Discover our summary of the major headlines in the insurance industry in Belgium with just a scroll!
The second pension pillar: The blind spot of the reform
June 2025 – Source
In their critical analysis, Joy Schols and Wim Van Lancker reveal that the De Wever government’s pension reform is based on a two-tier policy: it demands significant sacrifices from civil servants benefiting from high first-pillar pensions, while largely sparing employees and the self-employed who enjoy substantial supplementary (second-pillar) pensions. Yet these complementary pensions cost the state far more than officially acknowledged, with a budgetary impact estimated at €2.1 billion in 2019, 17 times higher than the recognized figures. Moreover, the tax advantages are unequally distributed, with the top 10% of earners receiving the bulk of the subsidies.
Despite two modest cost-saving measures (increased solidarity contributions), the government imposes few demands on these privileged beneficiaries. This unbalanced approach has fueled growing criticism of the reform, especially since the second pillar remains under-examined, opaque, and poorly regulated, despite its increasing financial weight.
“A+” rating for Ethias and Baloise: Financial strength recognized
Rating agency Fitch Ratings has upgraded Ethias SA’s Insurer Financial Strength (IFS) rating from “A” to “A+”, with a stable outlook. This decision reflects Ethias’s growing financial strength, demonstrated by a 13.4% return on equity in 2024, a Solvency II ratio of 192%, low interest rate risk exposure, and a leading position in the Belgian market.
Meanwhile, S&P Global Ratings has affirmed Baloise’s “A+” rating, also with a stable outlook, highlighting the group’s strong capital base, solid technical results, and competitive market position. S&P does not rule out a potential rating upgrade in the future, particularly in the context of the proposed merger between Helvetia and Baloise, provided the transaction strengthens the competitiveness and risk profile of the combined entity.
Settlement payments of €200,000 for AG Insurance, Allianz, Axa, and P&V following transparency reporting failures
17/06/2025 – Source
The FSMA has sanctioned AG Insurance, Allianz Benelux, Axa Belgium, and P&V Assurances for failing to comply with the obligation to include, in their annual transparency reports (2017–2022), the investment returns on supplementary pensions in Branch 21 within the general fund. These companies only reported the technical return without detailing the performance of the investments.
Following the investigation, each insurer agreed to a settlement payment of €50,000 and the publication of their names on the FSMA website, totaling €200,000. The insurers have also committed to adjusting their future reports to ensure greater transparency.
VITY: A new free app to promote healthy living in Belgium
13/06/2025 – Source
Cohezio, Multipharma, Groupe P&V, and Solidaris launched VITY, a free mobile app dedicated to health prevention. This innovative platform combines scientifically validated advice, physical exercises, nutritional tips, mental coaching, and tracking through connected devices. Available to all Belgians, it aims to encourage sustainable lifestyle changes through gamification and direct access to healthcare professionals, including general practitioners and smoking cessation specialists.
AG Insurance launches activities in the Netherlands with first strategic partnership
13/06/2025 – Source
AG Insurance is making its first international move by entering the Dutch insurance market through appointed agents. AG signed its first partnership with Intermont Assuradeuren, one of the top ten appointed agents in the Netherlands, specializing in non-life and income insurance.This collaboration marks a key milestone for AG as it aims to strengthen its position in the Dutch market by offering tailored solutions for fire and liability risks to businesses, with plans to develop additional partnerships in the near future.
Towards the professionalization of property and casualty insurance experts: Assuralia and GEBCAI introduce a code of conduct
10/06/2025 – Source
Assuralia, the federation of insurers, and GEBCAI, the Belgian association of claims experts, have announced the introduction of a code of conduct for non-life insurance experts, particularly in sectors such as fire insurance, where the profession is not currently regulated. Taking effect on July 1, 2025, the code aims to provide a framework for professional practice, strengthen independence and integrity, enhance training, and improve service quality for policyholders.
This initiative follows repeated criticism from the Insurance Ombudsman, especially after the 2021 floods, and also responds to new legal requirements for greater transparency imposed on experts. Going forward, only experts and firms committed to complying with this code will be allowed to work with insurers that are members of Assuralia.
Strategic acquisition: Allianz integrates Scildon’s collective pension portfolio
10/06/2025 – Source
Allianz has reached an agreement to take over Scildon’s collective pension portfolio, as Scildon shifts its focus to individual life insurance through a merger with Waard. This strategic decision enables Allianz to expand its offering in the collective pensions market, leveraging a broad distribution network and a modern approach that combines digital solutions with personalized service. Scildon, in turn, prioritizes its longstanding expertise in individual life insurance. The acquisition, which is still subject to regulatory approval, highlights Allianz’s ambition to continue its strong growth in the Life sector while delivering efficient and tailored services to employers and participants.
P&V confirms stable growth and strengthens social commitment in 2024
05/06/2025 – Source
In 2024, the Belgian cooperative insurer Groupe P&V reported stable performance, with a net profit of 58.6 million euros, a strong solvency ratio of 180%, and premium income exceeding 2.1 billion euros. True to its values, P&V reinvests nearly all of its profits back into the organization and expands its social initiatives, such as the P&V Group Academy aimed at youth integration. Additionally, the group prioritizes investments with a Belgian impact and published, for the first time, a report compliant with the European CSRD directive, demonstrating its commitment to sustainable and transparent practices.
Ageas Re Partners with Triglav Group and Prima to strengthen its presence in the Italian Auto Insurance Market
05/06/2025 – Source
Ageas Re, the reinsurance arm of the Ageas group, has entered into a strategic agreement with Slovenian insurer Triglav Group as part of its collaboration with Prima, the leading direct auto insurer in Italy’s Insurtech sector. Under this agreement, Ageas Re will take an 80% quota share of Prima’s auto insurance business underwritten by Triglav in 2025, granting Ageas Re access to a significant and profitable Italian market. This move aligns with Ageas’s Elevate27 strategic plan, which targets profitable growth in Non-life insurance across Europe. With over 4 million clients and €1.3 billion in revenue in 2024, Prima offers a strong technological partner, while Triglav supports its international expansion. This partnership enables Ageas Re to broaden its portfolio with a strong entry into the Italian market, reinforcing its European strategy.
