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.
Ethias delivers record performance with 8% growth, a net profit of EUR 229 million, and a solvency ratio of 203%.
Ethias confirmed the strength of its business model in 2025, delivering sustained growth, solid profitability and stronger financial resilience. Total premiums reached €3.83 billion (+8% year-on-year) and net profit rose to €229 million (+8%). The company now serves over 1.33 million retail clients and 45,700 corporate and public-sector clients across Belgium.
Growth was driven by both Life (+13%) and Non-Life (+4%) activities, while the Solvency II ratio increased to 203%, surpassing the 200% threshold two years ahead of plan. Subject to shareholder approval, a €138 million dividend (+22%) will be distributed. Fitch upgraded Ethias’ Insurer Financial Strength rating from A to A+ with a stable outlook.
Looking ahead to 2029, Ethias raised its premium target to over €4.6 billion and plans to distribute nearly €700 million in dividends between 2026 and 2029. The group is also accelerating AI adoption, expanding its agency network, and reinforcing its role as a major institutional investor, with €5.7 billion invested in the Belgian economy and a growing focus on sustainable and impact investing.
Belfius records exceptional 2025 annual result.
In 2025, Belfius combined record profitability, strong capital ratios, accelerating insurance growth and record savings volumes, while reinforcing its central role in financing Belgium’s economy and society.
Belfius’ strategy is built on five key pillars: customer-centric decision-making; a diversified bank-insurer model; rigorous financial and risk management; a unique corporate culture driven by passionate employees; and a sustained focus on innovation.
This combination has once again generated solid results in 2025. An exceptional net result of €1.160 billion. A CET1 solvency ratio of 15.9%. And, for the first time in Belfius’ history, total outstanding savings and investments exceeded €200 billion, almost double the amount since Belfius was founded in 2012.
A strong financial performance
- Consolidated net profit: €1.16 billion (+3%)
- CET1 ratio: 15.9%
- Solvency II (Insurance): 201%
- Cost-to-income ratio: 43%
- Dividend for 2025: €454.6 million (subject to approval)
- Tax contribution to Belgium: €817 million
Record savings & investments
Organic growth accounted for €6.7 billion of the increase.
- €207.7 billion in total outstanding savings and investments (first time above €200bn)
- +5.2% growth year-on-year
- Strong momentum in Branch 21 (+21%) and Branch 23 (+19%)
- €50 billion invested through discretionary management and funds
Insurance acceleration
- Life premiums exceeded €2 billion (+42.9%)
- Invest premiums (Branch 21 & 23): €1.3 billion (+79%)
- Non-Life premiums: €910 million (+4.8%)
- Combined ratio: 88% (improved from 92%)
- Insurance net profit: €289 million (record level)
Private banking & digital growth
Belfius aims to reach €100 billion in assets under management in private banking by 2030.
- Launch of Belfius Private: 14,000 new clients, total 158,000
- Assets under management increased to €20.1 billion
- 168,000 investors active on the Re=Bel digital platform (+32%)
A strong performance during a year of transformation for Ageas.
Financial performance
2025 marked the successful first year of the Elevate27 strategy, with two major moves. The acquisition of esure in the UK (now 3rd largest UK personal lines insurer) and the full ownership of AG Insurance in Belgium (closing expected in 2026).
Following strong performance, Ageas raised its 2027 cash flow and shareholder remuneration targets.2025 was both a high-growth and strategically transformative year for Ageas.
Key figures:
- Gross inflows: EUR 19.6bn (+9%)
- Net Operating Result: EUR 1.65bn (+33%)
- Net Result: EUR 1.71bn
- ROE: 19.3%
- Solvency II ratio: 211%
- Holding Free Cash Flow: EUR 774m (+19%)
- Proposed gross dividend: EUR 3.75 per share (+7%)
Growth was driven by an outstanding Non-Life performance (EUR 548 million Net Operating Result), improved Life margins in Europe (EUR 1,259 million Net Operating Result), and a one-off tax benefit in China. Excluding this one-off effect, operating profit still grew by over 9%. New Business Margin stood at 7.9%, reflecting China’s shift toward more capital-efficient participating products.
The third-party reinsurance business expanded significantly, including EUR 630m of inflows from a quota-share agreement linked to Italian insurtech Prima.
Business highlights
- Life inflows +6%, with strong momentum in Belgium and Europe.
- Non-Life profit +21%, supported by disciplined underwriting and favourable weather.
- Reinsurance activities expanded significantly.
Cash upstream reached EUR 949m (+18%), and Holding Free Cash Flow amounted to EUR 774m.
Expectations
Following strong performance, Ageas raised its 2027 cash flow and shareholder remuneration targets.
For 2026, Ageas expects:
- Net Operating Result above EUR 1.5bn
- Cash upstream of around EUR 1.2bn
A year of solid growth for AG Insurance
2025 marked a year of solid growth for AG Insurance, as the first year of its Elevate27 strategic cycle. The company further strengthened its leadership position in the Belgian insurance market, contributing to the strong results recently published by its parent company, Ageas.
Growth in premiums and assets under management
Total gross inflows reached €7.49 billion, representing 5% growth, driven by progress across Life, Health, and Non-Life activities.
- Non-Life: Growth supported by new customers and indexation, with increasing market shares.
- Life: A slight decline in the broker channel (-2%) was more than offset by strong growth in the bank channel (+14%), mainly driven by Branch 23 products. Group Life grew modestly (+1%).
Technical reserves (assets under management) in Life increased by 2% to €62.8 billion, mainly supported by positive financial markets and strong performance in Branch 23. Group Life also benefited from the gradual increase in the statutory retirement age.
The combined ratio stood at 90.5% (before reinsurance), reflecting solid overall performance. All lines performed well, except Motor, which faced pressure following adjustments to compensation rules for bodily injury claims.
Strong Net Result and Robust Solvency
Supported by strong structural performance in both Life and Non-Life, gains from real estate disposals via AG Real Estate, and limited natural catastrophe impact, AG reported a net result of €744 million (before reinsurance).
The company maintains a very solid financial position, with a solvency ratio of 239%, confirming its stability and resilience.
Strong net result and robust solvency
Supported by strong structural performance in both Life and Non-Life, gains from real estate disposals via AG Real Estate, and limited natural catastrophe impact, AG reported a net result of €744 million (before reinsurance).
The company maintains a very solid financial position, with a solvency ratio of 239%, confirming its stability and resilience.
Key Figures 2025
| Indicator | Amount (EUR million) |
|---|---|
| Premium inflows | 7,486 |
| Net operating result (before reinsurance) | 744 |
| Life assets under management | 62,800 |
| Solvency ratio | 239% |
| Employees | 4,431 |
Baloise confirms solid returns for life insurance in 2025: up to 2.75% return.
Baloise reported strong 2025 results for its life insurance portfolio, benefiting from recovering financial markets and a disciplined investment strategy.
The 2025 performance was supported by:
- Stable interest rate policies by central banks
- Continued recovery in bond markets
- Solid equity market performance despite temporary volatility
For contributions made in 2025, Baloise confirms the following total gross returns:
- Tax-advantaged savings contracts: 2.75%
- Investment contracts: 2.50%
- Group insurance: 2.50%
- “Invest Fix” insurance bonds:
- 2.75% (5-year term)
- 3.05% (depending on maturity)
These results highlight the continued attractiveness of Branch 21 products, which combine guaranteed interest with potential profit-sharing and are particularly suited to long-term investment horizons.
Branch 23 investment funds also delivered strong results in 2025, driven by the performance of high-quality equities, enabling clients to benefit from diversified portfolio growth. Those results reaffirm Baloise’s role as a long-term partner for Belgian savers seeking a balance between protection and growth.
Overall, Baloise demonstrates resilience, disciplined asset allocation, and its ability to generate sustainable returns for life insurance policyholders.
Positive growth at AXA Belgium & Luxembourg reporting +6% growth.
AXA reported a 6% increase in 2025 operational earnings, with aligned growth from AXA Belgium & Luxembourg. Group revenues rose 6% year-on-year to €116 billion, while AXA Belgium & Luxembourg delivered positive growth across all business lines.
In Non-Life insurance, revenues increased by 3% to €2.9 billion. Growth in P&C was driven by solid commercial momentum in the retail segment and resilience in corporate lines, despite a softer economic cycle. AXA also strengthened customer experience through digitalization, an exclusive car repair network in Belgium, and a housing claims partnership with RAMI. In Health insurance, strong growth continued, supported by pricing discipline and an increase in affiliates in Luxembourg.
In Life insurance, AXA recorded positive net inflows in both Belgium and Luxembourg, with revenues up 2% to €1.6 billion. Growth was fueled by the success of unit-linked pension products in Belgium and strong individual and group life performance in Luxembourg. AXA also reported double-digit growth in Belgium’s third- and fourth-pillar pension products, while maintaining stable second-pillar results in Belgium and growth in Luxembourg, where it was recognized as “Best Health & Pension Partner.”
Fédérale Assurance publishes its 2025 returns for Branch 21 and Branch 26.
Fédérale Assurance has announced the total 2025 returns for its Branch 21 and Branch 26 savings and investment products.
Total returns consist of a guaranteed interest rate, potentially complemented by a profit-sharing bonus, and are designed for clients who prioritise security.
According to the company, the improvement in interest rate conditions has translated into higher overall returns in 2025. Thanks to its mutual model, Fédérale can pass on this improvement to clients through profit-sharing mechanisms.
Branch 21
For 2025, the following gross total returns (guaranteed rate + profit sharing) apply:
- Tax-advantaged savings – 2nd pillar
- F-Manager VIP (EIP): 2.30%
- Vita Flex 21 PLCI: 2.65%
- Tax-advantaged savings – 3rd pillar
- Vita Flex 44 Pension: 2.65%
- Non-tax savings – 4th pillar
- Vita Flex 44 (contracts before 2023): 1.70%
- Vita Flex 44 (contracts from 2023 onwards): 3.10%
Branch 26
For contracts where the guaranteed interest rate exceeds the 2025 gross return, no additional profit sharing is granted; the return equals the guaranteed rate.
- Nova Deposit: 2.00% guaranteed annual rate for 2025 contributions
(0.85% base rate + 1.15% loyalty bonus) - Nova Invest (incl. VIP):
- 2.00% to 2.50% for contracts subscribed in 2025
- Minimum 1.10% for older contracts
- Nova Invest 3Y: 2.70%
Fourth-quarter result of 1.003 million euros.
KBC Group reported a fourth-quarter net profit of €1.003 billion, supported by strong net interest income, solid insurance performance and stable asset management growth.
Strong banking performance
- Net interest income increased by 5% quarter-on-quarter and 12% year-on-year.
- Net interest margin rose to 2.11%.
- Loan volumes grew by 7% year-on-year.
- Customer deposits increased by 3% year-on-year (excluding volatile foreign branch deposits).
Solid insurance results
- Insurance service result: €166 million (up from €142m QoQ and €125m YoY).
- Non-life: €107m
- Life: €59m
- Non-life combined ratio (FY 2025): 87% (improved from 90% in 2024).
- Non-life sales rose 11% YoY.
- Life sales surged 26% QoQ and 46% YoY.
Asset management & fees
- Net fee and commission income rose 2% QoQ and 4% YoY.
- Assets under management increased 3% QoQ and 9% YoY.
Risk & capital
- Loan loss impairments: €73m in Q4.
- Credit cost ratio (FY 2025): 0.13% (0.10% in 2024).
- LCR: 159%
- NSFR: 138%
- CET1 ratio: 14.9% (fully loaded, including proposed dividend).