investments

investments. The responsibility for investment decisions depends on the nature of the insurance product: - For traditional not-for-profit savings and insurance activities, asset management is generally outsourced to external asset managers. These asset... considerations in our selection of key subcontractors and suppliers, as well as in our investment strategy. ▪ We provide and encourage community investment opportunities. 3. Sustainable investments 6 Monument Group: PUBLIC In terms of responsible investments

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...: the acquisitions of the Contassur portfolio, write-down on historical (mainly property) investments and revisions of non-economic assumptions in actuarial flow models to reflect the commercial strategy in the cash-flow models. From a Solvency

result was supported by revenues generation from gains realization on alternative investments which were partly compensated by impairments on non-performing loans. MAB has operated in 2024 a re-risking of its investment portfolio with a replacement of... ................................................................. 32 A.3 (c) Investments in securitisation ........................................................................................... 32 A.4 Performance of other activities

, MAB has re-oriented part of its investments towards private credit, corporate bonds and infrastructure debts. ▪ Divestures performed to face surrender outflows in collective life and the modification of the investment mix in a growing interest rate... .............................................................................................. 27 A.3 Investment Performance ................................................................................................. 28 A.4 Performance of other activities

................................................................ 30 A.3 (c) Investments in securitisation ......................................................................................... 31 A.4 Performance of other activities... reporting period ....... 28 A.2 Underwriting Performance ............................................................................................. 28 A.3 Investment Performance

..................................................................................................... 25 A.3 Investment Performance ......................................................................................................... 26 A.4 Performance of other activities... out life insurance activity, whether or not linked to investment funds, with the exception of dowry and birth insurance (branch 21). In addition, permission was also granted to carry out the following activities: life, dowry and birth insurance in