inflation

2023 marked a stabilisation of interest rate environment and a progressive normalisation of inflation rates. The stabilisation of the macro-economic environment was favourable to quoted stock prices with a recovery of main indexes. One must note that

, inflationary pressures, real-estate and equity market downturns. ▪ Thanks to disciplined financial hedging strategies and the IGR, the economic own funds of Monument were not negatively affected. ▪ In accordance with its risk appetite and investment strategy

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

, equities, property and derivatives. The derivatives are added to the investment portfolio to diversify away as much as possible, risk like interest rate risk or inflation risk. The asset side of the balance sheet also shows a large position in

Monument Assurance Belgium Solvency and Financial Condition Report at 31 December 2024 8 April 2025 MoMonumnumeennt Gt Grrooup:up: P PUUBBLILICC Table of Contents Samenvatting ............................................................................................................................... 5 Executive Summary .................................................................................................................... 13 A. Business and Performance ............................