Ageas has completed its sale of Ageas Protect Limited for £197m to American International Group (AIG).
The price of £197m was an increase of £16m on the price announced in August 2014.
Ageas Protect currently has a share of over 5% of the UK protection market, having been launched in July 2008.
The most recent quarterly results for Ageas Protect revealed it had made a profit of £1.6m and an increase of 16% in New Annual Premiums.
Ageas will now focus on developing its Non-Life positions, including its motor insurance and general insurance offerings.
Ageas' non-life business before the sale had formed 96% of the company's business.
Premiums for Ageas Protect in 2013 were £91.8m, having grown from £8.8m in 2008, and it currently employs over 220 people
Andy Watson, CEO of Ageas UK, said: "The Ageas Protect team have achieved an enormous amount since start up six years ago. The business is now an established presence in the UK protection market with a strong reputation for innovative products, cutting edge technology and great customer service.
"As we continue to focus on our Non-Life business where we have considerable scale and hold significant market positions, we wish the Protect business well for the future, confident that their employees are going to a good home."
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