Ageas has announced that it has completed its acquisition of esure, following receipt of all required regulatory approvals.
The transaction positions Ageas among the top three personal lines insurers in the UK.
With the addition of esure, Ageas said that its reach now extends across direct sales, price comparison websites, brokers, and partnerships.
Ageas expects the transaction to add scale, generate shareholder value through synergies, and improve technology and data capabilities. The integration of Ageas UK and esure is planned for completion during the Elevate27 strategic cycle.
esure operates as a digitally focused personal lines insurer, managing more than 2.1 million policies across brands such as esure, Sheilas’ Wheels, and First Alternative. The company’s business is primarily sourced through price comparison websites, and its annual gross written premiums exceed £1 billion.
The acquisition is expected to generate annual cost savings of over £100 million and deliver a return on investment above 12%. Ageas anticipates that the deal will be accretive to holding free cash flow per share by approximately 10% after 2027. The total consideration for the acquisition is £1.295 billion (€1.510 billion).
Bain Capital, which acquired esure in 2018, invested approximately £50 million in the company’s digital infrastructure.
In the first half of 2025, Ageas reported inflows of €10.5 billion, representing a 4% increase at constant exchange rates compared to the same period last year. The group’s net operating result for the period reached €734 million, and management expects the full-year net operating result to be between €1.3 billion and €1.35 billion, including esure, provided there are no significant adverse events.
Including the full impact of both the esure and Saga acquisitions, Ageas said that its pro forma Solvency II ratio is projected to stand at 205%.
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