Since its creation in 1824, AG Insurance (formerly "Assurances Générales") has continuously invested in real estate to diversify its holdings and support its actuarial reserves. These investments have always been managed by a department specialised in real estate.
In 1990, AG and Amev/VSB joined forces under the Fortis brand. AG changed its name in 2000 to become Fortis AG.
To support the development of its real estate activities, Fortis reinforced the Fortis AG real estate team in 2000 by bringing together all of its in-house real estate skills and knowledge across the different operating companies in Belgium. The new entity was dubbed Fortis Real Estate: Real Estate Asset Manager for Fortis in Belgium.
On 12 July 2002, Fortis Real Estate experienced a major turning point in its history with the acquisition of the Bernheim-Comofi group, active in the fields of Public Car Park Management (through an 85% stake in Interparking), Real Estate Development, Asset Management (for third-party accounts and as the sponsor of Befimmo, a REIT, in 1995) and Property Management. With this acquisition, the organisation was able to diversify its holdings across different business activities, product segments and geographical areas.
On 1 October 2003, Bernheim-Comofi and Fortis Real Estate merged their activities to form Fortis Real Estate, a limited liability company wholly owned by Fortis AG. With this operation, the new subsidiary instantly became the most versatile real estate player on the Belgian market, offering the most extensive range of real estate services available in Belgium.
In May 2006, Fortis Real Estate and Groupe Mestdagh joined forces to create Ascencio, a REIT specialised in commercial real estate in city outskirts in Belgium and France.
On 1 July 2006, Fortis AG and Fortis Banque Assurances merged to form Fortis Insurance Belgium, the parent company of Fortis Real Estate.
On 22 June 2009, after the demise and dismantlement of the Fortis group, Fortis Insurance Belgium changed its name to AG Insurance.  On 21 September 2010, Fortis Real Estate followed suit to become AG Real Estate.