The Belgian insurance sector experienced solid growth in 2024, supported by a favorable financial climate and higher guaranteed interest rates. The figures presented in a new Assuralia study provide a clear overview of the main trends and performances of the year 2024 focusing on premium income, investments, profitability, technical and financial results, cost structure, and solvency.
Premium Income
In 2024, the insurance sector recorded nominal premium growth of 7.9%, reaching a total of €34.9 billion — the highest level since the start of the century.
Life insurance: +9.7%, reaching €18.2 billion
Non-life insurance: +6.1%, reaching €16.7 billion
In real terms (adjusted for 3.1% inflation), non-life grew by 2.8%, and life by 6.4%.
Market share: the top 15 insurers together account for 91.2% of the market, with AG Insurance in the leading position.
Overall Profitability
In 2024, earned premiums amounted to €40.9 billion (2023: €38.1 billion).
Non-life: net technical-financial result of €1.4 billion (–6.3% of premiums)
Life: net technical-financial result of €1.83 billion (–9.8% of premiums)
This results in a pre-tax profit of €3.4 billion (8.2% of premiums), compared with €3.0 billion in 2023. The profit to be allocated (after tax and exceptional items) stands at €2.6 billion.
Shareholders’ equity rose to €21.4 billion (2023: €20.6 billion). At market value (including unrealized gains), equity was 27% higher than the book value.
Technical and Financial Results / Expenses
In the fire, accident, and miscellaneous risks (P&C) branch, premiums increased by 6.3%, while commissions and overhead costs slightly decreased (–17.0% and –19.2%).
The claims ratio (including technical charges) in P&C rose to 65.1% of earned premiums (2023: 62.3%).
The combined ratio (claims + expenses as a percentage of earned premiums) increased to 95.7%.
In the workers’ compensation segment (Law of 1971), premium income grew strongly while relative costs declined. However, the claims burden increased, leading to a negative technical result (–4.7% of premiums).
