bonds

managers must comply with the MAB's Investment Policy, including ESG limits. - For certain unit-linked policies, and portfolio bonds in particular, investment decisions may be made by the policyholder on the basis of advice provided to the policyholder.... Monument Assurance Belgium, as a player in the life insurance sector, gives preference to investments in the form of loans, mainly sovereign bonds and corporate bonds listed on the nfi ancial markets. However, Monument Assurance Belgium does invest

government bonds towards corporate bonds. This operation will enhance future recurring earnings and offset the opposite operation that occurred end of 2023. The toneless real-estate market in Belgium since the recovery of interest rate in 2022... note that in Q2 2024 a rebalancing exercise was performed moving government bonds into corporate bonds in order to realize additional returns. In addition, throughout the year, exposures in ICAV decreased through disposals of units in Trade Finance

during the first semester of the year. In a context where the solvency ratio of Monument Re reduced near its target operating level, MAB has decided to partly de-risk its investment portfolio through a replacement of corporate bonds into govies. This...-line result supported by release of deferred income provision and gains realisation on divested corporate bonds. The Company’s results for the period are shown below in Section A. Business and Performance. The business reported an underwriting gain

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... 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

, 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

. Valuation for Solvency Purposes The Company’s balance sheet has significantly increased in terms of assets classes presented following the recent acquisitions. The majority of assets comprises mainly of corporate and government bonds, collective investment