Belfius : Solid S1 results in service of Belgium
- Consolidated net profit: €476 million (slight decrease vs. 2024, but solid in a challenging environment).
- Financial strength: CET1 ratio at 16.1%, liquidity coverage ratio (LCR) at 143%, equity of €12.4 billion
- Support to the economy:
- €13.2 billion in new long-term loans (+21%), including €7.5 billion to businesses and €4 billion in mortgage loans (+71.6%).
- €1.2 billion in financing for the public and social sector (total outstanding: €25.1 billion).
- Savings & investments: total outstanding at €198.6 billion, including €73.4 billion in savings accounts (+7.3%).
- Investments & innovation:
- Re=Bel (digital investment platform): 147,700 investors, +51% in transactions.
- New digital tools for municipalities (financial and debt management).
- 45,000 new savings accounts launched in spring.
- Insurance:
- 138,916 new Non-Life contracts (+8.2%).
- Life premiums at €1.1 billion (+56.6%), total reserves at €15.7 billion.
- Belfius Insurance net profit: €161 million (+6%).
- Private & Wealth:
- 1,700 new clients in H1.
- Assets under management at €59.9 billion (+€1.3 billion organic).
- Strengthened partnership with Candriam (33% equity stake).
- Accessibility & digitalisation:
- 2.1 million active mobile app users (38 logins per month on average).
- 150,000 appointments booked via digital channels (+65%).
- Chatbot: 58,000 interactions per month.
- Special dividend: €500 million paid to the Belgian State (sole shareholder).
AXA: Strong first-half growth, enhanced solvency and strategic expansion
- Gross written premiums & revenues: €64.3 billion, up +7% vs. 1H24
- Underlying earnings: €4.5 billion, up +6% vs. 1H24
- Underlying earnings per share: €2.03, up +8% vs. 1H24
- Solvency II ratio: 220%, up +4 points vs. FY24
- P&C premiums: up +6%, with growth across Commercial and Personal lines
- Life & Health premiums: up +8%, supported by strong commercial momentum
- Margins: expanded in P&C Retail and Health, stable at attractive levels in P&C Commercial
- Life & Savings: steady earnings growth with improved sales and persistency
- Capital deployment: €3.8 billion share buyback launched after sale of AXA Investment Managers to BNP Paribas
- Strategic expansion: acquisition of Prima in Italy to strengthen scale and direct distribution
KBC : €1.0 Billion net profit in Q2 2025, driven by solid lending and deposit growth
- Net profit: €1.018 billion in Q2 2025
- Net interest income: +6% quarter-on-quarter, +9% year-on-year; net interest margin at 2.08%
- Customer loans: +2% q/q, +7% y/y
- Customer deposits (excluding short-term volatile low-margin deposits): +2% q/q, +7% y/y
- Insurance:
- Insurance services result: €166 million (€113 million non-life, €53 million life)
- Non-life combined ratio (H1 2025): 85% (vs. 90% in 2024)
- Non-life insurance sales: +8% y/y
- Life insurance sales: –35% vs. high Q1, but +6% y/y
- Net fee and commission income: –3% vs. Q1 (decline in asset management and banking services), but +7% y/y
- Markets & trading income: up €11 million, but down vs. Q1 and Q2 2024
- Other net income: above average thanks to real estate capital gains; higher dividends in Q2
- Operating expenses (excl. bank taxes): +2% q/q, +5% y/y
- Cost/income ratio H1 2025: 45% (vs. 47% in 2024)
- Excl. bank & insurance taxes: 41% (vs. 43% in 2024)
- Impairments / risk cost: loan loss provisions of €116 million (vs. €38 million in Q1, €72 million in Q2 2024), impact linked to geopolitical/macro reserve
- Credit cost ratio H1 2025: 0.15% (vs. 0.10% in 2024)
- Solvency & liquidity:
- LCR: 157%
- NSFR: 135%
- Fully loaded CET1 ratio excl. output floor: 14.6% (taking Basel IV into account, excl. output floor)
Ageas : Strong growth and upgraded targets for the first half of the year
- Gross inflows: €10.5 billion, up +4% vs. H1 2024
- Net operating result: €734 million, up +20%
- Operational capital generation: €1.1 billion, down –10%
- Upstream cash 2025 forecast: €940 million, up +17%
- Sustained growth in Life and Non-Life portfolios:
- Life: growth >10% in Belgium; optimized product mix in China
- Non-Life: solid growth across most markets, with a profitability-driven strategy in Europe
- Results supported by: higher volumes, excellent underwriting, favorable weather conditions, low taxation in China
- Full-year guidance: net operating result expected between €1.3 billion and €1.35 billion
- Upgraded Elevate27 plan:
- Free cash flow target raised from >€2.2 billion to >€2.3 billion by 2027
- Continued annual dividend per share growth of 6%
- More than €2 billion to be distributed to shareholders over the cycle
- EPS growth expected between +6% and +8%
- Interim dividend 2025: €1.50 per share, payable on 5 December
- ESG: significant improvement in ISS and Sustainalytics ratings, confirming the group’s sustainability commitment.