{"id":27422,"date":"2026-03-02T15:34:50","date_gmt":"2026-03-02T15:34:50","guid":{"rendered":"https:\/\/www.asquarepartners.com\/?p=27422"},"modified":"2026-03-02T15:53:44","modified_gmt":"2026-03-02T15:53:44","slug":"results-2025-be","status":"publish","type":"post","link":"https:\/\/www.asquarepartners.com\/en\/results-2025-be\/","title":{"rendered":"2025 Annual Results \u2013 Bank &#038; Insurance Sectors\uff5cBelgium"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"27422\" class=\"elementor elementor-27422\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-63eac10 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"63eac10\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5e6ef89\" data-id=\"5e6ef89\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-c77dafa elementor-widget elementor-widget-spacer\" data-id=\"c77dafa\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1699f05 elementor-widget elementor-widget-text-editor\" data-id=\"1699f05\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p data-start=\"58\" data-end=\"151\">This month, all major insurance groups in Belgium have published their 2025 annual results.<\/p><p data-start=\"153\" data-end=\"417\">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.<\/p><p data-start=\"419\" data-end=\"516\" data-is-last-node=\"\" data-is-only-node=\"\">Below, we present a concise overview of the key highlights and financial results released so far.<\/p><ul><li data-start=\"419\" data-end=\"516\"><a href=\"#ethias\">Ethias<\/a><\/li><li data-start=\"419\" data-end=\"516\"><a href=\"#belfius\">Belfius<\/a>\u00a0<\/li><li data-start=\"419\" data-end=\"516\"><a href=\"#ageas\">Ageas<\/a><\/li><li data-start=\"419\" data-end=\"516\"><a href=\"#ag\">AG<\/a><\/li><li data-start=\"419\" data-end=\"516\"><a href=\"#baloise\">Baloise<\/a><\/li><li data-start=\"419\" data-end=\"516\"><a href=\"#axa\">Axa<\/a><\/li><li data-start=\"419\" data-end=\"516\"><a href=\"#federale\">F\u00e9d\u00e9rale<\/a><\/li><li data-start=\"419\" data-end=\"516\"><a href=\"#kbc\">KBC<\/a><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-72843ae elementor-widget elementor-widget-spacer\" data-id=\"72843ae\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f925a76 elementor-widget elementor-widget-menu-anchor\" data-id=\"f925a76\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-menu-anchor\" id=\"ethias\"><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-93aba15 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"93aba15\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-b1f4a2f\" data-id=\"b1f4a2f\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-552674e elementor-widget-tablet__width-initial elementor-widget__width-initial elementor-widget elementor-widget-image\" data-id=\"552674e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"280\" height=\"180\" src=\"https:\/\/www.asquarepartners.com\/wp-content\/uploads\/2022\/06\/ethias.png\" class=\"attachment-large size-large wp-image-13149\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-17f98be\" data-id=\"17f98be\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-79ab3e7 elementor-widget elementor-widget-heading\" data-id=\"79ab3e7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Ethias delivers record performance with 8% growth, a net profit of EUR 229 million, and a solvency ratio of 203%.<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e436431 elementor-widget elementor-widget-text-editor\" data-id=\"e436431\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><a href=\"https:\/\/www.newsroom.ethias.be\/resultats-2025--ethias-signe-une-performance-record-avec-une-croissance-de-8--un-resultat-net-de-229-millions-eur-et-un-ratio-de-solvabilite-de-203\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-81fde4e elementor-widget elementor-widget-text-editor\" data-id=\"81fde4e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p data-start=\"0\" data-end=\"393\"><span class=\"hover:entity-accent entity-underline inline cursor-pointer align-baseline\"><span class=\"whitespace-normal\">Ethias<\/span><\/span> confirmed the strength of its business model in 2025, delivering sustained growth, solid profitability and stronger financial resilience. <b>Total premiums reached<\/b> <b>\u20ac3.83 billion <\/b>(+8% year-on-year) and <b>net profit rose to<\/b> <b>\u20ac229 million<\/b> (+8%). The company now serves over 1.33 million retail clients and 45,700 corporate and public-sector clients across Belgium.<\/p><p data-start=\"395\" data-end=\"743\"><b>Growth was driven by both<\/b> <b>Life (+13%) and Non-Life (+4%)<\/b> activities, while the Solvency II ratio increased to 203%, surpassing the 200% threshold two years ahead of plan. Subject to shareholder approval, a \u20ac138 million dividend (+22%) will be distributed. Fitch upgraded Ethias\u2019 Insurer Financial Strength rating from A to A+ with a stable outlook.<\/p><p data-start=\"745\" data-end=\"1142\" data-is-last-node=\"\" data-is-only-node=\"\">Looking ahead to 2029, Ethias raised its premium target to over \u20ac4.6 billion and plans to distribute nearly \u20ac700 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 \u20ac5.7 billion invested in the Belgian economy and a growing focus on sustainable and impact investing.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-62b3207 elementor-widget elementor-widget-spacer\" data-id=\"62b3207\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-b9e0074 elementor-tabs-view-vertical elementor-widget elementor-widget-tabs\" data-id=\"b9e0074\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"tabs.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-tabs\">\n\t\t\t<div class=\"elementor-tabs-wrapper\" role=\"tablist\" >\n\t\t\t\t\t\t\t\t\t<div id=\"elementor-tab-title-1941\" class=\"elementor-tab-title elementor-tab-desktop-title\" aria-selected=\"true\" data-tab=\"1\" role=\"tab\" tabindex=\"0\" aria-controls=\"elementor-tab-content-1941\" aria-expanded=\"false\">Chiffres cl\u00e9s<\/div>\n\t\t\t\t\t\t\t\t\t<div id=\"elementor-tab-title-1942\" class=\"elementor-tab-title elementor-tab-desktop-title\" aria-selected=\"false\" data-tab=\"2\" role=\"tab\" tabindex=\"-1\" aria-controls=\"elementor-tab-content-1942\" aria-expanded=\"false\">Kerncijfers<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t<div class=\"elementor-tabs-content-wrapper\" role=\"tablist\" aria-orientation=\"vertical\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-tab-title elementor-tab-mobile-title\" aria-selected=\"true\" data-tab=\"1\" role=\"tab\" tabindex=\"0\" aria-controls=\"elementor-tab-content-1941\" aria-expanded=\"false\">Chiffres cl\u00e9s<\/div>\n\t\t\t\t\t<div id=\"elementor-tab-content-1941\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"1\" role=\"tabpanel\" aria-labelledby=\"elementor-tab-title-1941\" tabindex=\"0\" hidden=\"false\"><p><a href=\"https:\/\/www.asquarepartners.com\/wp-content\/uploads\/2026\/03\/2026_02_26_Ethias_Resultats_2025_Chiffres_Cles.webp\"><img decoding=\"async\" class=\"alignnone size-full wp-image-27424\" src=\"https:\/\/www.asquarepartners.com\/wp-content\/uploads\/2026\/03\/2026_02_26_Ethias_Resultats_2025_Chiffres_Cles.webp\" alt=\"\" width=\"1600\" height=\"1000\" srcset=\"https:\/\/www.asquarepartners.com\/wp-content\/uploads\/2026\/03\/2026_02_26_Ethias_Resultats_2025_Chiffres_Cles.webp 1600w, https:\/\/www.asquarepartners.com\/wp-content\/uploads\/2026\/03\/2026_02_26_Ethias_Resultats_2025_Chiffres_Cles-300x188.webp 300w, https:\/\/www.asquarepartners.com\/wp-content\/uploads\/2026\/03\/2026_02_26_Ethias_Resultats_2025_Chiffres_Cles-1030x644.webp 1030w, https:\/\/www.asquarepartners.com\/wp-content\/uploads\/2026\/03\/2026_02_26_Ethias_Resultats_2025_Chiffres_Cles-768x480.webp 768w, https:\/\/www.asquarepartners.com\/wp-content\/uploads\/2026\/03\/2026_02_26_Ethias_Resultats_2025_Chiffres_Cles-1536x960.webp 1536w, https:\/\/www.asquarepartners.com\/wp-content\/uploads\/2026\/03\/2026_02_26_Ethias_Resultats_2025_Chiffres_Cles-18x12.webp 18w\" sizes=\"(max-width: 1600px) 100vw, 1600px\" \/><\/a><\/p><\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-tab-title elementor-tab-mobile-title\" aria-selected=\"false\" data-tab=\"2\" role=\"tab\" tabindex=\"-1\" aria-controls=\"elementor-tab-content-1942\" aria-expanded=\"false\">Kerncijfers<\/div>\n\t\t\t\t\t<div id=\"elementor-tab-content-1942\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"2\" role=\"tabpanel\" aria-labelledby=\"elementor-tab-title-1942\" tabindex=\"0\" hidden=\"hidden\"><p><a href=\"https:\/\/www.asquarepartners.com\/wp-content\/uploads\/2026\/03\/Ethias-NL.webp\"><img decoding=\"async\" class=\"alignnone size-full wp-image-27425\" src=\"https:\/\/www.asquarepartners.com\/wp-content\/uploads\/2026\/03\/Ethias-NL.webp\" alt=\"\" width=\"1600\" height=\"1000\" srcset=\"https:\/\/www.asquarepartners.com\/wp-content\/uploads\/2026\/03\/Ethias-NL.webp 1600w, https:\/\/www.asquarepartners.com\/wp-content\/uploads\/2026\/03\/Ethias-NL-300x188.webp 300w, https:\/\/www.asquarepartners.com\/wp-content\/uploads\/2026\/03\/Ethias-NL-1030x644.webp 1030w, https:\/\/www.asquarepartners.com\/wp-content\/uploads\/2026\/03\/Ethias-NL-768x480.webp 768w, https:\/\/www.asquarepartners.com\/wp-content\/uploads\/2026\/03\/Ethias-NL-1536x960.webp 1536w, https:\/\/www.asquarepartners.com\/wp-content\/uploads\/2026\/03\/Ethias-NL-18x12.webp 18w\" sizes=\"(max-width: 1600px) 100vw, 1600px\" \/><\/a><\/p><\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-880dfc5 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"880dfc5\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5b05c19\" data-id=\"5b05c19\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-64f5fb5 elementor-widget elementor-widget-spacer\" data-id=\"64f5fb5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-a6fbbd3 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"a6fbbd3\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-f9757d2\" data-id=\"f9757d2\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-9eae7e9 elementor-widget-tablet__width-initial elementor-widget__width-initial elementor-widget elementor-widget-image\" data-id=\"9eae7e9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"173\" src=\"https:\/\/www.asquarepartners.com\/wp-content\/uploads\/2026\/03\/Belfius.svg.png\" class=\"attachment-large size-large wp-image-27433\" alt=\"\" srcset=\"https:\/\/www.asquarepartners.com\/wp-content\/uploads\/2026\/03\/Belfius.svg.png 960w, https:\/\/www.asquarepartners.com\/wp-content\/uploads\/2026\/03\/Belfius.svg-300x65.png 300w, https:\/\/www.asquarepartners.com\/wp-content\/uploads\/2026\/03\/Belfius.svg-768x166.png 768w, https:\/\/www.asquarepartners.com\/wp-content\/uploads\/2026\/03\/Belfius.svg-18x4.png 18w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-b4126be\" data-id=\"b4126be\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-e51dcf6 elementor-widget elementor-widget-heading\" data-id=\"e51dcf6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Belfius records exceptional 2025 annual result.<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7493694 elementor-widget elementor-widget-menu-anchor\" data-id=\"7493694\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-menu-anchor\" id=\"belfius\"><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-355f120 elementor-widget elementor-widget-text-editor\" data-id=\"355f120\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><a href=\"https:\/\/www.belfius.be\/about-us\/dam\/corporate\/press-room\/press-articles\/downloads\/en\/2026\/Results_2025_Persbericht_EN.pdf\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8b473c7 elementor-widget elementor-widget-text-editor\" data-id=\"8b473c7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p data-start=\"0\" data-end=\"393\">In 2025, Belfius combined record profitability, strong capital ratios, accelerating insurance growth and record savings volumes, while reinforcing its central role in financing Belgium\u2019s economy and society.<\/p><p data-start=\"0\" data-end=\"393\">Belfius&#8217; 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.\u00a0<\/p><p data-start=\"0\" data-end=\"393\">This combination has once again generated solid results in 2025. An exceptional net result of <b>\u20ac1.160 billion<\/b>. A <b>CET1 solvency ratio of 15.9%<\/b>. And, for the first time in Belfius&#8217; history, <b>total outstanding savings and investments exceeded \u20ac200 billion<\/b>, almost double the amount since Belfius was founded in 2012.\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-71f321d elementor-widget elementor-widget-heading\" data-id=\"71f321d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">A strong financial performance<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c4db194 elementor-widget elementor-widget-text-editor\" data-id=\"c4db194\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tBelfius recorded its 14th consecutive year of growth (excluding 2020), confirming the strength of its diversified bank-insurer model. Insurance contributed \u20ac289 million, representing 25% of total profit.\n<ul>\n \t<li>Consolidated net profit: \u20ac1.16 billion (+3%)<\/li>\n \t<li>CET1 ratio: 15.9%<\/li>\n \t<li>Solvency II (Insurance): 201%<\/li>\n \t<li>Cost-to-income ratio: 43%<\/li>\n \t<li>Dividend for 2025: \u20ac454.6 million (subject to approval)<\/li>\n \t<li>Tax contribution to Belgium: \u20ac817 million<\/li>\n<\/ul>\n<\/br>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f589e4e elementor-widget elementor-widget-heading\" data-id=\"f589e4e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Record savings &amp; investments<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-08af02e elementor-widget elementor-widget-text-editor\" data-id=\"08af02e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Organic growth accounted for \u20ac6.7 billion of the increase.<\/p><ul><li>\u20ac207.7 billion in total outstanding savings and investments (first time above \u20ac200bn)<\/li><li>+5.2% growth year-on-year<\/li><li>Strong momentum in Branch 21 (+21%) and Branch 23 (+19%)<\/li><li>\u20ac50 billion invested through discretionary management and funds<\/li><\/ul><p>\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b2a1158 elementor-widget elementor-widget-heading\" data-id=\"b2a1158\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Insurance acceleration<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8f2def9 elementor-widget elementor-widget-text-editor\" data-id=\"8f2def9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ul>\n \t<li>Life premiums exceeded \u20ac2 billion (+42.9%)<\/li>\n \t<li>Invest premiums (Branch 21 &amp; 23): \u20ac1.3 billion (+79%)<\/li>\n \t<li>Non-Life premiums: \u20ac910 million (+4.8%)<\/li>\n \t<li>Combined ratio: 88% (improved from 92%)<\/li>\n \t<li>Insurance net profit: \u20ac289 million (record level)<\/li>\n<\/ul>\n<\/br>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a4057df elementor-widget elementor-widget-heading\" data-id=\"a4057df\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Private banking &amp; digital growth<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5c7eaec elementor-widget elementor-widget-text-editor\" data-id=\"5c7eaec\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Belfius aims to reach \u20ac100 billion in assets under management in private banking by 2030.<\/p><ul><li>Launch of Belfius Private: 14,000 new clients, total 158,000<\/li><li>Assets under management increased to \u20ac20.1 billion<\/li><li>168,000 investors active on the Re=Bel digital platform (+32%)<\/li><\/ul><p>\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0e5c348 elementor-widget elementor-widget-spacer\" data-id=\"0e5c348\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-e953d26 elementor-tabs-view-vertical elementor-widget elementor-widget-tabs\" data-id=\"e953d26\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"tabs.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-tabs\">\n\t\t\t<div class=\"elementor-tabs-wrapper\" role=\"tablist\" >\n\t\t\t\t\t\t\t\t\t<div id=\"elementor-tab-title-2441\" class=\"elementor-tab-title elementor-tab-desktop-title\" aria-selected=\"true\" data-tab=\"1\" role=\"tab\" tabindex=\"0\" aria-controls=\"elementor-tab-content-2441\" aria-expanded=\"false\">Chiffres cl\u00e9s<\/div>\n\t\t\t\t\t\t\t\t\t<div id=\"elementor-tab-title-2442\" class=\"elementor-tab-title elementor-tab-desktop-title\" aria-selected=\"false\" data-tab=\"2\" role=\"tab\" tabindex=\"-1\" aria-controls=\"elementor-tab-content-2442\" aria-expanded=\"false\">Kerncijfers<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t<div class=\"elementor-tabs-content-wrapper\" role=\"tablist\" aria-orientation=\"vertical\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-tab-title elementor-tab-mobile-title\" aria-selected=\"true\" data-tab=\"1\" role=\"tab\" tabindex=\"0\" aria-controls=\"elementor-tab-content-2441\" aria-expanded=\"false\">Chiffres cl\u00e9s<\/div>\n\t\t\t\t\t<div id=\"elementor-tab-content-2441\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"1\" role=\"tabpanel\" aria-labelledby=\"elementor-tab-title-2441\" tabindex=\"0\" hidden=\"false\"><p><a href=\"https:\/\/www.asquarepartners.com\/wp-content\/uploads\/2026\/03\/Capture-decran-2026-03-02-a-15.37.32.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-27434 size-full\" src=\"https:\/\/www.asquarepartners.com\/wp-content\/uploads\/2026\/03\/Capture-decran-2026-03-02-a-15.37.32.png\" alt=\"Belifus chiffres 2025\" width=\"1784\" height=\"1004\" srcset=\"https:\/\/www.asquarepartners.com\/wp-content\/uploads\/2026\/03\/Capture-decran-2026-03-02-a-15.37.32.png 1784w, https:\/\/www.asquarepartners.com\/wp-content\/uploads\/2026\/03\/Capture-decran-2026-03-02-a-15.37.32-300x169.png 300w, https:\/\/www.asquarepartners.com\/wp-content\/uploads\/2026\/03\/Capture-decran-2026-03-02-a-15.37.32-1030x580.png 1030w, https:\/\/www.asquarepartners.com\/wp-content\/uploads\/2026\/03\/Capture-decran-2026-03-02-a-15.37.32-768x432.png 768w, https:\/\/www.asquarepartners.com\/wp-content\/uploads\/2026\/03\/Capture-decran-2026-03-02-a-15.37.32-1536x864.png 1536w, https:\/\/www.asquarepartners.com\/wp-content\/uploads\/2026\/03\/Capture-decran-2026-03-02-a-15.37.32-18x10.png 18w\" sizes=\"(max-width: 1784px) 100vw, 1784px\" \/><\/a><\/p><\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-tab-title elementor-tab-mobile-title\" aria-selected=\"false\" data-tab=\"2\" role=\"tab\" tabindex=\"-1\" aria-controls=\"elementor-tab-content-2442\" aria-expanded=\"false\">Kerncijfers<\/div>\n\t\t\t\t\t<div id=\"elementor-tab-content-2442\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"2\" role=\"tabpanel\" aria-labelledby=\"elementor-tab-title-2442\" tabindex=\"0\" hidden=\"hidden\"><p><a href=\"https:\/\/www.asquarepartners.com\/wp-content\/uploads\/2026\/03\/Strategie-2025-_-Objectifs-atteints.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-27435\" src=\"https:\/\/www.asquarepartners.com\/wp-content\/uploads\/2026\/03\/Strategie-2025-_-Objectifs-atteints.png\" alt=\"\" width=\"1536\" height=\"1024\" srcset=\"https:\/\/www.asquarepartners.com\/wp-content\/uploads\/2026\/03\/Strategie-2025-_-Objectifs-atteints.png 1536w, https:\/\/www.asquarepartners.com\/wp-content\/uploads\/2026\/03\/Strategie-2025-_-Objectifs-atteints-300x200.png 300w, https:\/\/www.asquarepartners.com\/wp-content\/uploads\/2026\/03\/Strategie-2025-_-Objectifs-atteints-1030x687.png 1030w, https:\/\/www.asquarepartners.com\/wp-content\/uploads\/2026\/03\/Strategie-2025-_-Objectifs-atteints-768x512.png 768w, https:\/\/www.asquarepartners.com\/wp-content\/uploads\/2026\/03\/Strategie-2025-_-Objectifs-atteints-18x12.png 18w\" sizes=\"(max-width: 1536px) 100vw, 1536px\" \/><\/a><\/p><\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-89de05a elementor-widget elementor-widget-spacer\" data-id=\"89de05a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-dd10b28 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"dd10b28\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-c51a5fe\" data-id=\"c51a5fe\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-7ac696c elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7ac696c\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-c9f2cba\" data-id=\"c9f2cba\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-44e32bf elementor-widget-tablet__width-initial elementor-widget__width-initial elementor-widget elementor-widget-image\" data-id=\"44e32bf\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"200\" height=\"205\" src=\"https:\/\/www.asquarepartners.com\/wp-content\/uploads\/2020\/09\/Ageas_logo.png\" class=\"attachment-large size-large wp-image-10255\" alt=\"Ageas logo\" srcset=\"https:\/\/www.asquarepartners.com\/wp-content\/uploads\/2020\/09\/Ageas_logo.png 200w, https:\/\/www.asquarepartners.com\/wp-content\/uploads\/2020\/09\/Ageas_logo-36x36.png 36w\" sizes=\"(max-width: 200px) 100vw, 200px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-82a6e10\" data-id=\"82a6e10\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-33f557e elementor-widget elementor-widget-heading\" data-id=\"33f557e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">A strong performance during a year of transformation for Ageas.<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c9ba6c4 elementor-widget elementor-widget-menu-anchor\" data-id=\"c9ba6c4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-menu-anchor\" id=\"ageas\"><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6f07617 elementor-widget elementor-widget-text-editor\" data-id=\"6f07617\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><a href=\"https:\/\/www.ageas.com\/fr\/newsroom\/ageas-publie-ses-resultats-pour-lexercice-2025\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ff38ef1 elementor-widget elementor-widget-image\" data-id=\"ff38ef1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"194\" src=\"https:\/\/www.asquarepartners.com\/wp-content\/uploads\/2026\/03\/Capture-decran-2026-03-02-a-14.24.15-1030x250.png\" class=\"attachment-large size-large wp-image-27429\" alt=\"\" srcset=\"https:\/\/www.asquarepartners.com\/wp-content\/uploads\/2026\/03\/Capture-decran-2026-03-02-a-14.24.15-1030x250.png 1030w, https:\/\/www.asquarepartners.com\/wp-content\/uploads\/2026\/03\/Capture-decran-2026-03-02-a-14.24.15-300x73.png 300w, https:\/\/www.asquarepartners.com\/wp-content\/uploads\/2026\/03\/Capture-decran-2026-03-02-a-14.24.15-768x186.png 768w, https:\/\/www.asquarepartners.com\/wp-content\/uploads\/2026\/03\/Capture-decran-2026-03-02-a-14.24.15-18x4.png 18w, https:\/\/www.asquarepartners.com\/wp-content\/uploads\/2026\/03\/Capture-decran-2026-03-02-a-14.24.15.png 1426w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-28ad311 elementor-widget elementor-widget-spacer\" data-id=\"28ad311\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a151b89 elementor-widget elementor-widget-heading\" data-id=\"a151b89\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Financial performance<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-234111e elementor-widget elementor-widget-text-editor\" data-id=\"234111e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>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).<\/p><p>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.<\/p><p><strong>Key figures:<\/strong><\/p><ul><li>Gross inflows: EUR 19.6bn (+9%)<\/li><li>Net Operating Result: EUR 1.65bn (+33%)<\/li><li>Net Result: EUR 1.71bn<\/li><li>ROE: 19.3%<\/li><li>Solvency II ratio: 211%<\/li><li>Holding Free Cash Flow: EUR 774m (+19%)<\/li><li>Proposed gross dividend: EUR 3.75 per share (+7%)<\/li><\/ul><p><span style=\"letter-spacing: 0.4px; font-size: 1rem;\">\u00a0<\/span><\/p><p><span style=\"letter-spacing: 0.4px; font-size: 1rem;\">Growth was driven by an outstanding <\/span><strong style=\"letter-spacing: 0.4px; font-size: 1rem;\" data-start=\"528\" data-end=\"552\">Non-Life performance <\/strong><b><span style=\"letter-spacing: 0.4px; font-size: 1rem;\" data-start=\"528\" data-end=\"552\">(<\/span><span style=\"letter-spacing: 0.4px; font-size: 1rem;\">EUR 548 million Net Operating Result)<\/span><\/b><span style=\"letter-spacing: 0.4px; font-size: 1rem;\"><b>,<\/b> improved <\/span><strong style=\"letter-spacing: 0.4px; font-size: 1rem;\" data-start=\"563\" data-end=\"589\">Life margins in Europe (EUR 1,259 million Net Operating Result)<\/strong><span style=\"letter-spacing: 0.4px; font-size: 1rem;\">, and a one-off tax benefit in China.\u00a0<\/span><span style=\"font-size: 1rem; letter-spacing: 0.4px;\">Excluding this one-off effect, operating profit still grew by over 9%.\u00a0<\/span><span style=\"letter-spacing: 0.4px; font-size: 1rem;\">New Business Margin stood at 7.9%, reflecting China\u2019s shift toward more capital-efficient participating products.\u00a0<\/span><\/p><p data-start=\"1939\" data-end=\"2093\">The third-party <b>reinsurance<\/b> business expanded significantly, including <b>EUR 630m<\/b> of inflows from a quota-share agreement linked to Italian insurtech Prima.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cda2bab elementor-widget elementor-widget-heading\" data-id=\"cda2bab\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Business highlights<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-22cc96d elementor-widget elementor-widget-text-editor\" data-id=\"22cc96d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ul><li>Life inflows +6%, with strong momentum in Belgium and Europe.<\/li><li>Non-Life profit +21%, supported by disciplined underwriting and favourable weather.<\/li><li>Reinsurance activities expanded significantly.<\/li><\/ul><div>\u00a0<\/div><p>Cash upstream reached EUR 949m (+18%), and Holding Free Cash Flow amounted to EUR 774m.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-14a7e59 elementor-widget elementor-widget-heading\" data-id=\"14a7e59\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Expectations<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d607cb5 elementor-widget elementor-widget-text-editor\" data-id=\"d607cb5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Following strong performance, Ageas raised its 2027 cash flow and shareholder remuneration targets.<\/p><p>For 2026, Ageas expects:<\/p><ul><li>Net Operating Result above EUR 1.5bn<\/li><li>Cash upstream of around EUR 1.2bn<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-eaf415e elementor-widget elementor-widget-spacer\" data-id=\"eaf415e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-ed7d84d elementor-widget elementor-widget-spacer\" data-id=\"ed7d84d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-dc29f32 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"dc29f32\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-1bcde3d\" data-id=\"1bcde3d\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-040a660 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"040a660\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-e1b84d3\" data-id=\"e1b84d3\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-cfe53fe elementor-widget-tablet__width-initial elementor-widget__width-initial elementor-widget elementor-widget-image\" data-id=\"cfe53fe\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"218\" height=\"129\" src=\"https:\/\/www.asquarepartners.com\/wp-content\/uploads\/2022\/06\/ag-insurance-e1670941785823.png\" class=\"attachment-large size-large wp-image-13351\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-fbc6d42\" data-id=\"fbc6d42\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-3c8a71a elementor-widget elementor-widget-heading\" data-id=\"3c8a71a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">A year of solid growth for AG Insurance<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-48e6800 elementor-widget elementor-widget-menu-anchor\" data-id=\"48e6800\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-menu-anchor\" id=\"ag\"><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4d56a1e elementor-widget elementor-widget-text-editor\" data-id=\"4d56a1e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><a href=\"https:\/\/newsroom.ag.be\/2025-une-annee-placee-sous-le-signe-des-performances-pour-ag\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b5f63ea elementor-widget elementor-widget-text-editor\" data-id=\"b5f63ea\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p data-start=\"0\" data-end=\"291\">2025 marked a year of solid growth for <span class=\"hover:entity-accent entity-underline inline cursor-pointer align-baseline\"><span class=\"whitespace-normal\">AG Insurance<\/span><\/span>, 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, <span class=\"hover:entity-accent entity-underline inline cursor-pointer align-baseline\"><span class=\"whitespace-normal\">Ageas<\/span><\/span>.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6f7fe3b elementor-widget elementor-widget-heading\" data-id=\"6f7fe3b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Growth in premiums and assets under management<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ad82551 elementor-widget elementor-widget-text-editor\" data-id=\"ad82551\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>Total gross inflows reached \u20ac7.49 billion<\/strong>, <strong>representing 5% growth<\/strong>, driven by progress across Life, Health, and Non-Life activities.<\/p><ul><li><strong>Non-Life<\/strong>: Growth supported by new customers and indexation, with increasing market shares.<\/li><li><strong>Life<\/strong>: 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%).<\/li><\/ul><p>\u00a0<\/p><p>Technical reserves (assets under management) in Life increased by 2% to \u20ac62.8 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.<\/p><p>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.<\/p><p>Strong Net Result and Robust Solvency<\/p><p>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 \u20ac744 million (before reinsurance).<\/p><p>The company maintains a very solid financial position, with a solvency ratio of 239%, confirming its stability and resilience.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8dc07d8 elementor-widget elementor-widget-heading\" data-id=\"8dc07d8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Strong net result and robust solvency<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3518d26 elementor-widget elementor-widget-text-editor\" data-id=\"3518d26\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>\u00a0Supported 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 \u20ac744 million (before reinsurance).<\/p><p>The company maintains a very solid financial position, with a solvency ratio of 239%, confirming its stability and resilience.<\/p><p>\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b9019f7 elementor-widget__width-initial elementor-widget elementor-widget-html\" data-id=\"b9019f7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<!-- Key Figures 2025 (Compact Version) -->\n<div class=\"key-figures-table-wrap\">\n  <h2 class=\"key-figures-title\">Key Figures 2025<\/h2>\n\n  <table class=\"key-figures-table\" role=\"table\" aria-label=\"Key Figures 2025\">\n    <thead>\n      <tr>\n        <th>Indicator<\/th>\n        <th>Amount (EUR million)<\/th>\n      <\/tr>\n    <\/thead>\n    <tbody>\n      <tr>\n        <td>Premium inflows<\/td>\n        <td>7,486<\/td>\n      <\/tr>\n      <tr>\n        <td>Net operating result (before reinsurance)<\/td>\n        <td>744<\/td>\n      <\/tr>\n      <tr>\n        <td>Life assets under management<\/td>\n        <td>62,800<\/td>\n      <\/tr>\n      <tr>\n        <td>Solvency ratio<\/td>\n        <td>239%<\/td>\n      <\/tr>\n      <tr>\n        <td>Employees<\/td>\n        <td>4,431<\/td>\n      <\/tr>\n    <\/tbody>\n  <\/table>\n<\/div>\n\n<style>\n  .key-figures-table-wrap{\n    max-width: 1000px;\n    margin: 0 auto;\n  }\n\n  .key-figures-title{\n    margin: 0 0 14px 0;\n    font-size: 26px;\n    font-weight: 700;\n    color: #1f2937;\n  }\n\n  .key-figures-table{\n    width: 100%;\n    border-collapse: collapse;\n    background: #ffffff;\n    border: 1px solid #e5e7eb;\n  }\n\n  .key-figures-table thead th{\n    text-align: left;\n    font-weight: 600;\n    padding: 14px 16px;\n    font-size: 15px;\n    color: #374151;\n    border-bottom: 1px solid #e5e7eb;\n  }\n\n  .key-figures-table tbody td{\n    padding: 16px;\n    font-size: 15px;\n    color: #111827;\n    border-top: 1px solid #e5e7eb;\n  }\n\n  .key-figures-table tbody td:first-child{\n    font-weight: 500;\n  }\n\n  .key-figures-table tbody td:last-child{\n    text-align: right;\n    font-weight: 600;\n    font-variant-numeric: tabular-nums;\n  }\n<\/style>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5ab309f elementor-widget elementor-widget-spacer\" data-id=\"5ab309f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-f179829 elementor-widget elementor-widget-spacer\" data-id=\"f179829\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-5547eb1 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5547eb1\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-40536b2\" data-id=\"40536b2\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-509cf93 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"509cf93\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-b0f785b\" data-id=\"b0f785b\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6cdb5a1 elementor-widget-tablet__width-initial elementor-widget__width-initial elementor-widget elementor-widget-image\" data-id=\"6cdb5a1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"163\" src=\"https:\/\/www.asquarepartners.com\/wp-content\/uploads\/2023\/01\/Baloise-300-dpi-1030x210.jpg\" class=\"attachment-large size-large wp-image-14724\" alt=\"\" srcset=\"https:\/\/www.asquarepartners.com\/wp-content\/uploads\/2023\/01\/Baloise-300-dpi-1030x210.jpg 1030w, https:\/\/www.asquarepartners.com\/wp-content\/uploads\/2023\/01\/Baloise-300-dpi-300x61.jpg 300w, https:\/\/www.asquarepartners.com\/wp-content\/uploads\/2023\/01\/Baloise-300-dpi-768x157.jpg 768w, https:\/\/www.asquarepartners.com\/wp-content\/uploads\/2023\/01\/Baloise-300-dpi-705x144.jpg 705w, https:\/\/www.asquarepartners.com\/wp-content\/uploads\/2023\/01\/Baloise-300-dpi-450x92.jpg 450w, https:\/\/www.asquarepartners.com\/wp-content\/uploads\/2023\/01\/Baloise-300-dpi.jpg 1182w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-db29cb3\" data-id=\"db29cb3\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1868b21 elementor-widget elementor-widget-heading\" data-id=\"1868b21\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Baloise confirms solid returns for life insurance in 2025: up to 2.75% return.<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ba791be elementor-widget elementor-widget-menu-anchor\" data-id=\"ba791be\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-menu-anchor\" id=\"baloise\"><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-472e69c elementor-widget elementor-widget-text-editor\" data-id=\"472e69c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><a href=\"https:\/\/www.baloise.be\/fr\/news\/Rendements-Vie.html\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-dbc946e elementor-widget elementor-widget-text-editor\" data-id=\"dbc946e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Baloise reported strong 2025 results for its life insurance portfolio, benefiting from recovering financial markets and a disciplined investment strategy.<\/p><p>The 2025 performance was supported by:<\/p><ul><li>Stable interest rate policies by central banks<\/li><li>Continued recovery in bond markets<\/li><li>Solid equity market performance despite temporary volatility<\/li><\/ul><div>\u00a0<\/div><p><span style=\"letter-spacing: 0.4px; font-size: 1rem;\">For contributions made in 2025, Baloise confirms the following total gross returns:<\/span><\/p><ul><li><b>Tax-advantaged savings contracts<\/b>: 2.75%<\/li><li><b>Investment contracts<\/b>: 2.50%<\/li><li><b>Group insurance<\/b>: 2.50%<\/li><li><b>\u201cInvest Fix\u201d insurance bonds: <\/b><ul><li>2.75% (5-year term)<\/li><li>3.05% (depending on maturity)<\/li><\/ul><\/li><\/ul><div>\u00a0<\/div><p>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.<\/p><p>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&#8217;s role as a long-term partner for Belgian savers seeking a balance between protection and growth.<\/p><p>Overall, Baloise demonstrates resilience, disciplined asset allocation, and its ability to generate sustainable returns for life insurance policyholders.<\/p><p>\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-201abb9 elementor-widget elementor-widget-spacer\" data-id=\"201abb9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-1a049be elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"1a049be\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-f02ef14\" data-id=\"f02ef14\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-a4c42ba elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"a4c42ba\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-68426b6\" data-id=\"68426b6\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-0f17048 elementor-widget-tablet__width-initial elementor-widget__width-initial elementor-widget elementor-widget-image\" data-id=\"0f17048\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"600\" src=\"https:\/\/www.asquarepartners.com\/wp-content\/uploads\/2025\/03\/Axa.png\" class=\"attachment-large size-large wp-image-22622\" alt=\"\" srcset=\"https:\/\/www.asquarepartners.com\/wp-content\/uploads\/2025\/03\/Axa.png 800w, https:\/\/www.asquarepartners.com\/wp-content\/uploads\/2025\/03\/Axa-300x225.png 300w, https:\/\/www.asquarepartners.com\/wp-content\/uploads\/2025\/03\/Axa-768x576.png 768w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-e8f51d8\" data-id=\"e8f51d8\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-c04a84b elementor-widget elementor-widget-heading\" data-id=\"c04a84b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Positive growth at AXA Belgium &amp; Luxembourg reporting +6% growth.<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0afdb9c elementor-widget elementor-widget-menu-anchor\" data-id=\"0afdb9c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-menu-anchor\" id=\"axa\"><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1daac67 elementor-widget elementor-widget-text-editor\" data-id=\"1daac67\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><a href=\"https:\/\/www.axa.be\/fr\/presse\/2026\/resultats-annuels-2025-axa-belgium-luxembourg\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b93774b elementor-widget elementor-widget-text-editor\" data-id=\"b93774b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p data-start=\"0\" data-end=\"291\"><span class=\"hover:entity-accent entity-underline inline cursor-pointer align-baseline\"><span class=\"whitespace-normal\">AXA<\/span><\/span> reported a 6% increase in 2025 operational earnings, with aligned growth from <span class=\"hover:entity-accent entity-underline inline cursor-pointer align-baseline\"><span class=\"whitespace-normal\">AXA Belgium &amp; Luxembourg<\/span><\/span>. <b>Group revenues rose 6% year-on-year to \u20ac116 billion<\/b>, while AXA Belgium &amp; Luxembourg delivered positive growth across all business lines.<\/p><p data-start=\"293\" data-end=\"778\">I<b>n Non-Life insurance, revenues increased by 3% to \u20ac2.9 billion<\/b>. Growth in P&amp;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.<\/p><p data-start=\"780\" data-end=\"1279\" data-is-last-node=\"\" data-is-only-node=\"\">In Life insurance, AXA recorded positive net inflows in both Belgium and Luxembourg, with <b>revenues up 2% to \u20ac1.6 billion<\/b>. 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\u2019s third- and fourth-pillar pension products, while maintaining stable second-pillar results in Belgium and growth in Luxembourg, where it was recognized as \u201cBest Health &amp; Pension Partner.\u201d<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ef61201 elementor-widget elementor-widget-spacer\" data-id=\"ef61201\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-b856b0f elementor-widget elementor-widget-spacer\" data-id=\"b856b0f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-28a4b02 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"28a4b02\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-f09fb71\" data-id=\"f09fb71\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-29115ec elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"29115ec\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-ce26f93\" data-id=\"ce26f93\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-097908b elementor-widget-tablet__width-initial elementor-widget__width-initial elementor-widget elementor-widget-image\" data-id=\"097908b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"404\" height=\"125\" src=\"https:\/\/www.asquarepartners.com\/wp-content\/uploads\/2023\/01\/Federale-Assurance-logo.png\" class=\"attachment-large size-large wp-image-14802\" alt=\"\" srcset=\"https:\/\/www.asquarepartners.com\/wp-content\/uploads\/2023\/01\/Federale-Assurance-logo.png 404w, https:\/\/www.asquarepartners.com\/wp-content\/uploads\/2023\/01\/Federale-Assurance-logo-300x93.png 300w\" sizes=\"(max-width: 404px) 100vw, 404px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-178c2f9\" data-id=\"178c2f9\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-fbd8ade elementor-widget elementor-widget-heading\" data-id=\"fbd8ade\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">F\u00e9d\u00e9rale Assurance publishes its 2025 returns for Branch 21 and Branch 26.<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-921be8e elementor-widget elementor-widget-menu-anchor\" data-id=\"921be8e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-menu-anchor\" id=\"federale\"><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0664a5c elementor-widget elementor-widget-text-editor\" data-id=\"0664a5c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><a href=\"https:\/\/www.federale.be\/fr\/nouvelles\/news-detail\/2026\/02\/19\/communique-de-presse-federale-assurance-publie-les-rendements-2025-des-branches-21-et-26\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e9d3a23 elementor-widget elementor-widget-text-editor\" data-id=\"e9d3a23\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p data-start=\"127\" data-end=\"266\">F\u00e9d\u00e9rale Assurance has announced the total 2025 returns for its Branch 21 and Branch 26 savings and investment products.<\/p><p data-start=\"268\" data-end=\"434\">Total returns consist of a <strong data-start=\"295\" data-end=\"323\">guaranteed interest rate<\/strong>, potentially complemented by a <strong data-start=\"355\" data-end=\"379\">profit-sharing bonus<\/strong>, and are designed for clients who prioritise security.<\/p><p data-start=\"436\" data-end=\"669\">According to the company, the improvement in interest rate conditions has translated into higher overall returns in 2025. Thanks to its mutual model, F\u00e9d\u00e9rale can pass on this improvement to clients through profit-sharing mechanisms.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-056dfb5 elementor-widget elementor-widget-heading\" data-id=\"056dfb5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Branch 21<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-251fad3 elementor-widget elementor-widget-text-editor\" data-id=\"251fad3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>For 2025, the following gross total returns (guaranteed rate + profit sharing) apply:<\/p><ul><li><strong>Tax-advantaged savings \u2013 2nd pillar<\/strong><ul><li>F-Manager VIP (EIP): 2.30%<\/li><li>Vita Flex 21 PLCI: 2.65%<\/li><\/ul><\/li><li><strong>Tax-advantaged savings \u2013 3rd pillar<\/strong><ul><li>Vita Flex 44 Pension: 2.65%<\/li><\/ul><\/li><li><strong>Non-tax savings \u2013 4th pillar<\/strong><ul><li>Vita Flex 44 (contracts before 2023): 1.70%<\/li><li>Vita Flex 44 (contracts from 2023 onwards): 3.10%<\/li><\/ul><\/li><\/ul><p>\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-42ea549 elementor-widget elementor-widget-heading\" data-id=\"42ea549\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Branch 26<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2cc37a7 elementor-widget elementor-widget-text-editor\" data-id=\"2cc37a7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p data-start=\"1453\" data-end=\"1612\">For contracts where the guaranteed interest rate exceeds the 2025 gross return, no additional profit sharing is granted; the return equals the guaranteed rate.<\/p><ul><li><strong>Nova Deposit<\/strong>: 2.00% guaranteed annual rate for 2025 contributions<br \/>(0.85% base rate + 1.15% loyalty bonus)<\/li><li><strong>Nova Invest (incl. VIP)<\/strong>:<ul><li>2.00% to 2.50% for contracts subscribed in 2025<\/li><li>Minimum 1.10% for older contracts<\/li><\/ul><\/li><li><strong>Nova Invest 3Y<\/strong>: 2.70%<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f341601 elementor-widget elementor-widget-spacer\" data-id=\"f341601\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-a12cece elementor-widget elementor-widget-spacer\" data-id=\"a12cece\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-bc732b2 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"bc732b2\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-ec780a3\" data-id=\"ec780a3\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-c2835b1 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c2835b1\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-10350e7\" data-id=\"10350e7\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-e339a11 elementor-widget-tablet__width-initial elementor-widget__width-initial elementor-widget elementor-widget-image\" data-id=\"e339a11\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"768\" height=\"600\" src=\"https:\/\/www.asquarepartners.com\/wp-content\/uploads\/2022\/03\/KBC.jpg\" class=\"attachment-large size-large wp-image-12643\" alt=\"\" srcset=\"https:\/\/www.asquarepartners.com\/wp-content\/uploads\/2022\/03\/KBC.jpg 768w, https:\/\/www.asquarepartners.com\/wp-content\/uploads\/2022\/03\/KBC-300x234.jpg 300w, https:\/\/www.asquarepartners.com\/wp-content\/uploads\/2022\/03\/KBC-705x551.jpg 705w, https:\/\/www.asquarepartners.com\/wp-content\/uploads\/2022\/03\/KBC-450x352.jpg 450w\" sizes=\"(max-width: 768px) 100vw, 768px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-cfa071f\" data-id=\"cfa071f\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2110ca5 elementor-widget elementor-widget-heading\" data-id=\"2110ca5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Fourth-quarter result of 1.003 million euros.<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0433057 elementor-widget elementor-widget-menu-anchor\" data-id=\"0433057\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-menu-anchor\" id=\"kbc\"><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e0b408d elementor-widget elementor-widget-text-editor\" data-id=\"e0b408d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><a href=\"https:\/\/www.federale.be\/fr\/nouvelles\/news-detail\/2026\/02\/19\/communique-de-presse-federale-assurance-publie-les-rendements-2025-des-branches-21-et-26\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-aa442da elementor-widget elementor-widget-text-editor\" data-id=\"aa442da\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p data-start=\"127\" data-end=\"266\"><span class=\"hover:entity-accent entity-underline inline cursor-pointer align-baseline\"><span class=\"whitespace-normal\">KBC Group<\/span><\/span> reported a <strong data-start=\"201\" data-end=\"248\">fourth-quarter net profit of \u20ac1.003 billion<\/strong>, supported by strong net interest income, solid insurance performance and stable asset management growth.\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-552a2af elementor-widget elementor-widget-heading\" data-id=\"552a2af\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Strong banking performance<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-af5d1c1 elementor-widget elementor-widget-text-editor\" data-id=\"af5d1c1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ul><li>Net interest income increased by 5% quarter-on-quarter and 12% year-on-year.<\/li><li>Net interest margin rose to 2.11%.<\/li><li>Loan volumes grew by 7% year-on-year.<\/li><li>Customer deposits increased by 3% year-on-year (excluding volatile foreign branch deposits).<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7be82bc elementor-widget elementor-widget-heading\" data-id=\"7be82bc\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Solid insurance results<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-19320ad elementor-widget elementor-widget-text-editor\" data-id=\"19320ad\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ul><li>Insurance service result: \u20ac166 million (up from \u20ac142m QoQ and \u20ac125m YoY).<ul><li>Non-life: \u20ac107m<\/li><li>Life: \u20ac59m<\/li><\/ul><\/li><li>Non-life combined ratio (FY 2025): 87% (improved from 90% in 2024).<\/li><li>Non-life sales rose 11% YoY.<\/li><li>Life sales surged 26% QoQ and 46% YoY.<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-36f257c elementor-widget elementor-widget-heading\" data-id=\"36f257c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Asset management &amp; fees<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3928e5a elementor-widget elementor-widget-text-editor\" data-id=\"3928e5a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ul><li>Net fee and commission income rose 2% QoQ and 4% YoY.<\/li><li>Assets under management increased 3% QoQ and 9% YoY.<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-18decf8 elementor-widget elementor-widget-heading\" data-id=\"18decf8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Risk &amp; capital<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cf3126a elementor-widget elementor-widget-text-editor\" data-id=\"cf3126a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ul><li>Loan loss impairments: \u20ac73m in Q4.<\/li><li>Credit cost ratio (FY 2025): 0.13% (0.10% in 2024).<\/li><li>LCR: 159%<\/li><li>NSFR: 138%<\/li><li>CET1 ratio: 14.9% (fully loaded, including proposed dividend).<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-495ea68 elementor-widget elementor-widget-spacer\" data-id=\"495ea68\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-7a0045a elementor-widget elementor-widget-spacer\" data-id=\"7a0045a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div 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