ranked in Europe’s largest insurance group, Ageas focuses on Europe and Asia, which represent key parts of the global insurance market. We have successful insurance businesses in Belgium, UK, France, Portugal, Turkey, China, Malaysia, India, Thailand, Vietnam, Laos, Cambodia, Singapore and the Philippines. Through a combination of long-term partnerships between wholly owned subsidiaries and strong financial institutions and major distributors. Ageas is one of the market leaders in the countries in which we operate. It employs a total of about 40,000 people and achieved an annual inflow of nearly 40 billion euros (100%) in 2021.

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  • PDF version of press release

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