Results 2025: Ethias delivers record performance with 8% growth, net income of EUR 229 million and solvency ratio of 203%

Regulated information

A solid financial performance driven by growth in Life and Non-Life

At 31 December 2025, the total premium income reached EUR 3.83 billion, up 8% year-on-year. This increase is due in particular to the attractiveness of our Life and Non-Life solutions.

Non-Life income amounts to EUR 1.90 billion, up 4% compared to 2024. This growth was mainly driven by the success of our Public Bodies and Corporate (B2B) segment – particularly in health, fire, workers’ compensation and motor.

Life income totals to EUR 1.93 billion, up 13% compared to 2024. This growth is mainly due to the success of the various pension and savings solutions offered to both our Public Bodies and Companies as well as Individual clients.

Operating result amounts to EUR 268 million, an increase by 8% compared to that of 2024. This was mainly driven by a strong technical performance and the absence of any major climate events. Operating result for Non-Life business amounts to EUR 225 million and for Life business to EUR 82 million.

Net result stands at EUR 229 million, also up 8% better than in 2024, confirming a strong and consistent financial performance.

After deducting the forecast dividend, the regulatory Solvency II ratio reaches 203% – crossing the 200% threshold for the first time – two years ahead of the trajectory initially set in the strategic plan. The ratio is calculated using the standard formula without applying transitional measures on technical provisions. This level of capitalisation ensures a stronger balance sheet and enhances Ethias’ capacity to invest and grow.

Subject to the approval of the General Assembly that will be held in May 2026, a dividend of EUR 138 million – up 22% compared to last year – will be paid to the shareholders: the Federal State through SFPIM, the Walloon Region through WE, the Flemish Region and EthiasCo. Since 2017, Ethias has paid out EUR 945 million in dividends to its public shareholders.

In 2025, Fitch Ratings upgraded Ethias’ Insurer Financal Strength (IFS) rating from “A” to “A+” with a Stable Outlook. This upgrade reflects the strength and reliability of the Ethias model, supported by consistently improving financial results, a leadership position on the Belgian insurance market, a very solid capitalisation and financial levers, low exposure to interest rate risk and a strong level of provisioning.

Our 2029 trajectory revised upwards

Building on these results, Ethias is taking its ambitions for 2029 to the next level.

Ethias now targets a premium income of over EUR 4.6 billion by 2029, EUR 600 million more than in the previous business plan. This upward revision reflects our confidence in our sales momentum and the solidity of our business model.

Over the 2026-2029 period, Ethias expects to pay out almost EUR 700 million in dividends, confirming Ethias' ability to generate sustainable results and to ensure a steady redistribution of these results.

Ethias will also continue its role as an active investor alongside its public shareholders and other institutional partners, contributing to the financing of structuring projects for the Belgian economy.

Technological acceleration and greater proximity

Artificial intelligence is a central and essential lever for transformation. Ethias has acted accordingly by rolling out M365 Copilot to all employees. The company is now a leader in employee AI adoption in Belgium. This large-scale deployment of secure generative AI, combined with hyperautomation of selected processes, has enabled us to enhance our ROE across the company and to absorb the continuous growth of recent years with an overall constant workforce.

At the same time, as many players are rationalising their physical presence, Ethias has made the strategic choice to strengthen and develop its branch network through the “Network of the Future” project. By the end of 2028, our network will have 47 branches compared to 37 today. The group is investing in proximity while developing a fully phygital experience, where digital and human contact complement each other in a smooth and coherent way based on clients' needs and habits.

Ethias, a sustainable institutional investor committed to the Belgian economy

A multiplier effect at the core of Ethias' investment model

Ethias also acts as a structuring economic lever. At 31 December 2025, it had invested EUR 5.7 billion (effectively or committed) in the Belgian economy, covering all regions and levels of government.

Its model is based on a triple multiplier effect of its investments: the premiums collected are reinvested in structuring projects (infrastructure, energy, real estate, digitisation), Ethias' investments help attract additional financing and a significant part of Ethias' net result, paid out to public shareholders as dividends, can be reused for public policies.

This mechanism reflects the circularity between premiums, investment and long-term support for the country's essential infrastructure.

Over EUR 5.7 billion invested in the real economy

Ethias' investments are focused on six priority areas: education, health and housing, energy and resource management, digital transformation, mobility and logistics, economic resilience and sovereignty, and territorial resilience.

These commitments translate into direct funding for infrastructure, renewable energies, digitisation, mobility, property and innovation.

By leveraging bonds, real estate, private debt and alternative capital, Ethias contributes to the country's economic stability while supporting projects that are essential to its competitiveness and resilience.

All info
👉www.ethias.be/content/dam/corporate/investors/pressreleases/2026_02_Ethias_2025_Results.pdf