Sector · NACE 6512

Non-life insurance

155 Belgian companies whose main activity falls under NACE code 6512 have filed annual accounts. Their median solvency is 36.5% for financial year 2024.

Companies155
Median solvency36.5%
Median equity169,592 €
Median headcount (FTE)3.1
Founded in the last 3 years2

Sector medians

Computed by Idonis

Distribution across the sector's companies for financial year 2024: a quarter of companies sit below the 1st quartile, half below the median, three quarters below the 3rd quartile.

Indicator1st quartileMedian3rd quartileCompanies
Solvency 5.5%36.5%61.0% 133
Current ratio 1.021.855.67 108
ROE 3.6%17.9%57.8% 96
Equity 36,606 €169,592 €€1.72m 133
Total assets 221,358 €676,715 €€4.84m 134
Net result 20 €21,980 €142,061 € 113
Headcount (avg FTE) 1.13.19.6 42

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: Non-life insurance

Ranked by total assets in the latest filed accounts. This is a size criterion, not an assessment.

#Company Total assetsRevenue EquityFTEYear
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 Allianz Benelux 1000 Brussels €24.7bn — €675.8m — 2024
4 P & V Assurances 1210 Saint-Josse-ten-Noode €20.8bn — €1.16bn — 2024
5 Ethias 4000 Liège €20.8bn — €1.89bn — 2025
6 Lloyd's Insurance Company 1050 Ixelles €17.2bn — €653.6m — 2025
7 Baloise Belgium 2600 Antwerp €13.6bn — €811.4m — 2025
8 Argenta Assuranties 2018 Antwerp €7.09bn — €701.8m — 2025
9 Msig Europe 1030 Schaerbeek €5.73bn — €826.6m — 2025
10 Euler Hermes 1000 Brussels €5.70bn — €3.21bn 134.7 2025
11 Ducroire 1000 Brussels €3.68bn — €2.59bn — 2025
12 DKV Belgium 1000 Brussels €2.82bn — €686.6m — 2025
13 Maatschappij van Onderlinge Bijstand Verzekeringen CM-Vlaanderen 1030 Schaerbeek €1.25bn — €1.02bn — 2025
14 MLOZ Insurance 1070 Anderlecht €1.09bn — €978.8m — 2025
15 D.A.S. société anonyme belge d'Assurances de Protection juridique - D.A.S. Belgische Rechtsbijstandsverzekringsmaatschappij, naamloze vennootschap 1210 Saint-Josse-ten-Noode €726.9m — €17.3m — 2025
16 Cigna Europe Insurance Company 2140 Antwerp €478.1m — €144.7m — 2025
17 Protect 1080 Molenbeek-Saint-Jean €426.6m — €23.6m — 2024
18 Credendo - Trade Credit Insurance 1000 Brussels €400.9m — €161.1m — 2025
19 Euromex 2600 Antwerp €297.4m — €85.2m — 2025
20 Yuzzu 1000 Brussels €275.5m — €41.2m — 2025

“—”: not published. Small companies (micro and abridged accounts) do not have to publish their revenue.

Where are they based?

  • Brussels-Capital48
  • West Flanders21
  • Liège19
  • East Flanders16
  • Antwerp13
  • Limburg9
  • Flemish Brabant8
  • Hainaut8
  • Walloon Brabant8
  • Namur3
  • Luxembourg2

Municipalities with the most

Related sectors

← The whole Insurance, reinsurance and pension funding, except compulsory social security sector (NACE 65)

Frequently asked questions

How many Non-life insurance companies are there in Belgium?

155 Belgian companies whose main activity falls under NACE code 6512 (Non-life insurance) have filed annual accounts with the National Bank.

What is the median solvency in Non-life insurance?

For financial year 2024, median solvency (equity over total assets) is 36.5%. The middle half of companies lies between 5.5% and 61.0% (133 companies).

What is the largest company in Non-life insurance?

By total assets, it is AG Insurance (€76.3bn, financial year 2025).

Where are Non-life insurance companies based?

The municipalities with the most: Brussels (25), Schaerbeek (4), Braine-l'Alleud (4).

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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 11 Nov 2026.