Half-year results – Aug/Sep 2023

This summer, insurance companies published their half-yearly results, and we summarise them for you in a chart.



Axa Belgium & Luxembourg half-year results


More information about these results: FR/NL


Allianz Benelux half-year results

More information about these results: FR/NL


Second quarter results KBC

More information about these results: EN

Ageas half-year results

More information about these results: FR/NL


Argenta half-year results

More information about these results: FR/NL


Belfius insurance half-year results


More information about these results: FR/NL


Baloise Group half-year results

More information about these results: FR


NN Group half-year results


More information about these results:  EN



Products, Mergers & Acquisitions – Aug/Sep 2023

This month, keep up with the latest products, mergers and acquisitions. Read more about Monument’s acquisition, EY and its demerger project, Ethias investing in moveUP and AG launching new health services.


AG Insurance offers new health services for its affiliates

With the launch of the MyAG Employee Benefits app, AG is bringing together all the group insurance benefits in terms of pensions, health and guaranteed income for its affiliates. In addition, AG also provides mental health services, access to video consultations with a doctor and discounts with healthcare partners.

Monument Assurance Belgium acquired portfolio from Federale Verzekering

Early August, Monument Assurance Belgium announced the acquisition of a run-off block of retail life policies, annuities and associated assets from Federale Verzekering.


EY rejects a proposal that could have relaunched its demerger project

Regarding EY’s planned demerger, the company has rejected a proposal from the US investment fund TPG, which could have enabled EY to separate its consulting and auditing activities. The fund proposed acquiring a share in the consulting branch, which could then have been listed on the stock exchange. The CEO of EY has announced that the company is not currently involved in any transactions.


Ethias Ventures invests in moveUP

Ethias Ventures, the venture capital subsidiary of Belgian insurer Ethias, has invested in a capital round launched by start-up moveUP. As a long-standing partner, Ethias expresses its satisfaction with their current collaboration, its willingness to invest in a start-up offering innovative solutions with high social value, and the potential for partnership between the health and insurance sectors.



Market – Aug/Sep 2023

This month, keep up with the latest insurance news and read more about the ING barometer, AXA’s initiatives to tackle climate change, the NatCat intervention limit and a European rapport on protection gaps, as well as Assuralia’s new look.


ING barometer

In its latest update, the ING Barometer reports that the proportion of stock market pessimists has risen from 23% to 27%. In addition, 31% of investors appear to be more risk averse, an increase of 5%.
Finally, the ageing of the population is seen as the most important challenge by 37% of investors, followed by global warming by 32%.


Axa announces new initiatives to tackle climate change

In its Climate & Biodiversity 2023 report, the insurer introduced new decarbonisation targets for its insurance and investment portfolios, aimed at steering the decarbonisation of its non-life business and the development of its insurance activities dedicated to the transition.


NatCat: Assuralia deplores the increase in the intervention limit

As we announced in July, the intervention limit for insurers will be multiplied by 4 from January 2024. The decision is not to Assuralia’s satisfaction, as Assuralia would like to see regional authorities take on more financial responsibility.


European Commission publishes report on climate protection gaps

In autumn 2022, a group of stakeholders from the sector (insurers, reinsurers, risk managers, public authorities and regions) was set up by the European Commission to discuss ways of protecting against climate risks. The dialogue will provide an opportunity to consider actions aimed at increasing the penetration rate of insurance against climate risks, as well as creating conditions favourable to increasing investment in appropriate adaptation solutions.

At the end of July, the group published an interim report, which you can consult here.


Assuralia got a new look

With a new, more modern and contemporary logo to reflect its new visual identity, Assuralia also has a new digital portal, Assuralia.be, which provides information and raises awareness tailored to different target groups. The new site is aimed directly at consumers and professionals in the sector.


Reform of the travel agency insolvency regime

The federal legislator has revised the travel agency insolvency regime to deal with the high risks associated with the insolvency insurance offered by insurers. The new system allows the insurance company to limit the total amount of compensation it must pay out. Above this ceiling, the State pays most of the compensation.

The scheme is financed by an annual advance contribution from insurers to an organic fund specially created for this purpose.

The scheme is applicable from 1 January 2023 to 31 December 2028.



Appointments – Aug/Sep 2023

Who are the most recent appointments as directors and C-levels in the Benelux? Discover the new face of NN, OneLife, NBB and Athora.


Martijn Hoogeweegen

Martijn Hoogeweegen appointed CEO of NN Belgium, succeeding Frank Eijsink.

Martijn has almost 20 years’ experience in the financial and insurance world. He joined ING in 2005 as Principal Consultant in Strategy & Business Change.
He then held a number of senior management positions in the Netherlands, including Director Customer Service Centre Individual Life and CEO Individual Life. Since 2021, he has been Head of Life & Pension Services. He also played a central role in the takeover and integration of ABN AMRO Verzekeringen’s life insurance subsidiary.



Bruno Valersteinas

Bruno Valersteinas appointed CEO of OneLife.

Bruno enjoys over 15 years’ experience in the insurance and financial services sectors. He joined BNP Paribas Cardif in 2007, where he occupied multiple senior posts: Head of Audit, Client Services Director and was subsequently, as a member of the executive committee of Cardif France, responsible for developing partnerships within the Private Banking and Corporate divisions. In this context, he was CEO of Cardif AEP (insurance, savings and pensions), a brand specialising in the creation and management of investment solutions for high net worth clients. Before joining OneLife, Bruno was Deputy General Manager of La France Mutualiste.



Géraldine Thiry

Géraldine Thiry becomes director at the National Bank of Belgium.

Géraldine is a graduate economist and has been the Bank’s Regent since 2021. She will be in charge of the General Statistics Department and the Resolution Unit. The department produces the Bank’s financial and economic information and surveys, and contributes to the establishment of the country’s national accounts.

The Bank’s Management Committee now has the following members: Governor Pierre Wunsch, Deputy Governor Steven Vanackere and Directors Tom Dechaene, Tim Hermans, Vincent Magnée and Géraldine Thiry.



Yves Poullet

Yves Poullet appointed CEO of Athora Belgium.

For the past 4 years, Yves has been an independent non-executive director of Athora Belgium and Athora Ireland plc. He has over 30 years’ experience in the financial services sector and was CEO of Euroclear Bank and Chief Technology Officer of Euroclear Group. His other roles include independent director of the Belgian hospital group CHU Helora, and chairman of the board of Revalidatieziekenhuis Inkendaal, a hospital specialising in rehabilitation.





Keeping Up With The Market – July 2023

Every month, we help you keep up with the Belgian and Luxembourg insurance markets.

Mergers & acquisitions






AG and BNP Paribas Fortis are Touring’s new shareholders

This acquisition concerns Touring’s operating activities. AG holds 75% of the shares and BNP 25%.

All operating activities keep the same brand name.


Merger between NN Non-Life Insurance S.A. and Nationale-Nederlanden Schadeverzekeringen Maatschappij N.V.

Subsequent to the merger, these insurances will be carried on without modification in Belgium by NN Non-life, the Belgian branch of Nationale-Nederlanden Schadeverzekering Maatschappij N.V.

NN Group’s strategic vision is to combine all the Dutch non-life insurers in its group into a single strong insurance company. The group also wants to preserve its strong local presence through its branch in Belgium, NN Non-Life.


Axa and Doctena join forces to strengthen access to health care

Axa will add the online calendar of Doctena to its online platform MyAXA Healthcare. Thanks to this partnership, AXA extends its range of health services and provides its policyholders with access to more than 4 600 specialists.


Zurich Insurance Group joins forces with Belgian insurtech Qover, to expand its embedded insurance capabilities

Zurich Insurance entered this partnership through Zurich Global Ventures. According to Qover, this partnership will “push boundaries, providing businesses and individuals even more convenient and timely protection they need in a changing world”.



Corona Direct becomes Belfius Direct Assurances

Corona Direct gets a new name: Belfius Direct Assurances. Corona SA was fully integrated to Belfius Insurance SA and all its insurance portfolio was transferred to Belfius Insurance SA.


FSMA issues vade mecum on product oversight and governance

With this document, the FSMA sets out its recommendations and expectations regarding the supervision and governance of non-life and life insurance products on the topics of value for money and exclusions.
For more information, click here FR/NL.


Quarterly overview of Belgian public UCIs

FSMA has released its quarterly overview of Belgian public UCIs. The authority reports that the total net assets of these UCIs rose by 4.9% compared with the end of 2022, amounting to €193.5 billion. In addition, net subscriptions reached €2.2 billion.

For more information, you can access the report here.


EIOPA: quarterly risk dashboard of the EU insurance industry

EIOPA has recently published its quarterly risk assessment of the EU insurance industry. The Risk Dashboard, based on Solvency II data, summarises the main risks and vulnerabilities in the European Union’s insurance sector through a set of risk indicators.

The data is based on financial stability and prudential reporting collected from insurance groups and solo insurance undertakings.

You can read the full dashboard here.



EIOPA published a Staff Paper about the limited uptake of NatCat insurance in Europe

In this Staff Paper, EIOPA explores ‘demand-side’ barriers that can prevent consumers from buying NatCat insurance and proposes possible consumer-tested solutions to overcome these barriers.

For more information, you can read the Staff Paper here.

NatCat law: the limit under which insurers can intervene will be multiplied by 4 to reach €1.6 billion

A recent change to the NatCat law is that, from January 2024, the limit under which insurers can intervene will be multiplied by 4 to reach €1.6 billion, driven by politicians. However, this does not solve the problem of intervention when the total bill exceeds this limit, as was the case for the floods of 2021. Finally, this change in cap will lead to an increase in fire insurance premiums for policyholders.


Future public-private partnership between insurance companies and the European Union to spread the coverage of climate risks

Amélie Breitburd, CEO of Lloyd’s Europe, recently called for a public-private partnership between insurance companies and the European Union to spread the coverage of climate risks. With the increase in climate disasters, this would help to counter the lack of protection and promote solidarity between European countries, which can sometimes be affected by this risk unexpectedly.


The AAE issues a new report on Sustainable Products on Insurance

With the release of its report on Sustainable Products on Insurance, the European organization wants to make constructive proposals and contribute to the ongoing debate of sustainibility of the insurance sector. The report states constructive proposals and contribute to the ongoing debate of sustainibility of the insurance sector. The report discusses the following topics:

  • How the EU’s Sustainable Finance Disclosure Regulation (SFDR) aims to improve transparency about the ESG features of investment-based insurance products.
  • What sustainability means for other insurance products, with a focus on insurance risks in Life, Health and Property & Casualty lines.
  • How sustainable solutions can be benchmarked against the UN Sustainable Development Goals (SDGs).
  • What are the key initiatives to increase transparency, through the use of a sustainable taxonomy and other non-financial reporting standards.

You can read the full report here.


Claims: insurers sanctioned for late reply

The Minister for the Economy has proposed a bill that would require insurers to respond more quickly to policyholders following a claim. If no response is received within three months, a fine of €300 will be imposed. If the policyholder has sent a reminder and has not received a response within 14 days, a fine of €300 per day of delay will appply.


The Economic Committee of the House has passed the law concerning bundled sales

In short, the conditional interest reduction is only authorised for fire insurance, debt balance insurance and surety insurance in bundled sales.

Bundled insurance policies may only be linked to the insurance company and no longer to the insurance broker.

Consumers may cancel grouped insurance policies, without losing the interest reduction, after one-third of the total term of the mortgage, and before one-third of the total term of the mortgage in the event of a rate increase (no ABEX indexation) and claim.