This month, all major insurance groups in Belgium have published their 2025 annual results.
The figures reflect a year marked by solid profitability, strong capital positions and continued strategic momentum across the sector. From banking-insurance groups to pure insurance players, the industry demonstrated resilience in a changing economic environment.
Below, we present a concise overview of the key highlights and financial results released so far.
Ageas delivers strong growth and advances Elevate27 strategy
Ageas reported robust performance in 2025, with total inflows rising over 9% at constant exchange rates to €19.6 billion, supported by solid growth across both Life and Non-Life segments.
Life inflows increased by 6%, driven by strong performances in Europe and Asia, notably through strategic product shifts in China and growth in emerging markets. Non-Life also expanded across all regions, contributing to a strong combined ratio of 92.5%.
The Group delivered a Net Operating Result of €1.65 billion and a Net Result of €1.71 billion, reflecting strong underwriting performance and favorable conditions, particularly in Non-Life. Life results also improved significantly, supported by high-quality business and operational strength despite lower investment returns.
Ageas maintained a solid solvency position with a Solvency II ratio of 211% and generated €1.9 billion in operational capital. The company also reported strong cash generation and increased shareholder returns, with a proposed dividend of €3.75 per share (+7%).
2025 marked a key milestone in the Elevate27 strategic cycle, enabling the Group to upgrade its financial targets, including higher cash flow and shareholder remuneration ambitions. Overall, the results highlight Ageas’ resilience, disciplined execution, and continued focus on profitable growth.
Cardif Lux Vie : reports a 16% increase in turnover
Cardif Lux Vie has reinforced its position as a leading player in the Luxembourg life insurance market, driven by strong financial performance and a diversified business model.
As of December 31, 2025, assets under management reached €36 billion (+8%), while premium income hit a record €3.7 billion (+16%), with unit-linked products accounting for 67% of inflows. Net profit stood at €39.2 million.
Growth was primarily fueled by the Wealth Management segment, generating €3.6 billion in gross inflows, supported by strengthened partnerships and an expanded product offering, including enhanced general fund rates, private equity integration, and structured solutions.
Meanwhile, the Retail and Private Banking segment remained stable, with €90.5 million in premiums, slightly down by 1% year-on-year.
In parallel, the company continued to transform its operating model, focusing on digitalisation, automation, and enhanced data reliability to meet increasing regulatory requirements and partner expectations.
This transformation aims to improve operational efficiency and elevate the overall client experience.
Finally, Cardif Lux Vie reaffirmed its commitment to sustainability by embedding CSR principles across its product range, investment strategies, and broader activities within the Luxembourg financial ecosystem.
Argenta Reports Strong Growth and Strategic Acceleration in 2025
Argenta delivered solid results in 2025, combining strong commercial growth with increased diversification of its revenue streams. The Group reported a net profit of €357 million (+9%), supported by stable costs and a continued customer-centric strategy.
Assets under management rose significantly to €68.7 billion, while investment assets increased by nearly 10% to €19.1 billion, driven by favorable markets and the launch of new wealth management solutions.
Growth was observed across all business lines: insurance premiums increased by over 7%, mortgage portfolios expanded (+4%), and savings volumes continued to rise in both Belgium and the Netherlands.
Argenta also accelerated its strategic transformation, notably by expanding its offering for high-net-worth clients, enhancing digital capabilities, and strengthening its position in the Dutch market.
Financial fundamentals remain very strong, with a cost-income ratio improved to 51.3% and a robust CET1 ratio of 32.1%, confirming the Group’s resilience and disciplined growth model.
Overall, 2025 marks a milestone year as Argenta celebrates its 70th anniversary, reinforcing its position as a solid, independent bancassurer focused on sustainable growth and long-term value creation.
| Final result: Argenta confirms its position as a solid and healthy bank, showing strong growth driven by diversification | |
|---|---|
| Net profit | Increased from €327 million to €357 million (+9%) |
| ROE | 9.2% (vs. 8.9% in 2024) |
| Equity ratio | 32.1% (vs. 28.7% in 2024) |
| Leverage ratio | 5.3% (vs. 5.4% in 2024) |