Insurance, reinsurance and pension funding, except compulsory social security
365 Belgian companies whose main activity falls under NACE code 65 have filed annual accounts. Their median solvency is 46.9% for financial year 2025.
Sector medians
Computed by IdonisDistribution across the sector's companies for financial year 2025: a quarter of companies sit below the 1st quartile, half below the median, three quarters below the 3rd quartile.
| Indicator | 1st quartile | Median | 3rd quartile | Companies |
|---|---|---|---|---|
| Solvency | 15.5% | 46.9% | 75.9% | 307 |
| Current ratio | 0.92 | 1.82 | 4.74 | 259 |
| ROE | 1.7% | 20.3% | 54.0% | 248 |
| Equity | 37,795 € | 165,337 € | 758,469 € | 314 |
| Total assets | 167,208 € | 443,465 € | €1.89m | 311 |
| Net result | 99 € | 24,898 € | 112,591 € | 281 |
| Headcount (avg FTE) | 1.0 | 3.0 | 7.2 | 92 |
Medians computed by Idonis from annual accounts filed with the National Bank, all sizes combined. The same panel is the sector benchmark on every company page. Method
Largest companies: Insurance, reinsurance and pension funding, except compulsory social security
Ranked by total assets in the latest filed accounts. This is a size criterion, not an assessment.
| # | Company | Total assets | Revenue | Equity | FTE | Year |
|---|---|---|---|---|---|---|
| 1 | AG Insurance 1000 Brussels | €76.3bn | — | €58.4bn | 4,379.8 | 2025 |
| 2 | KBC Assurances 3000 Leuven | €37.3bn | — | €18.2bn | 1,020.0 | 2025 |
| 3 | AXA Belgium 1000 Brussels | €36.8bn | — | €864.9m | — | 2025 |
| 4 | Allianz Benelux 1000 Brussels | €24.7bn | — | €675.8m | — | 2024 |
| 5 | P & V Assurances 1210 Saint-Josse-ten-Noode | €20.8bn | — | €1.16bn | — | 2024 |
| 6 | Ethias 4000 Liège | €20.8bn | — | €1.89bn | — | 2025 |
| 7 | Belfius Assurances 1210 Saint-Josse-ten-Noode | €20.4bn | — | €1.35bn | — | 2024 |
| 8 | Lloyd's Insurance Company 1050 Ixelles | €17.2bn | — | €653.6m | — | 2025 |
| 9 | Baloise Belgium 2600 Antwerp | €13.6bn | — | €811.4m | — | 2025 |
| 10 | NN Insurance Belgium 1060 Saint-Gilles | €12.0bn | — | €452.0m | — | 2025 |
| 11 | Athora Belgium 1050 Ixelles | €11.0bn | — | €336.4m | — | 2023 |
| 12 | QBE Europe 1050 Ixelles | €8.44bn | — | €1.35bn | — | 2025 |
| 13 | Argenta Assuranties 2018 Antwerp | €7.09bn | — | €701.8m | — | 2025 |
| 14 | Ergo Insurance 1000 Brussels | €6.83bn | — | €453.6m | — | 2025 |
| 15 | Msig Europe 1030 Schaerbeek | €5.73bn | — | €826.6m | — | 2025 |
| 16 | Euler Hermes 1000 Brussels | €5.70bn | — | €3.21bn | 134.7 | 2025 |
| 17 | Federale Assurance 1000 Brussels | €4.30bn | — | €234.1m | — | 2025 |
| 18 | Ducroire 1000 Brussels | €3.68bn | — | €2.59bn | — | 2025 |
| 19 | DKV Belgium 1000 Brussels | €2.82bn | — | €686.6m | — | 2025 |
| 20 | Patronale Life 1000 Brussels | €1.59bn | — | €361.8m | — | 2024 |
“—”: not published. Small companies (micro and abridged accounts) do not have to publish their revenue.
Where are they based?
Municipalities with the most
- 1000 Brussels38
- 1050 Ixelles8
- 1150 Woluwe-Saint-Pierre7
- 2600 Antwerp (Berchem)7
- 8800 Roeselare (Beveren, Oekene, Rumbeke)6
- 1030 Schaerbeek5
- 1210 Saint-Josse-ten-Noode5
- 1420 Braine-l'Alleud5
- 4000 Liège (Glain, Rocourt)5
- 1040 Etterbeek4
- 1060 Saint-Gilles4
- 7100 La Louvière (Haine-Saint-Paul, Haine-Saint-Pierre, Saint-Vaast, …)4
Insurance, reinsurance and pension funding, except compulsory social security: rankings by region and province
The largest companies in the sector in each region and province, by municipality of the registered office. A ranking is published once 10 companies in the sector publish the figure there.
| Area | Total assets | Revenue | Headcount |
|---|---|---|---|
| Flanders | Largest | — | Employers |
| Wallonia | Largest | — | Employers |
| Brussels | Largest | — | Employers |
| Antwerp province | Largest | — | — |
| Flemish Brabant | Largest | — | — |
| Limburg | Largest | — | — |
| East Flanders | Largest | — | — |
| West Flanders | Largest | — | — |
| Walloon Brabant | Largest | — | — |
| Hainaut | Largest | — | — |
| Liège province | Largest | — | Employers |
| Namur province | Largest | — | — |
Sub-sectors
Frequently asked questions
How many Insurance, reinsurance and pension funding, except compulsory social security companies are there in Belgium?
365 Belgian companies whose main activity falls under NACE code 65 (Insurance, reinsurance and pension funding, except compulsory social security) have filed annual accounts with the National Bank.
What is the median solvency in Insurance, reinsurance and pension funding, except compulsory social security?
For financial year 2025, median solvency (equity over total assets) is 46.9%. The middle half of companies lies between 15.5% and 75.9% (307 companies).
What is the largest company in Insurance, reinsurance and pension funding, except compulsory social security?
By total assets, it is AG Insurance (€76.3bn, financial year 2025).
Where are Insurance, reinsurance and pension funding, except compulsory social security companies based?
The municipalities with the most: Brussels (38), Ixelles (8), Woluwe-Saint-Pierre (7).
Analyse companies in Insurance, reinsurance and pension funding, except compulsory social security
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Open the full file →Active companies (legal entities) that have filed at least one set of annual accounts, based on the Crossroads Bank for Enterprises and the National Bank of Belgium. The sector is the main activity in the register; the municipality is that of the registered office. Data updated on 14 Nov 2026.