Ethias
Fitch upgrades Ethias SA’s rating to ‘A+’, with a Stable Outlook
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Fitch upgrades Ethias SA’s rating to ‘A+’, with a Stable Outlook
20/06/2025
17:53
Fitch rating agency has just upgraded the Insurer Financial Strength (IFS) rating of Ethias SA from ‘A-’ to ‘A+’ with a Stable Outlook. This upgrade testifies to the strength, performance and reliability of the Ethias model. It relies on sustained improvements in financial performance, a leading competitive position in the Belgian insurance market, a very strong capitalisation and leverage, low exposure to interest rate risk and high provisioning.
Strong, Improved Financial Performance
Fitch points out that Ethias reported very strong results under IFRS 17, with a net income return on equity (ROE) of 13.4% in 2024. The agency believes that this profitability is sustainable and should remain consistent with the ‘A+’ category guidelines.
It also highlights a particularly solid Non-Life combined ratio, reflecting well-controlled underwriting profitability. This performance is also due to a rigorous pricing policy and portfolio pruning actions.
Leading Position in Belgium
Fitch believes that Ethias' leading position in Belgium supports its 'Strong' company profile. This reflects the group’s solid franchise in the domestic market and its strong competitive position in the public sector.
The agency also points out that, although Ethias operates exclusively in Belgium, the balanced business mix combined with a multi-channel distribution strategy, enables it to serve a broad customer base.
Very Strong Capitalisation
Ethias' capitalisation is a rating strength. Fitch points out that the group's Solvency II ratio reached 192% at end-2024. Under Fitch’s Prism Global model, Ethias’ capitalisation remained 'Extremely Strong', supporting the agency's positive assessment.
“I am very pleased with the upgrade of our rating to ‘A+’, Outlook Stable, which testifies to the strength, performance and robustness of Ethias. This is our best rating since 2008. This progression reflects the consistency of our results, the enduring trust that the market has placed in us, and the dedication of our teams on a daily basis. Year after year, we demonstrate our ability to meet our targets and commitments in a constantly changing environment. Our new five-year strategic plan, Values 29, is paving the way for new developments that combine growth, synergies and innovation, in order to continue meeting the needs of our clients. This new rating also reinforces our benchmark position in the Belgian economy.”
- Philippe Lallemand, CEO Ethias.
The full press release from Fitch is available here
👉www.fitchratings.com/research/insurance/fitch-upgrades-ethias-ifs-rating-to-a-outlook-stable-20-06-2025
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Albane Lairesse
Spokesperson | Media & Public Relations Manager
Serge Jacobs
Spokesperson | Public Affairs
Ethias is Belgium's 3rd largest Life and Non-Life insurer. It is recognised for its unique business model based on direct, digital and public services, the commitment of its 1,900 employees, the trust of its customers (1,180,257 Private Individuals and 43,283 clients in Public Bodies & Companies), the support of its shareholders, its over 100-year experience and its financial strength. With a solid group strategy, Ethias is constantly innovating to create value and meet the needs of tomorrow through ecosystems in areas such as health, mobility and housing. Based on its systematic "phygital" and socially responsible approach, Ethias is committed to being a partner for everyday life, beyond insurance, accessible to all.
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