rotations

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...’s risk profile are provided below in Section C. Risk Profile. Valuation for Solvency Purposes The asset allocation further evolved in the course of 2025 with investments in a structured notes, Commercial Mortgage Loans and material bond rotations