allocation

and during the first semester of the year. The asset allocation further evolved in the course of 2025 with investments in a Structured note, Commercial Mortgage Loans and material bond rotations on Emerging Markets and hybrid bonds. This evolution is in accordance with MAB’s desire to move to the target asset allocation which will continue in 2026. The economic own funds of MAB decreased over the period 2024-2025 from €386,4m to € 338,6m. The main drivers for reduction in eligible own funds are

responsibilities, reporting lines and allocation of functions prescribed by documented committee Terms of Reference and key function charters. The system of governance includes requirements relating to fitness and probity of persons responsible for key functions... C. Risk Profile. Valuation for Solvency Purposes The asset allocation evolves in accordance with the target asset allocation of MAB. One must especially note that a rebalancing exercise was performed in 2023 moving corporate bonds into government

and allocation of functions prescribed by documented committee terms of reference and key function charters. The system of governance includes requirements relating to fitness and probity of persons responsible for key functions, remuneration... Profile. Valuation for Solvency Purposes The Company’s balance sheet has significantly increased in 2022 following the closing of AXA transaction st the 31 of October 2022. The asset allocation evolves in accordance with the target asset allocation of

operational risk. Further details of the Company’s risk profile are provided below in Section C. Risk Profile. Valuation for Solvency Purposes In the course of 2024, MAB continued to implement some reallocations in the asset allocations. One must especially... Company’s business strategy and operations. There is clear delegation of responsibilities, reporting lines and allocation of functions prescribed by documented committee Terms of Reference and key function charters. The system of governance includes

delegation of responsibilities, reporting lines and allocation of functions prescribed by committee terms of reference and key function charters. The system of governance includes requirements relating to fitness and probity of persons responsible for