Financial Results 2021

The financial results for the year 2021 have finally been shared. This fiscal year seems to be very successful for most of our Belgian insurers, who are publishing rising turnover figures.

AXA Belgium

AXA Belgium’s financial results are in line with the company’s growth strategy although it has been impacted by the compensation paid to flood victims. AXA Belgium’s 2021 turnover amounts to €3,486 million. Compared to the previous year in 2020, revenues rose by 3.4%.This growth is mainly driven by commercial property & casualty insurance and group health activities.

Looking at the results by business lines, each sector is on the rise as well. Property & Casualty revenues increased by 4.8% to €2,187 million. This increase is mainly driven by commercial lines, which grew by 8.0%, and more particularly by the strategic segment of self-employed and very small businesses. Health activities published growth of 12.7% to €133 million. The desire to develop this strategic line is reflected in an increase in the services offered to affiliates (Doctors, Psy and MediCheck Online services) and a strong improvement in the quality of service.

In Life insurance, revenues remained stable at €1,166 million, in line with their selective growth strategy. Business was driven mainly by two segments: self-employed people, which rose by 9.8% compared with 2020, and life insurance (+3.2%), driven by the strong increase in activity in the individual property market.

As for the operating income, it is equal to € 243 million. Despite an increase in Health and Life, this figure is down compared to 2020 (€391 million) due to the impact of the exceptional floods in July 2021 in Wallonia. AXA has played its role as insurer by doubling the regulatory compensation limit and pre-financing the contribution of the Walloon region.

Allianz Benelux 

For Allianz Benelux, premium income and profit decreased during the year 2021.

The premium income for 2021 is 3.8 billion. In 2020, it amounted to €4.2 billion, which demonstrates a decrease of 8%. Unlike Luxembourg, premium income increased both in The Netherlands and also in Belgium which experienced sustained growth in 2021.

The combined operating result was €211.8 million and decreased by 28.3% (€295.2 in 2020). In Life, it equates to €107.2 million (2020: €147.7 million) and in Non-Life it amounts to €104.6 million (2020: €147.5 million). The Non-Life figures are exceptionally impacted by an internal reinsurance transaction in early 2021. The floods in 2021 also had a significant impact on the result, of €21 million net. The combined ratio amounts to 91.4 % compared to 89.9% in 2020.

Finally, Allianz Benelux‘s net profit for 2021 is equal to €121.3 million which is far less than in 2020 with €200.9 million.


Ageas Group

The group Ageas reached all its financial objectives for the year 2021 and demonstrate a great performance. The net income was €845 million, driven by an excellent performance in Life but penalized by RPN.

Insurance net income reached €1,070 million compared to €960 million in 2020. For the Non-life branch, it decreased from €391 million last year to €328 million but the Life insurance segment increased from €570 million (2020) to €742 million in 2021.

As for the group premium income (at 100%), it increased by 12% to €40 billion. Finally, the equity amounts to €11.9 billion or  €64.14 per share.

Ageas Belgium

For the year 2021, Ageas Belgium observed a significant increase for premium income in both Life and Non-Life branches. Indeed, Life premium income grew strongly thanks to excellent growth in unit-linked products (+52% year-on-year). Also, Non-Life premium income grew by an exceptional 9% compared to 2020, with all business lines witnessing an increase.

The combined ratio in Non-Life for 2021 also suffered from the unexpected strong impact of the summer floods. These floods had a 10% impact on the combined ratio, partially offset by loss reserve adjustments in P&C. Excluding these exceptions, the combined ratio (96.3%) reflects a strong performance in all business lines.


It is a success for Belfius which achieved its best financial results in its ten-year history. Belfius’ consolidated net income before and after taxes will amount to €1,226 and €935 million euros in 2021. This is 75% higher than the €532 million for the 2020 fiscal year.

Regarding the insurance segment, Belfius’s insurance activities alone accounted €219 million. Non-life premium income amounted to €769 million (+4%) at group level, with an increase mainly at Belfius Bank (+11%) and also at DVV (+4%) and Corona Direct (+2%). Non-life revenues amount to €210 million, which is 4% lower than the previous year, partly due to the impact of the floods in July 2021, which cost €24 million net. Life production exceeds €210 million, an increase of 12% compared to 2020.

Finally, the combined operating ratio is 97% against 93% in 2020.



Assuropolis, Résultats annuels 2021 d’AXA Belgium

AXA Belgium, Résultats annuels 2021 d’AXA Belgium

Assuropolis, Allianz Benelux : moins d’encaissement des primes et moins de bénéfices en 2021

Allianz, Résultat opérationnel d’Allianz Benelux en 2021 : 212 millions d’euros

Ageas, Ageas publie ses résultats pour l’année 2021

Assuropolis, Ageas: résultats annuels 2021 au niveau du groupe et en Belgique

Assuropolis, Belfius : résultats annuels 2021

Belfius, Communiqué de presse – Résultats 2021