AXA Belgium/2024/Solvency and Financial Condition Report 2024
Source: Original URL. Original PDF: AXA_Belgium_-_2024_-_Solvency_and_Financial_Condition_Report_2024.pdf. Published: 2025-03-31. 132 pages. Translated from French.
Source. Solvency and Financial Condition Report (SFCR), AXA Belgium S.A./N.V. Published 2025-03-31, 132 pages. Period covered: 12 months ended December 31, 2024. Comparison period: 12 months ended December 31, 2023. All figures EUR millions unless noted. Solvency II figures are post-tax unless noted.
Key Figures
| EUR m (except solvency ratio) | 2024 | 2023 |
|---|---|---|
| Total revenue | 4,068 | 3,805 |
| Operating result (incl. financial result, pre-tax) | 352 | 369 |
| Net result | 269 | 301 |
| Total assets | 37,361 | 37,412 |
| Available capital | 3,568 | 3,526 |
| Solvency Capital Requirement (SCR) | 1,814 | 1,788 |
| Solvency II Ratio | 197% | 197% |
Group Results (FY2024 vs FY2023)
- Annual revenue: EUR 4,068m, +6.9% vs 2023 p. 2.
- Operating result (pre-tax): EUR 352m vs EUR 369m (-EUR 16m) p. 2.
- Net result: EUR 269m vs EUR 301m p. 1.
- Solvency ratio: 197%, identical to 2023 p. 2.
- AXA Belgium returned to the investment insurance market in 2024 with a new flexible product offering investment in both Branch 21 and Branch 23 p. 2.
Life & Protection Segment
Headline Metrics
- Revenue: EUR 1,414m vs EUR 1,312m (+EUR 102m) p. 2.
- Operating result: EUR 270m vs EUR 182m (+EUR 88m) p. 2.
- Net result: EUR 224m vs EUR 183m (+EUR 41m) p. 22.
- Life & Savings segment operates only in Belgium p. 14.
Operational Income and Expenses
| (EUR m except percentages) | 2024 | 2023 |
|---|---|---|
| Revenue | 1,414 | 1,312 |
| Financial margin | 309 | 220 |
| Loadings and other income | 99 | 99 |
| Net technical margin | 91 | 70 |
| Total costs | -228 | -207 |
| Operating result | 270 | 182 |
- Operational financial margin +EUR 89m to EUR 309m, due to combined impacts of lower technical interest and profit sharing following the release of a provision for future allocations, and growth in financial income mainly from higher bond yields p. 14.
- Loadings and other income stable at EUR 99m p. 14.
- Net technical margin +EUR 21m to EUR 91m, mainly from improved mortality experience p. 14.
- Total costs +EUR 22m to EUR 228m, explained by combined effect of inflation, costs related to the return to the investment products market, and exceptional gains in 2023 from the sale of the run-off portfolio to Monument p. 14.
Revenue by Product Line
| (EUR m except percentages) | 2024 | 2024 | 2023 | 2023 |
|---|---|---|---|---|
| General Fund Protection (incl. Protection with savings component) | 846 | 60% | 873 | 67% |
| General Fund Investments & Savings | 362 | 26% | 264 | 20% |
| Unit-Linked | 206 | 14% | 176 | 13% |
| TOTAL | 1,414 | 100% | 1,312 | 100% |
- General Fund Protection revenue (60% of revenue) -EUR 27m; 2023 was positively impacted by exceptional payments on group life contracts p. 15.
- General Fund Investments & Savings revenue (26% of revenue) +EUR 98m, mainly due to the return to the retail investment products market p. 15.
- Unit-Linked revenue (15% of revenue) +EUR 30m, mainly due to the return to the retail investment products market p. 15.
Net Result Breakdown
| (EUR m) | 2024 | 2023 |
|---|---|---|
| Revenue | 1,414 | 1,312 |
| Financial margin | 325 | 276 |
| Loadings and other income | 99 | 99 |
| Net technical margin | 91 | 70 |
| Total costs | -228 | -210 |
| Amortization of portfolio values | 0 | 0 |
| Net result before tax | 286 | 235 |
| Tax | -62 | -52 |
| Net result | 224 | 183 |
- Financial margin +EUR 49m to EUR 325m, due to combined positive impact of lower technical interest/profit sharing and growth in realized gains, partially offset by higher financing costs and lower dividends from real estate companies p. 22.
- Net technical margin +EUR 21m (+29.6%) to EUR 91m, mainly from improved mortality experience p. 22.
- Total costs +EUR 18m, explained by inflation, costs of return to investment products market, and exceptional 2023 gains from the run-off portfolio sale to Monument p. 22.
- Tax charge (incl. deferred tax movements): -EUR 62m p. 22.
Non-Life and Health Segment
Headline Metrics
- Revenue: EUR 2,654m vs EUR 2,493m (+EUR 161m) p. 2.
- Operating result: EUR 83m vs EUR 187m (-EUR 104m) p. 2.
- Net result: EUR 45m vs EUR 118m (-EUR 73m) p. 23.
- Non-Life segment operates mainly in Belgium p. 16.
Operational Income and Expenses
| (EUR m except percentages) | Dec 31, 2024 | Dec 31, 2023 |
|---|---|---|
| Revenue | 2,654 | 2,493 |
| All-years loss ratio (net of reinsurance) | 74.3% | 71.6% |
| Expense ratio | 30.0% | 29.7% |
| Operating result | 83 | 187 |
| Combined ratio | 104.3% | 101.3% |
- Operating result -EUR 104m to EUR 83m, mainly due to: (i) lower net financial income, impacted by decreased returns on inflation-linked instruments (from 5.5% in 2023 to 2.3% in 2024) in workers' compensation and unfavorable currency translation differences, (ii) premium cession under the annual quota share reinsurance treaty with AXA Group, (iii) higher average repair costs in motor and home insurance, (iv) higher claims expenses, accentuated by a particularly rainy year and the fire at the Kennedy Tower in Liège p. 15.
- Expense ratio increased to 30%, mainly due to higher inflation, salary increases, and commissions p. 16.
Revenue by Product Line
| (EUR m, except percentages) | 2024 | 2024 | 2023 | 2023 |
|---|---|---|---|---|
| Individuals (direct business) | 1,114 | 42% | 1,110 | 45% |
| Motor | 514 | 19% | 527 | 21% |
| Property damage | 460 | 17% | 446 | 18% |
| Other (non-motor liability, PJ, etc.) | 140 | 5% | 137 | 6% |
| Businesses (direct business) | 1,483 | 56% | 1,350 | 54% |
| Motor | 353 | 13% | 328 | 13% |
| Property damage | 283 | 11% | 263 | 11% |
| Liability | 185 | 7% | 166 | 7% |
| Other (AT, Health, etc.) | 657 | 25% | 588 | 24% |
| RC 10 | 5 | 0% | 5 | 0% |
| Other (accepted and indirect business) | 57 | 2% | 32 | 1% |
| TOTAL | 2,654 | 100% | 2,493 | 100% |
- Revenue +EUR 161m (+6.46%) to EUR 2,654m p. 16.
- Individuals product lines (42% of revenue) +0.3% to EUR 1,114m; the decrease in the Motor portfolio was offset by tariff increases, including automatic indexation to the ABEX index in Fire p. 16.
- Businesses product lines (56% of revenue) +9.8% to EUR 1,483m, driven by the strategic segments of self-employed/very small businesses and collective health activities p. 16.
- Other product lines (2% of revenue) at EUR 57m p. 16.
Net Result Breakdown
| (EUR m except percentages) | 2024 | 2023 |
|---|---|---|
| Revenue | 2,654 | 2,493 |
| All-years loss ratio (net of reinsurance) | 74% | 72% |
| Expense ratio | 30.0% | 29.7% |
| Total costs | -795 | -736 |
| Operating result | 83 | 187 |
| Financial result (excl. operating financial result) | -8 | 1 |
| Tax charge | -30 | -70 |
| Other charges | 0 | 0 |
| Net result | 45 | 118 |
- Financial result (excl. operating) -EUR 9m to -EUR 8m, due to lower income from inflation-linked instruments (from 5.5% in 2023 to 2.3% in 2024) in workers' compensation and deterioration from currency translation differences p. 23.
- Tax charge (incl. deferred tax movements): -EUR 30m p. 23.
Investment Results
Net Investment Income Net of Fees
| EUR m | Net investment income | Net realized capital gains/losses | Change in impairment provisions | Net financial result |
|---|---|---|---|---|
| Investment property | 34 | 2 | 5 | 41 |
| Debt instruments | 764 | 10 | 10 | 783 |
| Equity instruments | 28 | 7 | -6 | 29 |
| Investment funds | 119 | 55 | -15 | 159 |
| Loans | 107 | 0 | 8 | 114 |
| Investments for unit-linked contracts | 0 | 112 | 0 | 112 |
| Derivative instruments | -83 | 0 | 0 | -83 |
| Other | -156 | 14 | 0 | -142 |
| Total | 812 | 200 | 2 | 1,014 |
| EUR m | Net investment income | Net realized capital gains/losses | Change in impairment provisions | Net financial result |
|---|---|---|---|---|
| Investment property | 98 | 12 | -2 | 108 |
| Debt instruments | 714 | -16 | 6 | 704 |
| Equity instruments | 36 | 32 | -3 | 65 |
| Investment funds | 69 | 38 | -12 | 95 |
| Loans | 100 | -2 | -19 | 79 |
| Investments for unit-linked contracts | 0 | 92 | 0 | 92 |
| Derivative instruments | -6 | 0 | 0 | -6 |
| Other | -45 | 21 | 0 | -24 |
| Total | 966 | 177 | -29 | 1,114 |
- Net financial result -9% (-EUR 100m) to EUR 1,014m p. 17.
- Life & Savings net financial result: EUR 822m, -6% (-EUR 51m), due to higher REPO contract debt costs following short-term rate increases, lower financial income on investment property and derivatives, lower realized gains on equities, offset by higher income on debt instruments and investment funds, and higher realized gains on Branch 23 assets, debt instruments, and investment funds p. 17-18.
- Non-Life net financial result: EUR 192m, -20% (-EUR 49m), mainly due to higher REPO contract debt costs and lower derivative income, partially offset by good results on debt instruments and investment funds p. 18.
- Internal and external investment management fees are included in net investment income from other investments (mainly term deposits and repos) p. 18.
Profits and Losses Directly Recognized in Equity
- Revaluation surplus under Article 57 of the Royal Decree: at Dec 31, 2024, the "Revaluation surpluses" equity item amounts to EUR 337.7m, comprising EUR 195.7m on land and buildings and EUR 142.0m on participations in related undertakings p. 18.
- Immunized reserves under Article 47 of the Income Tax Code: balances in AXA Belgium's statutory accounts at Dec 31, 2024 are now at 0, as the company decided to no longer apply this tax deferral regime p. 19.
Investments in Securitization
- ABS portfolio increased by EUR 214m in 2024 to EUR 1,321m, following rate decreases and reinvestments in this asset class p. 20.
- AXA Belgium's strategy is to invest in Collateralised Loan Obligations with credit ratings from A to AAA p. 20.
- Over 87% of ABS assets have a minimum "A" credit rating p. 21.
Capital Position
Solvency II Ratio
- Solvency ratio: 197% at Dec 31, 2024, identical to 2023 p. 6.
- Stability explained by a decrease in investment performance, offset by an increase in technical performance p. 6.
- Solvency II ratio without Volatility Adjustment (VA): 120% at Dec 31, 2024 p. 90.
Eligible Own Funds (EOF)
- EOF increased from EUR 3,526m at Dec 31, 2023 to EUR 3,568m at Dec 31, 2024 p. 6.
- Economic capital composed of "Tier 1" elements for EUR 3,568m. No "Tier 3" elements, no deferred tax assets, no ancillary own funds, no items subject to transitional measures, and no subordinated debt at end-2024 p. 6.
| (EUR m, post-tax) | EOF 2024 | EOF 2023 | Change |
|---|---|---|---|
| Share capital | 163 | 163 | - |
| Share premium | 10 | 10 | - |
| Funds for future allocation | 2 | 40 | -38 |
| Reconciliation reserve | 3,392 | 3,313 | 80 |
| Deferred tax asset | - | - | - |
| Eligible Own Funds | 3,568 | 3,526 | 42 |
- Reconciliation reserve corresponds to the difference between total excess of assets over liabilities and capital (share capital + share premium), excluding subordinated debts and net of foreseeable dividends (no dividend foreseen for year-end 2024) p. 99.
Change in Own Funds
| (EUR m, post-tax and net of foreseeable dividends) | Eligible Own Funds |
|---|---|
| EOF 2023 | 3,526 |
| Opening adjustments and model change | 14 |
| Total return | 52 |
| Foreseeable dividend | 0 |
| Other | -24 |
| EOF 2024 | 3,568 |
- EOF +EUR 42m (+1.19%); mainly due to: modeling/scope changes (+EUR 14m, essentially Risk Margin correction on P&C side partly offset by Group Life contract extension modeling change); total return of +EUR 52m (new business, financial elements like rate/inflation movements and investments, operational elements like technical variance and assumption updates); no dividend foreseen; other effects (-EUR 24m, incl. Risk Margin variation) p. 100.
Own Funds by Tier
| (EUR m) | Total | Tier 1 unrestricted | Tier 1 restricted | Tier | Tier |
|---|---|---|---|---|---|
| EOF Dec 31, 2023 | 3,526 | 3,526 | 0 | 0 | 0 |
| Of which ancillary | 0 | 0 | 0 | 0 | 0 |
| Of which subject to transitional provisions | 0 | 0 | 0 | 0 | 0 |
| EOF Dec 31, 2024 | 3,568 | 3,568 | 0 | 0 | 0 |
| Of which ancillary | 0 | 0 | 0 | 0 | 0 |
| Of which subject to transitional provisions | 0 | 0 | 0 | 0 | 0 |
- Own funds entirely composed of unrestricted "Tier 1" for EUR 3,568m; no own funds subject to transitional measures p. 101.
Solvency Capital Requirement (SCR)
- SCR at Dec 31, 2024: EUR 1,814m (post-tax) p. 6.
- SCR increased by EUR 26m vs Dec 31, 2023; split by risk type remained similar to last year p. 104.
| Components description | Calculation of the Solvency Capital Requirement (C0030) |
|---|---|
| Market Risk | 1,312,770,614 |
| Credit Risk | 272,411,514 |
| Life Insurance Risk | 563,148,275 |
| P&C Insurance Risk | 367,163,849 |
| Operational Risk | 122,045,756 |
| Intangible risk | 0 |
| Total undiversified components | 2,637,540,009 |
| Diversification | -724,813,581 |
| Tax adjustment | -98,594,089 |
| Solvency capital requirement excluding capital add-on | 1,814,132,339 |
| Capital add-ons already set | 0 |
| Solvency capital requirement | 1,814,132,339 |
Minimum Capital Requirement (MCR)
- MCR at Dec 31, 2024: EUR 816m (+EUR 11m vs 2023) p. 6.
- EOF fully cover MCR; ratio of EOF to SCR is 197% at Dec 31, 2024 (identical to Dec 31, 2023) p. 101.
Reconciliation between Belgian GAAP Equity and Eligible Own Funds
| (EUR m) | At Dec 31, 2024 | At Dec 31, 2023 |
|---|---|---|
| Belgian GAAP equity (before profit allocation) | 1,233 | 1,266 |
| Assets at fair value | 1,364 | 1,682 |
| Elimination of intangible assets | -79 | -90 |
| Technical provisions (net of reinsurance) in Best Estimate | 2,009 | 1,941 |
| Subordinated debts | - | - |
| Other | -959 | -1,273 |
| Eligible Own Funds (EOF) | 3,568 | 3,526 |
- Main valuation differences at Dec 31, 2024: assets at market value under Solvency II (+EUR 1,364m); intangible assets not valued under Solvency II (-EUR 79m); technical provisions (net of reinsurance) at Best Estimate under Solvency II (+EUR 2,009m increase in liabilities); "Other" (-EUR 959m) mainly represents valuation differences in deferred taxes, pension commitments (IAS 19 application), and non-insurance receivables/debts p. 102.
RSR - Standard Formula Ratio
- Ratio calculated using the standard formula: 92.4% at end-2024 vs 95.2% at end-2023; performed at BNB's request but does not reflect the company's solvency or how it manages risks p. 105.
Valuation for Solvency Purposes
Solvency II Balance Sheet
| EUR k | C0010 |
|---|---|
| Assets | — |
| Goodwill (R0010) | 0 |
| Deferred acquisition costs (R0020) | 0 |
| Intangible assets (R0030) | 0 |
| Deferred tax assets (R0040) | 0 |
| Pension benefit surplus (R0050) | 0 |
| Property, plant & equipment held for own use (R0060) | 226,671 |
| Investments (other than assets held for index-linked and unit-linked contracts) (R0070) | 29,900,299 |
| Property (other than for own use) (R0080) | 796,274 |
| Holdings in related undertakings, including participations (R0090) | 70,775 |
| Equities (R0100) | 3,871,766 |
| Equities - listed (R0110) | 356,315 |
| Equities - unlisted (R0120) | 3,515,451 |
| Bonds (R0130) | 21,653,951 |
| Government Bonds (R0140) | 16,530,125 |
| Corporate Bonds (R0150) | 4,436,684 |
| Structured notes (R0160) | 3,059 |
| Collateralised securities (R0170) | 684,083 |
| Collective Investments Undertakings (R0180) | 3,208,616 |
| Derivatives (R0190) | 298,917 |
| Deposits other than cash equivalents (R0200) | 0 |
| Other investments (R0210) | 0 |
| Assets held for index-linked and unit-linked contracts (R0220) | 1,788,994 |
| Loans and mortgages (R0230) | 3,709,097 |
| Loans on policies (R0240) | 412,206 |
| Loans and mortgages to individuals (R0250) | 15,223 |
| Other loans and mortgages (R0260) | 3,281,668 |
| Reinsurance recoverables from: (R0270) | 354,167 |
| Non-life and health similar to non-life (R0280) | 298,246 |
| Non-life excluding health (R0290) | 284,621 |
| Health similar to non-life (R0300) | 13,625 |
| Life and health similar to life, excluding health and index-linked and unit-linked (R0310) | 55,921 |
| Health similar to life (R0320) | 24,893 |
| Life excluding health and index-linked and unit-linked (R0330) | 31,028 |
| Life index-linked and unit-linked (R0340) | 0 |
| Deposits to cedants (R0350) | 99,561 |
| Insurance and intermediaries receivables (R0360) | 342,973 |
| Reinsurance receivables (R0370) | 11,532 |
| Receivables (trade, not insurance) (R0380) | 501,554 |
| Own shares (held directly) (R0390) | 0 |
| Amounts due in respect of own fund items or initial fund called up but not yet paid in (R0400) | 0 |
| Cash and cash equivalents (R0410) | 343,365 |
| Any other assets, not elsewhere shown (R0420) | 82,928 |
| Total assets (R0500) | 37,361,141 |
Asset Valuation Comparison
| (EUR m) | Fair Value (Solvency II) | Book Value (Belgian GAAP) | % of balance (Solvency II) |
|---|---|---|---|
| Goodwill | - | 37 | - |
| Deferred acquisition costs | 0 | 0 | - |
| Intangible assets | 0 | 42 | - |
| Deferred tax assets | - | - | - |
| Pension commitments | - | - | - |
| Property, plant & equipment for own use | 227 | 124 | 0.61% |
| Investments (other than unit-linked/index-linked) | 29,900 | 28,266 | 80.03% |
| Investment property | 796 | 499 | 2.13% |
| Holdings in related undertakings, incl. participations | 71 | 90 | 0.19% |
| Equity instruments | 3,872 | 2,696 | 10.36% |
| Debt instruments | 21,654 | 22,069 | 57.96% |
| Investment funds | 3,209 | 2,949 | 8.59% |
| Derivatives | 298 | -36 | 0.80% |
| Other investments | — | — | — |
| Assets held for index-linked and unit-linked contracts | 1,789 | 1,789 | 4.79% |
| Loans and mortgages | 3,709 | 3,836 | 9.93% |
| Reinsurance recoverables | 354 | 446 | 0.95% |
| Receivables | 956 | 612 | 2.55% |
| Cash and cash equivalents | 343 | 343 | 0.92% |
| Other | 83 | 408 | 0.22% |
| Total Assets | 37,361 | 35,903 | 100.00% |
- Under Solvency II, intangible assets are recognized if separable and evidence of exchange transactions exists; goodwill and other Belgian GAAP intangible assets have zero value in the Solvency II balance sheet p. 81.
- Property, plant & equipment for own use recognized at fair value under Solvency II vs. cost under Belgian GAAP p. 82.
- All investments recognized at fair value under Solvency II p. 82.
- Investment property: fair value under Solvency II vs. cost under Belgian GAAP (except those covering unit-linked commitments) p. 82.
- Financial assets (incl. loans): fair value under Solvency II vs. amortized cost subject to impairment under Belgian GAAP p. 82.
- Derivatives: fair value under Solvency II vs. lower of cost or market under Belgian GAAP p. 82.
- At Dec 31, 2024, a net deferred tax position of -EUR 98.6m was recognized in the Solvency II balance sheet p. 83.
Technical Provisions
| (EUR m) | FY2024 Fair Value Solvency II | FY2024 Book Value (Belgian GAAP) |
|---|---|---|
| Technical provisions - Non-life | 3,276 | 5,121 |
| Technical provisions - Non-life (excl. Health) | 2,767 | 3,848 |
| "Best Estimate" | 2,667 | 3,848 |
| "Risk Margin" | 100 | - |
| Technical provisions - Health (similar to Non-life) | 509 | 1,273 |
| "Best Estimate" | 480 | 1,273 |
| "Risk Margin" | 29 | - |
| Technical provisions - Life (excl. index-linked and unit-linked) | 21,348 | 21,490 |
| Technical provisions - Health (similar to Life) | 2,750 | 2,160 |
| "Best Estimate" | 2,664 | 2,160 |
| "Risk Margin" | 86 | - |
| Technical provisions - Life (excl. Health, Index-linked and Unit-linked) | 18,598 | 19,330 |
| "Best Estimate" | 18,400 | 19,330 |
| "Risk Margin" | 197 | - |
| Technical provisions - Index-linked and Unit-linked | 1,805 | 1,827 |
| "Best Estimate" | 1,796 | 1,827 |
| "Risk Margin" | 9 | - |
- Technical provisions = Best Estimate Liabilities (BEL) + Risk Margin p. 84.
- BEL: probability-weighted average of future cash flows related to existing contracts, discounted using the EIOPA risk-free rate curve p. 84.
- Risk Margin: cost of non-hedgeable risks; present value of future capital requirements for non-hedgeable risks, using a 6% cost of capital rate p. 84.
- Valuation differences stem from classification and valuation criteria differences: Life/index-linked differences mainly from cash flow determination/discounting factors and specific provisions under Belgian GAAP; Non-Life differences mainly from cash flow discounting at risk-free rate under Solvency II, different valuation of unearned premium reserves, and specific provisions under Belgian GAAP p. 85.
- Main changes in Life technical provisions assumptions in 2024 concerned the review of expense assumptions: alignment with the 2024-2026 strategic plan, recalibration of operational unit costs, addition of a productivity gain on all cost types over a defined period, reduction of project costs after this period to reflect only regulatory projects p. 92.
Volatility Adjustment
- Aims to protect against pro-cyclical investment behavior by mitigating the impact of asset volatility on liability values; calculated from a European reference portfolio defined by EIOPA p. 90.
- Solvency II ratio without VA: 120% at Dec 31, 2024 (vs. 197% with VA) p. 90.
- EOF without VA: EUR 3,218m (-EUR 350m) p. 90.
- SCR without VA: +EUR 861m, mainly due to higher market risks (especially spread risks) p. 90.
- MCR without VA: EUR 1,204m (+EUR 388m) p. 90.
- Technical provisions without VA: EUR 26,889m (+EUR 460m) p. 90.
- Results without VA are not considered economically relevant for drawing conclusions on the nature of underwritten risks and asset allocation strategy p. 90.
Other Liabilities
| (EUR m) | Fair Value (Solvency II) | Book Value (Belgian GAAP) |
|---|---|---|
| Contingent liabilities | - | - |
| Provisions other than technical provisions | 65 | 71 |
| Pension commitments | 546 | 26 |
| Deposits from reinsurers | 213 | 213 |
| Deferred tax liabilities | 99 | 0 |
| Derivatives | 247 | 0 |
| Debts to credit institutions | 0 | - |
| Financial debts other than to credit institutions | 4,738 | 4,732 |
| Trade payables | 741 | 745 |
| Subordinated debts | 0 | 0 |
| Other | 717 | 445 |
- AXA Belgium has 21 pension plans, 13 legally structured as defined contribution plans; under Belgian LPC law, all Belgian defined contribution plans are considered defined benefit plans under IFRS due to minimum guaranteed returns (employer contribution: 1.75% since 01/01/2016) p. 94.
- Under statutory standards, pension commitments are included in technical provisions at an amount equal to the mathematical reserve p. 94.
Governance
Management Structure
- Management structure: Board of Directors and Executive Committee p. 3.
- Board of Directors has three specialized committees: Audit Committee, Risk Committee, and Nomination and Remuneration Committee p. 3.
- AXA Belgium operates with 4 independent key control functions under Solvency II: risk management, internal audit, compliance, and actuarial function p. 3.
- Key function holders have direct access to the Board of Directors p. 3.
- Risk Management is represented on the Executive Committee by the Chief Risk Officer (CRO) p. 3.
- No significant changes in the management structure in 2024 p. 3.
Board of Directors and Executive Committee
- Board of Directors (CA): ultimate responsibility, defines strategy, risk policy (including risk tolerance), integrity policy, validates main policies/reportings, sets risk appetite and tolerance limits, approves risk management policies, supervises activities p. 26-27.
- Executive Committee (CD): effective management, implements strategy and risk system, sets up organizational/operational structure, internal control mechanisms, independent control functions, remuneration policy, internal reporting system, reports at least annually to CA, statutory auditor, and BNB on governance system effectiveness p. 27.
- CA meets at least quarterly; members receive information at least three working days before meetings p. 27.
- CA composed of at least seven members, including some CD members; majority non-executive; includes shareholder representatives and independent directors; members appointed/removed by General Assembly or CA (cooptation) under Fit & Proper policy p. 28.
- Director mandate: max six years (usually three), renewable; independent members max three renewals, total max twelve years; age limit 70 p. 28.
Board Committees
- Audit Committee: monitors financial reporting process, internal control/risk management effectiveness, internal audit, statutory audit (incl. auditor independence). Meets at least four times/year; meets with external auditors and internal audit head at least twice/year p. 29.
- Risk Committee: advises CA on risk strategy/tolerance, assists CA in supervising CD's implementation. Operational since Q4 2016 p. 29.
- Nomination & Remuneration Committee (CNR): elaborates recruitment/evaluation/resignation policy for directors, executives, and control function heads; examines proposals; elaborates remuneration policy for Identified Staff; formulates recommendations on individual remuneration. Meets at least twice/year p. 29-30.
- In 2024: six Audit Committees, seven Risk Committees, four CNRs held; very high attendance rate p. 30.
Key Functions
- All Executive Committee members are considered key function holders and must meet Fit & Proper conditions p. 30.
- Four independent control functions: Risk Management (represented by CRO on CD), Compliance, Internal Audit, Actuarial function p. 30.
- All independent control functions have direct access to CD and CA (via Audit or Risk Committee) p. 31.
- Heads of independent control functions can only be dismissed by the CA p. 31.
Board of Directors Composition
- Antimo Perretta, Chairman; Claudio Gienal, non-executive; Frédéric Hannequart, independent; Christophe Boizard, independent (since May 2024); Saskia Van Uffelen, independent; Chantal De Vrieze, independent; Etienne Bouas-Laurent, executive; Antoine Boyer de la Giroday, executive; Lucie Taleyson, executive p. 38.
Committee Composition
- CNR (scope: AXA Belgium and YUZZU): Antimo Perretta (Chairman), Saskia Van Uffelen, Chantal De Vrieze p. 38.
- Audit Committee (scope: AXA Belgium): Christophe Boizard (Chairman, since May 2024), Claudio Gienal, Frédéric Hannequart p. 38.
- Risk Committee (scope: AXA Belgium): Christophe Boizard (Chairman, since May 2024), Frédéric Hannequart, Saskia Van Uffelen, Claudio Gienal p. 38.
- Corporate Secretary: Philip da Costa p. 38.
Executive Committee Composition
- Executive CA members plus: Philippe Courouble (Chief P&C Officer), Céline Dupont (Chief Life & Health Officer), Serge Martin (Chief Distribution Officer), Audrey Amiot (Chief Operating Officer), Sophie Marchal (Chief Information Officer), Els Jans (Chief People Officer), Camille Audet (Chief Customer Officer) p. 38.
Remuneration
- AXA Belgium applies AXA Group remuneration policy, aligned with local regulation where stricter p. 31.
- Policy aims to align staff interests with company/shareholders, link performance and remuneration, encourage ambitious objectives and long-term value creation p. 31.
- Variable pay is a significant part of total remuneration for Identified Staff; structure based on Belgian financial services market analysis p. 31.
- Five guiding principles: competitiveness/coherence, fair reward based on individual/collective performance, internal equity, achievement of strategic objectives as prerequisite for medium/long-term pay, integration of sustainability risks p. 32.
- Sustainability criteria weight in LTI performance conditions increased from 10% (2020) to 30% (2021); includes climate-related objectives (carbon emission reduction in operations and asset footprint) and DJSI score p. 32.
- Remuneration structure: fixed (base salary, function premiums) and variable (annual cash bonus, deferred Performance Shares or Restricted Shares) p. 33.
- Performance Shares: subject to minimum 3-year deferral period; fully subject to 3-year performance criteria (Group financial/operational performance and entity/BU performance); vesting rate between 0% and 130%; if no dividend paid by AXA during vesting period, number of vested shares automatically halved p. 34.
- Restricted Shares: vesting subject to a Group sustainability objective; vesting rate between 0% and 100% p. 34.
Risk Management System
- Risk management framework rests on five pillars: Independence and adequacy of risk management; Common risk appetite framework; Systematic second opinion on key processes; Use of the Internal Model based on a robust economic capital measure; Proactive risk management p. 3.
- A comprehensive internal control system ensures executive management is informed of material risks and has the tools to analyze and manage them p. 3.
- Three risk categories for AXA Belgium: A. Financial market and financial position risks; B. Risks related to the nature of activities, products, and operations; C. Risks related to the evolving regulatory and competitive environment p. 4.
- Insurance risks for Life and Non-Life are covered through 4 processes: new product risk controls; reinsurance strategy optimization; technical reserves review; emerging risk monitoring p. 4.
- First line of defense: operational management and teams. Second line: Legal, Compliance, Internal Control, Risk Management. Third line: Internal Audit p. 40.
Internal Model
- The AXA Group's internal model provides a tool to control and measure risk exposure in compliance with Solvency II p. 4.
- Developed since 2007; used in risk management and decision-making to reflect risk profile more adequately than standard formula, account for company specificities, remedy standard formula shortcomings (e.g., adds sovereign spread risk, implied volatility risk), allow better evolution over time p. 41.
- AXA Group received formal approval to use its Internal Model for economic capital calculation in November 2015 p. 103.
- Calibrated to a 99.5% confidence level over a one-year horizon (Value-at-Risk) p. 57-58.
ORSA
- Encompasses processes to identify, assess, manage, and report short- and medium-term risks to ensure target own funds level, assess ongoing sufficiency of SCR and technical provisions, and assess coherence between risk profile and SCR p. 43-44.
- CRO responsible for ORSA policy development, process implementation, and reporting coordination; Executive Committee approves policy and ORSA report p. 44.
- ORSA report presented to RMC and Risk Committee for final Board approval before submission to BNB; covers projected Solvency II coverage ratio, risk management practices, and management actions p. 44.
Post-Closing Governance Change
- AXA Belgium simplified its organization by revising its Executive Committee composition and redistributing tasks effective January 1, 2025: Etienne Bouas-Laurent (CEO & Chairman), Antoine Boyer de la Giroday (CFO), Marie Noirhomme (CRO), Erik Heggen (Chief P&C Retail Officer), Audrey Amiot (Chief P&C Corporate Officer), Céline Dupont (Chief Life & Health Officer), Serge Martin (Chief Customer & Distribution Officer), Sophie Marchal (Chief Operating Officer), Els Jans (Chief People Officer) p. 55.
Risk Profile
SCR by Risk Category
- SCR at Dec 31, 2024: EUR 1,814m (post-tax); split by risk category: Market EUR 1,313m, Credit EUR 272m, Life EUR 563m, Non-Life EUR 367m, Operational EUR 122m, Intangible 0; Sum EUR 2,638m; Diversification -EUR 725m; Total pre-tax EUR 1,913m; Tax adjustment -EUR 66m p. 103-104.
Market Risk
- Origins: decrease in asset returns reducing financial margin; variation in bond yields reducing market value of bond portfolios and potentially increasing surrender volumes; decrease in market value (equities, real estate, alternative investments) impacting solvency margin; currency risk (limited, systematically hedged); inflation for Non-Life activities potentially increasing claim payments p. 66.
- AXA Belgium manages financial risks within the local risk framework, coherent with Group framework; techniques include: ALM/strategic asset allocation, strict investment process with second opinion, financial risk hedging via derivatives, regular solvency position monitoring, portfolio diversification, risk appetite framework with functional market risk limits p. 66-67.
Credit Risk
- Three counterparty categories monitored: investment portfolios (excl. unit-linked assets); reinsurers (receivables from ceded reinsurance); brokers and/or policyholders (receivables from insurance operations) p. 68.
- Concentration risk managed via Group and local analyses by issuer, sector, region; limits defined by issuer based on credit rating, maturity, seniority; specific limits on sovereigns; compliance monitored monthly by Financial Risk Management, breaches presented to RMC p. 68.
Liquidity Risk
- Risk of not having sufficient liquidity to meet payment commitments from insurance or financial/investment activities under normal or stressed conditions p. 70.
- Liquidity is a crucial aspect of AXA Group's risk appetite framework, aiming to ensure sufficient liquidity to withstand severe shocks on a standalone basis over various time horizons p. 70.
- At Dec 31, 2024, expected profit included in future premiums (EPIFP), calculated per Article 260(2) of the Regulation, amounts to EUR 293m net of tax (EUR 390m gross of tax) p. 70.
Operational Risk
- Defined as risk of loss from inadequate or failed internal processes, people, systems, or external events; includes legal risks, excludes strategic and reputational risks p. 71.
- Seven risk categories: internal fraud, external fraud, employment practices/workplace safety, clients/products/business practices, damage to physical assets, business disruption/system failures, execution/delivery/process management p. 71.
- In 2024, operational risk profile reasonably well distributed; main financial means concentrated on mitigating major operational risks related to regulatory compliance and execution/delivery/process management p. 71.
Other Material Risks
- Strategic Risk: risk of significant negative impact on result or capital from lack of responsiveness to sector changes or inappropriate management decisions; not included in SCR calculation; managed via a solid strategic risk management framework p. 73.
- Reputational Risk: risk that an event negatively influences stakeholder perceptions; not included in SCR calculation; Group defined a global framework with reactive and proactive approaches p. 73.
- Emerging Risks: risks that may develop or already exist and constantly evolve; characterized by high uncertainty, difficult to quantify; not included in SCR calculation; monitoring organized through a detection process; risks classified into five subgroups (environment & energy, society, politics & regulation, economy/finance & business, health & medicine, tech & data) p. 74.
Activity and Significant Events
General Information
- AXA Belgium S.A./N.V. is a Belgian public limited insurance company, 94.93% owned by AXA Holdings Belgium (itself 100% owned by AXA S.A.) p. 8.
- Its business is to support clients (individuals, SMEs, and large companies) with insurance, provident, and savings products and services p. 8.
- Registered office: Place du Trône 1, 1000 Brussels, Belgium. Phone: +32 (0)2 678 61 11 p. 8.
- Supervised by the National Bank of Belgium (BNB), the Financial Services and Markets Authority (FSMA), and FEDRIS (Federal Agency for Occupational Risks) p. 8.
- The AXA Group's main supervisory authority is the Autorité de Contrôle Prudentiel et de Résolution (ACPR), 61, rue Taitbout, 75436 Paris Cedex 9, France p. 9.
- Statutory auditors: EY, Reviseurs d'Entreprises, SRL (B00160), Kouterveldstraat, 7B, 1831 Diegem, represented by Joeri Klaykens and Jean-François Hubin p. 9.
- Subscribed and called-up capital at Dec 31, 2024: EUR 163m. Number of shares: 312,789 p. 9.
Main Related Undertakings
| Parent company and subsidiaries (insurance companies) | Legal Form | Country | Dec 31, 2024 % voting rights | Dec 31, 2024 % Group interest | Dec 31, 2023 % voting rights | Dec 31, 2023 % Group interest |
|---|---|---|---|---|---|---|
| AXA Belgium | Public limited company | Belgium | Parent Company | Parent Company | Parent Company | Parent Company |
| Yuzzu | Public limited company | Belgium | 99.87 | 99.87 | 99.87 | 99.87 |
| Crelan Insurance | Public limited company | Belgium | 0 | 0 | 100 | 100 |
Significant Events in 2024
- AXA Belgium continued executing its ACT26 strategic plan in 2024 p. 11.
- Priority 1: Accelerate growth to become "Top 3" in all business lines:
- Returned to the investment insurance market with a new flexible product (Branch 21 and 23) p. 11.
- Signed an agreement in December 2024 with Van Mossel Group (the #1 Belgian car dealer by sales volume) to offer AXA motor insurance through Van Mossel dealerships p. 11.
- Sustained growth in group health, with market share exceeding 16% at end-2024, driven by strengthened distribution and continuous service innovation p. 11.
- Priority 2: Get closer to clients and brokers for the best insurance experience:
- Digitalization remains a strategic priority; AXA ranked top among insurers for digital journeys (SIA Partners 2024 ranking) p. 11.
- MyAXA client space usage +32% in 2024; ePay usage +51% p. 11.
- Supports Assuralia's call to the federal government to review the natural disaster regime p. 11.
- Targets to reduce carbon footprint by 26% between 2019 and 2025, achieved via BREEAM "Excellent" certified offices, mobility policy (100% electric vehicle catalogue, public transport reimbursement) p. 11.
- Trained 7,600 children, 618 brokers, and 100% of employees at the Climate School in partnership with GoodPlanet p. 12.
- AXA Hearts in Action volunteers collected over 3 tonnes of waste during AXA Week for Good with partner River Cleanup p. 12.
- "Water Quality and Global Change" chair inaugurated at VUB in January; AXA Research Fund donated EUR 1m to this chair led by Prof. Ann Van Griensven p. 12.
- Prof. Dr. Alban de Kerchove d'Exaerde took over the AXA neuroscience chair p. 12.
- "Finance for Kids" days with partner Toekomst Atelier De l'Avenir raised over EUR 19,000, reaching 120+ vulnerable young people p. 12.
- Increased prevention efforts with the Foundation against Cancer, IKWV, Walloon and Flemish road safety agencies p. 12.
- Priority 3: Transform the company through technology for sustainable performance:
- Continued AI development, including an internalized and secured version of Chat GPT for all employees p. 12.
- AI-based document analysis increased structured data input from brokers; AI used to improve technical performance via enhanced fraud and recourse detection p. 12.
- Annual quota share reinsurance treaty with AXA SA effective from January 1, 2024 p. 12.
- Other highlights:
- New European and Belgian regulations impacting the insurance market came into force in 2024 and 2025 (Digital Operational Resilience Act, law simplifying insurance contract termination rules, law on payment deadlines and sanctions for insurance benefits, new Book 6 of the Civil Code) p. 12.
- Obtained dispensation from the PCV (Provision Complémentaire Vie) for 2024 from the BNB, as the Solvency II ratio exceeds 100% in a "low yield stress test" scenario p. 13.
Quantitative Reporting Templates (QRTs)
S.04.05.21.03 — Home Country: Life Insurance and Reinsurance Obligations
| EUR k | Home country C0030 |
|---|---|
| Gross Written Premium (R1020) | 1,456,261 |
| Gross Earned Premium (R1030) | 1,456,952 |
| Claims incurred (R1040) | 1,885,877 |
| Gross Expenses Incurred (R1050) | 282,594 |
S.05.01.02.01 — Non-Life (direct business)
| EUR k | Medical expense insurance (C0010) | Income protection insurance (C0020) | Workers' compensation insurance (C0030) | Motor vehicle liability insurance (C0040) | Other motor insurance (C0050) | Marine, aviation and transport insurance (C0060) | Fire and other damage to property insurance (C0070) | General liability insurance (C0080) | Credit and suretyship insurance (C0090) | Legal expenses insurance (C0100) | Assistance (C0110) | Miscellaneous financial loss (C0120) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Premiums written | — | — | — | — | — | — | — | — | — | — | — | — |
| Gross - Direct Business (R0110) | 188,737 | 70,108 | 328,235 | 455,513 | 412,098 | 21,338 | 746,887 | 224,334 | 0 | 73,713 | 0 | 6,486 |
| Gross - Proportional reinsurance accepted (R0120) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Reinsurers' share (R0140) | 5,662 | 582 | 6,784 | 168,740 | 150,568 | 6,746 | 307,684 | 83,401 | 0 | 25,916 | 0 | 1,463 |
| Net (R0200) | 183,075 | 69,527 | 321,451 | 286,772 | 261,530 | 14,592 | 439,203 | 140,933 | 0 | 47,797 | 0 | 5,022 |
| Premiums earned | — | — | — | — | — | — | — | — | — | — | — | — |
| Gross - Direct Business (R0210) | 188,541 | 70,476 | 328,247 | 454,180 | 408,280 | 21,338 | 744,481 | 224,755 | 0 | 73,365 | 0 | 6,486 |
| Gross - Proportional reinsurance accepted (R0220) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Reinsurers' share (R0240) | 5,662 | 582 | 6,784 | 167,422 | 148,286 | 6,746 | 303,657 | 83,356 | 0 | 25,525 | 0 | 1,466 |
| Net (R0300) | 182,879 | 69,894 | 321,464 | 286,758 | 259,994 | 14,592 | 440,824 | 141,399 | 0 | 47,840 | 0 | 5,020 |
| Claims incurred | — | — | — | — | — | — | — | — | — | — | — | — |
| Gross - Direct Business (R0310) | 183,724 | 25,312 | 197,695 | 332,634 | 249,655 | 8,968 | 245,495 | 142,916 | 0 | 36,807 | 0 | 3,493 |
| Gross - Proportional reinsurance accepted (R0320) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Reinsurers' share (R0340) | 4,527 | 54 | 2,576 | 54,975 | 82,404 | 4,092 | 118,026 | 41,411 | 0 | 15,326 | 0 | 994 |
| Net (R0400) | 179,198 | 25,259 | 195,119 | 277,660 | 167,251 | 4,875 | 127,469 | 101,506 | 0 | 21,481 | 0 | 2,499 |
| Expenses incurred (R0550) | 21,142 | 28,280 | 77,691 | 112,389 | 106,676 | 4,014 | 219,500 | 59,623 | 0 | 14,210 | 0 | 703 |
S.05.01.02.01 — Non-Life (accepted proportional and non-proportional reinsurance)
| EUR k | Health (C0130) | Casualty (C0140) | Marine, aviation, transport (C0150) | Property (C0160) | Total (C0200) |
|---|---|---|---|---|---|
| Premiums written | — | — | — | — | — |
| Gross - Direct Business (R0110) | — | — | — | — | 2,527,448 |
| Gross - Proportional reinsurance accepted (R0120) | — | — | — | — | 0 |
| Gross - Non-proportional reinsurance accepted (R0130) | 0 | 0 | 0 | 50,928 | 50,928 |
| Reinsurers' share (R0140) | 0 | 0 | 0 | 1,000 | 758,545 |
| Net (R0200) | 0 | 0 | 0 | 49,928 | 1,819,831 |
| Premiums earned | — | — | — | — | — |
| Gross - Direct Business (R0210) | — | — | — | — | 2,520,149 |
| Gross - Proportional reinsurance accepted (R0220) | — | — | — | — | 0 |
| Gross - Non-proportional reinsurance accepted (R0230) | 0 | 0 | 0 | 50,988 | 50,988 |
| Reinsurers' share (R0240) | 0 | 0 | 0 | 1,000 | 750,485 |
| Net (R0300) | 0 | 0 | 0 | 49,988 | 1,820,652 |
| Claims incurred | — | — | — | — | — |
| Gross - Direct Business (R0310) | — | — | — | — | 1,426,700 |
| Gross - Proportional reinsurance accepted (R0320) | — | — | — | — | 0 |
| Gross - Non-proportional reinsurance accepted (R0330) | 0 | 2,003 | 0 | 12,606 | 14,609 |
| Reinsurers' share (R0340) | 0 | 0 | 0 | 1,406 | 325,791 |
| Net (R0400) | 0 | 2,003 | 0 | 11,200 | 1,115,519 |
| Expenses incurred (R0550) | 0 | 27 | 0 | 7,321 | 651,576 |
| Balance - other technical expenses/income (R1210) | — | — | — | — | -1,794 |
| Total technical expenses (R1300) | — | — | — | — | 649,782 |
S.05.01.02.02 — Life
| EUR k | Health insurance (C0210) | Insurance with profit participation (C0220) | Index-linked and unit-linked insurance (C0230) | Other life insurance (C0240) | Annuities from non-life (health) (C0250) | Annuities from non-life (other) (C0260) | Health reinsurance (C0270) | Life reinsurance (C0280) | Total (C0300) |
|---|---|---|---|---|---|---|---|---|---|
| Premiums written | — | — | — | — | — | — | — | — | — |
| Gross (R1410) | 33,139 | 1,161,796 | 205,899 | 12,620 | 75,464 | 0 | 0 | 481 | 1,489,400 |
| Reinsurers' share (R1420) | 925 | 11,719 | 0 | 268 | 16,982 | 0 | 0 | 0 | 29,894 |
| Net (R1500) | 32,214 | 1,150,078 | 205,899 | 12,351 | 58,483 | 0 | 0 | 481 | 1,459,506 |
| Premiums earned | — | — | — | — | — | — | — | — | — |
| Gross (R1510) | 33,139 | 1,161,796 | 205,899 | 12,620 | 76,156 | 0 | 0 | 481 | 1,490,091 |
| Reinsurers' share (R1520) | 925 | 11,719 | 0 | 268 | 17,002 | 0 | 0 | 0 | 29,914 |
| Net (R1600) | 32,214 | 1,150,078 | 205,899 | 12,351 | 59,153 | 0 | 0 | 481 | 1,460,177 |
| Claims incurred | — | — | — | — | — | — | — | — | — |
| Gross (R1610) | 25,342 | 1,564,636 | 179,935 | 2,279 | 134,752 | 0 | 0 | 4,274 | 1,911,219 |
| Reinsurers' share (R1620) | 420 | 17,913 | 0 | 102 | 13,046 | 0 | 0 | 0 | 31,481 |
| Net (R1700) | 24,922 | 1,546,724 | 179,935 | 2,177 | 121,706 | 0 | 0 | 4,274 | 1,879,738 |
| Expenses incurred (R1900) | 3,800 | 225,774 | 28,960 | 5,261 | 17,919 | 0 | 0 | 145 | 281,858 |
| Balance - other technical expenses/income (R2510) | — | — | — | — | — | — | — | — | -869 |
| Total technical expenses (R2600) | — | — | — | — | — | — | — | — | 280,989 |
| Total amount of surrenders (R2700) | 0 | 775,305 | 102,488 | 70 | 108,536 | 0 | 0 | 47 | 986,447 |
S.12.01.02.01 — Life and Health SLT Technical Provisions
| EUR k | Insurance with profit participation (C0020) | Index-linked and unit-linked insurance (C0030) | Contracts without options and guarantees (C0040) | Contracts with options or guarantees (C0050) | Other life insurance (C0060) | Contracts without options and guarantees (C0070) | Contracts with options or guarantees (C0080) | Annuities from non-life (other) (C0090) | Accepted reinsurance (C0100) | Total (Life other than health, incl. Unit-Linked) (C0150) |
|---|---|---|---|---|---|---|---|---|---|---|
| Technical provisions calculated as a whole (R0010) | 0 | 0 | — | — | 0 | — | — | 0 | 0 | 0 |
| Total Recoverables from reinsurance/SPV and Finite Re after adjustment (R0020) | 0 | 0 | — | — | 0 | — | — | 0 | 0 | 0 |
| Best Estimate | — | — | — | — | — | — | — | — | — | — |
| Gross Best Estimate (R0030) | 18,260,784 | — | 0 | 1,795,508 | — | 0 | 108,244 | 0 | 31,297 | 20,195,833 |
| Total Recoverables from reinsurance/SPV and Finite Re after adjustment (R0080) | 31,028 | — | 0 | 0 | — | 0 | 0 | 0 | 0 | 31,028 |
| Best estimate minus recoverables - total (R0090) | 18,229,756 | — | 0 | 1,795,508 | — | 0 | 108,244 | 0 | 31,297 | 20,164,805 |
| Risk Margin (R0100) | 157,424 | 9,076 | — | — | 39,965 | — | — | 0 | 106 | 206,571 |
| Technical provisions - total (R0200) | 18,418,208 | 1,804,584 | — | — | 148,209 | — | — | 0 | 31,403 | 20,402,404 |
S.12.01.02.01 — Life and Health SLT Technical Provisions (Health similar to life)
| EUR k | Health insurance (direct business) (C0160) | Contracts without options and guarantees (C0170) | Contracts with options or guarantees (C0180) | Annuities from non-life (health) (C0190) | Health reinsurance (accepted) (C0200) | Total (Health similar to life) (C0210) |
|---|---|---|---|---|---|---|
| Technical provisions calculated as a whole (R0010) | 0 | — | — | 0 | 0 | 0 |
| Total Recoverables from reinsurance/SPV and Finite Re after adjustment (R0020) | 0 | — | — | 0 | 0 | 0 |
| Best Estimate | — | — | — | — | — | — |
| Gross Best Estimate (R0030) | — | 0 | 80,166 | 2,584,168 | 0 | 2,664,333 |
| Total Recoverables from reinsurance/SPV and Finite Re after adjustment (R0080) | — | 0 | 879 | 24,013 | 0 | 24,893 |
| Best estimate minus recoverables - total (R0090) | — | 0 | 79,286 | 2,560,154 | 0 | 2,639,441 |
| Risk Margin (R0100) | 26,062 | — | — | 59,949 | 0 | 86,011 |
| Technical provisions - total (R0200) | 106,228 | — | — | 2,644,116 | 0 | 2,750,344 |
S.17.01.02.01 — Non-Life Technical Provisions
| EUR k | Medical expense insurance (C0020) | Income protection insurance (C0030) | Workers' compensation insurance (C0040) | Motor vehicle liability insurance (C0050) | Other motor insurance (C0060) | Marine, aviation and transport insurance (C0070) | Fire and other damage to property insurance (C0080) | General liability insurance (C0090) | Credit and suretyship insurance (C0100) | Legal expenses insurance (C0110) | Assistance (C0120) | Miscellaneous financial loss (C0130) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Technical provisions calculated as a whole (R0010) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Recoverables from reinsurance/SPV and Finite Re after adjustment (R0050) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Premium provisions | — | — | — | — | — | — | — | — | — | — | — | — |
| Gross (R0060) | -29,138 | -10,924 | -10,035 | 75,365 | 76,685 | -2,983 | 156,528 | -7,398 | 0 | 14,725 | 0 | -1,112 |
| Total recoverable from reinsurance/SPV and Finite Re after adjustment (R0140) | 0 | 0 | 0 | 810 | 1,776 | 0 | 7,029 | 504 | 0 | 196 | 0 | 0 |
| Net Best Estimate of Premium Provisions (R0150) | -29,138 | -10,924 | -10,035 | 74,556 | 74,908 | -2,983 | 149,499 | -7,902 | 0 | 14,529 | 0 | -1,112 |
| Claims provisions | — | — | — | — | — | — | — | — | — | — | — | — |
| Gross (R0160) | 128,411 | 88,363 | 313,652 | 1,275,468 | 74,964 | 12,718 | 326,954 | 422,274 | 0 | 122,610 | 0 | 58,859 |
| Total recoverable from reinsurance/SPV and Finite Re after adjustment (R0240) | 3,570 | 1,656 | 8,399 | 91,003 | 10,733 | 2,293 | 99,173 | 56,301 | 0 | 10,805 | 0 | 1,250 |
| Net Best Estimate of Claims Provisions (R0250) | 124,841 | 86,707 | 305,253 | 1,184,465 | 64,231 | 10,424 | 227,781 | 365,973 | 0 | 111,804 | 0 | 57,609 |
| Total Best estimate - gross (R0260) | 99,273 | 77,438 | 303,617 | 1,350,833 | 151,649 | 9,735 | 483,482 | 414,876 | 0 | 137,335 | 0 | 57,748 |
| Total Best estimate - net (R0270) | 95,703 | 75,782 | 295,218 | 1,259,021 | 139,139 | 7,441 | 377,280 | 358,072 | 0 | 126,333 | 0 | 56,497 |
| Risk margin (R0280) | 28,351 | 61 | 154 | 61,338 | 1,403 | 241 | 7,577 | 22,160 | 0 | 3,211 | 0 | 1,305 |
| Technical provisions - total (R0320) | 127,624 | 77,500 | 303,771 | 1,412,171 | 153,052 | 9,975 | 491,059 | 437,036 | 0 | 140,546 | 0 | 59,053 |
| Recoverable from reinsurance/SPV and Finite Re after adjustment - total (R0330) | 3,570 | 1,656 | 8,399 | 91,813 | 12,510 | 2,293 | 106,202 | 56,805 | 0 | 11,002 | 0 | 1,250 |
| Technical provisions minus recoverables - total (R0340) | 124,054 | 75,844 | 295,372 | 1,320,359 | 140,542 | 7,682 | 384,857 | 380,232 | 0 | 129,544 | 0 | 57,803 |
Notes
- ABEX: Index used for automatic indexation in Fire insurance p. 16.
- ABS: Asset-Backed Securities p. 20.
- ACPR: Autorité de Contrôle Prudentiel et de Résolution p. 9.
- ALM: Asset & Liability Management p. 60.
- ARCC: Audit, Risk & Compliance Committee p. 42.
- BEL: Best Estimate Liabilities p. 84.
- BNB: National Bank of Belgium (Banque Nationale de Belgique) p. 8.
- BREEAM: Building Research Establishment Environmental Assessment Method p. 11.
- CA: Board of Directors (Conseil d'Administration) p. 26.
- CD: Executive Committee (Comité de Direction) p. 26.
- CDS: Credit Default Swaps p. 68.
- CNR: Nomination and Remuneration Committee (Comité de Nomination et de Rémunération) p. 29.
- CRA: Credit Risk Adjustment p. 87.
- CRO: Chief Risk Officer p. 3.
- CSA: Credit Support Annex p. 69.
- DBO: Defined Benefit Obligation p. 94.
- DJSI: Dow Jones Sustainability Index p. 32.
- EIOPA: European Insurance and Occupational Pensions Authority p. 84.
- EOF: Eligible Own Funds p. 6.
- EPIFP: Expected Profit Included in Future Premiums p. 70.
- FEDRIS: Federal Agency for Occupational Risks p. 8.
- FSMA: Financial Services and Markets Authority p. 8.
- GAAP: Generally Accepted Accounting Principles p. 77.
- GMWB: Guaranteed Minimum Withdrawal Benefit p. 89.
- IAP: Investment Approval Process p. 61.
- ICOFR: Internal Control Over Financial Reporting p. 46.
- IFC: Internal Financial Control p. 48.
- IFRS: International Financial Reporting Standards p. 5.
- IMR: Internal Model Review p. 43.
- ISDA: International Swaps and Derivatives Association p. 69.
- LLP: Last Liquid Point p. 87.
- LPC: Loi sur les Pensions Complémentaires (Law on Supplementary Pensions) p. 94.
- LTI: Long-Term Incentive p. 32.
- MCR: Minimum Capital Requirement p. 6.
- ORSA: Own Risk and Solvency Assessment p. 43.
- OTC: Over-The-Counter p. 69.
- PCV: Provision Complémentaire Vie p. 13.
- QRT: Quantitative Reporting Template p. 106.
- REPO: Repurchase Agreement p. 17.
- RMC: Risk Management Committee p. 42.
- RSR: Regular Supervisory Report p. 105.
- SCR: Solvency Capital Requirement p. 6.
- SFCR: Solvency and Financial Condition Report p. 1.
- SLT: Similar to Life Techniques p. 114.
- SPV: Special Purpose Vehicle p. 118.
- UFR: Ultimate Forward Rate p. 87.
- VA: Volatility Adjustment p. 87.
- VOOC: Vendors & Outsourcing Oversight Committee p. 54.
- Operating result (pre-tax): An alternative performance indicator used by the AXA Group, corresponding to the difference between revenues and operating expenses, excluding items such as realized capital gains/losses, impairment provisions, and gains/losses on financial assets at fair value through profit or loss p. 2.