Dexia confirms that it is exploring various possibilities regarding the
development - outside Dexia - of its Belstar subsidiary and of the
Flexia activity, for marketing insurance products through brokers.
Belstar has been a part of the Dexia Group since the acquisition of
Artesia Banking Corporation in 2001. The Flexia activity has been a part
of the insurance activity of the Dexia Group since the acquisition of
Elvia in 1999.
Belstar and the Flexia activity no longer fit into the Group's strategy
for the Belgian market, which is to concentrate the distribution of
insurance products within the Dexia Bank Belgium network, that of its
exclusive DVV/LAP agents and the direct insurer CoronaDirect.
Belstar Assurances SA is a subsidiary of Dexia Insurance Belgium. The
latter groups together all the insurance activities of Dexia. Through
self-employed brokers, Belstar Assurances SA markets its own brand of
life insurance products. It currently employs 60 people and has
approximately 230 self-employed brokers. As of 31 December 2004, Belstar
Assurances SA posted written premiums amounting to 69.6 million EUR for
a balance sheet total of 845 million EUR.
In the context of the Flexia activity, Dexia Insurance Belgium markets
non-life insurance products through 156 privileged brokers. As of 31
December 2004, written premiums amounted to 17 million EUR.