Results – March 2024

Find out the results of the insurance market in March 2024.

Annual insurance results at Belfius

At Belfius Insurance, non-life (excluding Health) premium income at group level increased from 771 million euros to 822 million euros in 2023: +7.8% in the bancassurance channel (including Belfius Direct Insurance), +8% at DVV.

Total Life reserves increased from 13.7 billion to 14.2 billion euros in 2023. Premium income for Life Investment branch 21 increased by 24% in 2023



Ageas publishes its results for the fiscal year 2023

Overall, Ageas achieved a strong commercial performance in 2023, with premium income up by 8% in local currency.

  • The strong operational performance is reflected in the margins of guaranteed products in Life and unit-linked products, which stand at 124 and 39 basis points respectively, as well as in the Non-Life combined ratio of 93.3%.
  • The net operational result of 1.166 billion euros is well within the upper half of the initially projected range of 1.1 to 1.2 billion euros.
  • The solid commercial performance also resulted in operational capital generation of 1.8 billion euros, including both Solvency II scope entities and others.
  • Available operational capital generation amounted to 1.2 billion euros.
  • In Belgium, premium income increased by 2% thanks to strong growth in Non-Life (+11%), which more than offset the decrease in Life premium income (-2%).
  • The solid operational performance also resulted in operational capital generation of 573 million euros.



Allianz Benelux closes the year 2023 with an operational result of 321.5 million euros.
  • Allianz Benelux recorded premium income of 3,428 million euros in 2023 (2022: 3,200 million euros). For the Non-Life branch, premium income increased by 5.2% to reach 1,406 million euros. In Life, premium income increased by 8.5% to 2,022 million euros.
  • In the Netherlands, the increase in turnover in the Non-Life branch (+7.7%) is due to the corporate segment and the Health line of business. In Life insurance (+20.6%), the highest growth in premiums was recorded in the pension and immediate annuity segments.
  • In Belgium, Allianz also saw an increase in premium income in Non-Life (+5.8%) and Life & Health (+5.2%). Practically all segments contributed to this positive trend thanks to several significant new contracts.



Annual results for 2023 of AXA Belgium & Luxembourg

AXA Belgium & Luxembourg shows positive growth across all its lines of business: the annual turnover for 2023 amounts to 4,153 million euros, a growth of +7% compared to 2022. The operational result for 2023 amounts to 429 million euros, an increase of +12% compared to 2022.

  • In Property & Casualty insurance, turnover increased by +5.2% to reach 2,431 million euros.
  • Turnover in Health insurance increased by +16.0% to reach 264 million euros, supported by the continuous improvement of customer experience, notably through the provision of innovative digital services.
  • In Life insurance, growth amounted to +9.3% reaching 1,458 million euros.
  • The operational result amounted to 429 million euros, an increase of 12.2%, supported notably by a reduction in the charge related to weather events.