risking

a rising interest environment and normalization in inflation rates. The OLO 10 year rate, representing the returns on 10 years Belgian government bonds, increased from 2.6% in December 2023 to c.3.4% in December 2025. At the same time, inflation rates... 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

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

Monument Assurance Belgium Solvency and Financial Condition Report st at 31 December 2021 30 March 2022 Monument Group: PUBLIC Table of Contents Samenvatting............................................................................................................................. 4 Executive Summary .................................................................................................................. 11 A. Business and Performance ...................................................