AG continues to adapt, elevate and shape the future

AG delivered a strong financial performance in 2025, with tangible progress against each of the Elevate27 ambitions. It ended on a high with a transformational move that further reinforces AG’s leadership in the Belgian insurance market.

The past 12 months brought pivotal moments that have caused us to pause, reflect, and take our performance to the next level. In a market that never stands still, AG continues to adapt, elevate and shape the future.

A BOLD STEP, deepening AG’s roots in Belgium

December marked a next stage in the evolution of AG, as it became a wholly owned subsidiary of Ageas through the acquisition of the remaining 25% stake from bank partner BNP Paribas Fortis for EUR 1.9 billion. This milestone consolidates AG’s existing approach and position as the country’s leading insurer.

At the same time AG and BNP Paribas Fortis reconfirmed a 15-year distribution partnership in Belgium, securing continued collaboration in savings, protection, and property & casualty insurance. The continued partnership underlines the crucial role of the bank within AG’s multichannel distribution strategy, ensuring that both bank and broker channels remain central to AG’s approach.

In addition, AG and BNP Paribas Asset Management will deepen their existing collaboration for investment opportunities in certain defined asset classes. This agreement confirms a solid foundation and builds confidence for what lies ahead.

A BREAKTHROUGH, entering the Dutch SME market

In 2025, AG took the decision to expand beyond Belgium and enter the Dutch SME market for the first time. The initial focus is on liability and property insurance with other products potentially following in time. AG has entered the market by leveraging the unique Managing General Agent (MGA) distribution model (specialist insurance intermediaries authorised by insurers to act on their behalf). The decision is both timely and strategic. AG already has a mature and well tested strategy towards SMEs in the Belgian market and a DNA based on working in partnership, providing it with the confidence to go cross-border.

Having taken the decision to enter the Dutch market, AG acted very quickly signing its first MGA agreement within months. In a short space of time AG has already created momentum, securing eight signed contracts, with more in the pipeline. It’s a strong start that signals AG’s ambition to grow and compete in this new fast-growing market.

A CHALLENGE, adapting to ever evolving needs

One of the year’s greatest distribution challenges has been bridging the gap between traditional-led distribution and the rising demand for “phygital” interactions – where physical and digital experiences are seamlessly integrated. AG has worked to maintain the personal touch that defines its brand, while embracing digital innovation, to enhance the client experience.

AG’s strategy is built on a strong commitment to multichannel distribution, ensuring that both brokers and banks are supported across all channels.

For brokers specifically, 2025 saw quite some evolution, with consolidation accelerating through mergers and acquisitions, leading to the rise of larger players. Amidst this transformation, AG has been steadfast in its commitment to brokers as they navigate this new landscape, including helping its brokers on their digital journeys.

AG continues investing in all its brokers by providing strong commercial support; innovation through new products; access to digital tools such as AG Online etc. Beyond technology, AG even provides support in the war for talent through initiatives like Talent4Brokers to help brokers upskill, attract new talent, and adapt to evolving market demands.

A LASTING IMPACT, contributing to a sustainable future

Receiving the EcoVadis Platinum label for the second consecutive year reinforced AG’s position among the top 1% of the world’s most sustainable companies. AG has successfully embedded sustainability into the very core of its products and investment strategies. Among the new developments in 2025, AG invested in the infrastructure supporting the electrification of the public busses in Belgium.

One of the many challenges in 2025 was to raise the bar on communications – creating greater awareness of the actions that underpin AG’s sustainability initiatives. Alongside the first CSRD report, AG published its first Impact report, providing insights into the company’s ambitions, initiatives, and results. AG hosted its 4^th Sustainability Day with record employee attendance, initiated a GenZ-focused social media campaign showcasing sustainability in action, and launched “Small Ideas, Big Impact;” an internal call for ideas that generated 150proposals, some of which have already been integrated into the strategy.

These efforts go beyond reporting. They demonstrate AG’s role as a catalyst for change, ensuring that decisions today create positive impact for generations to come.