pressure

from the rising interest rate environment. As such downward pressure on transaction price remains important with negative impact on transaction volumes and value reductions in accounting. The liability portfolio performed overall in line with expectations. Although pressure remains high on corporate business, the collective surrender phenomenon, observed in the post Integrale acquisition, or collective reduction phenomenon, due to rising interest rates, was limited and concentrated on a few names

the real-estate market continues to suffer from the revision of the financing rate. Downward pressure on transaction price remains important with negative impact on transaction volumes. Solvency and Financial Condition Report 31 December 2023 Page 16