c.1

..................................................................................................................... 57 C.1. Underwriting risk .................................................................................................................... 57 C.2. Market... went up from c.1.5% to over 4% in December 2024 and landed eventually around 2% in December 2025. On Real Estate, although quoted market being relatively stable over the period, one must note that the Belgian real-estate market continued to suffer

....................................................................................................................... 57 C.1 Underwriting risk ............................................................................................................. 57 C.2 Market risk

.................................................................................................... 57 C. Risk Profile ..................................................................................................................... 58 C.1

..................................................................................................................... 55 C.1 Underwriting risk ............................................................................................................ 55 C.2 Market risk

.............................................. 51 C. Risk Profile ..................................................................................................................... 52 C.1 Underwriting risk