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xbrli:shares
belfius-2021-12-31p1i2
 
belfius-2021-12-31p1i0
Annual
 
report
2021
belfius-2021-12-31p2i1 belfius-2021-12-31p2i0 belfius-2021-12-31p2i2
Annual
 
report
2021
2
Belfius
 
Bank
belfius-2021-12-31p3i1 belfius-2021-12-31p3i0 belfius-2021-12-31p3i2
 
 
 
 
 
 
 
 
 
 
 
Contents
Profile
 
of
 
Belfius
4
Management
 
report
11
Consolidated
 
financial
 
statements
234
Non-consolidated
 
financial
 
statements
497
Global
 
Reporting
 
Initiative
 
(GRI)
 
-
 
table
504
UN
 
Global
 
Compact
 
Progress
 
Index
512
UNEP
 
FI
 
Principles
 
for
 
Sustainable
 
Insurance
 
reporting
513
UNEP
 
FI
 
Principles
 
for
 
Responsible
 
Banking
 
reporting
518
Abbreviations
529
Additional
 
information
530
Annual
 
report
 
2021
Belfius
 
Bank
3
belfius-2021-12-31p4i0
 
Profile
of
 
Belfius
belfius-2021-12-31p5i0
 
belfius-2021-12-31p5i2
 
belfius-2021-12-31p5i4
 
 
 
 
Profile
 
of
 
Belfius
Belfius
 
is
 
a
 
Belgian
 
banking
 
and
 
insurance
 
group
 
wholly
 
owned
 
by
 
the
 
Belgian
 
federal
 
state
 
through
 
the
 
Federal
Holding
 
and
 
Investment
 
Company
 
(FHIC).
 
At
 
the
 
end
 
of
 
2021,
 
the
 
total
 
consolidated
 
balance
 
sheet
 
amounted
 
to
EUR
 
192
 
billion.
Simplified
 
group
 
structure
(1)
FHIC
BELFIUS
COMM
 
NANCE
CREFIUS
100%
BELFIUS
 
LEASE
100%
ERCIAL
 
FI
100%
BELFIUS
LEASE
 
SERVICES
100%
BELFIUS
 
AUTO
 
LEASE
100%
(2)
Our
 
main
 
commercial
 
subsidiaries
1.
 
Belfius
 
Insurance
Insurance
 
company
 
marketing
 
life
 
and
 
non-life
 
insurance
 
prod
 
-
ucts,
 
savings
 
products
 
and
 
investments
 
for
 
individuals,
 
the
self-employed,
 
liberal
 
professions,
 
companies
 
and
 
the
 
public
and
 
social
 
sector.
 
At
 
the
 
end
 
of
 
2021,
 
total
 
consolidated
 
balance
sheet
 
of
 
Belfius
 
Insurance
 
amounted
 
to
 
EUR
 
22
 
billion
(3)
.
5.
 
Belfius
 
Lease
 
Services
Financial
 
leasing
 
and
 
renting
 
of
 
professional
 
capital
 
goods
 
to
the
 
self-employed,
 
companies
 
and
 
liberal
 
professions.
 
At
 
the
end
 
of
 
2021,
 
total
 
balance
 
sheet
 
of
 
Belfius
 
Lease
 
Services
amounted
 
to
 
EUR
 
2,193
 
million
(4)
.
6.
 
Belfius
 
Commercial
 
Finance
Company
 
for
 
financing
 
commercial
 
loans
 
to
 
debtors,
 
debtor
 
in-
solvency
 
risk
 
cover
 
and
 
debt
 
recovery
 
from
 
debtors
 
(factoring).
At
 
the
 
end
 
of
 
2021,
 
total
 
balance
 
sheet
 
of
 
Belfius
 
Commercial
Finance
 
amounted
 
to
 
EUR
 
1,045
 
million
(4)
.
2.
 
Crefius
Company
 
servicing
 
and
 
managing
 
mortgage
 
loans.
 
At
 
the
 
end
of
 
2021,
 
total
 
balance
 
sheet
 
of
 
Crefius
 
amounted
 
to
 
EUR
 
23
million
(4)
.
3.
 
Belfius
 
Auto
 
Lease
Company
 
for
 
operational
 
vehicle
 
leasing
 
and
 
car
 
fleet
 
mana-
gement,
 
maintenance
 
and
 
claims
 
management
 
services.
 
At
 
the
end
 
of
 
2021,
 
total
 
balance
 
sheet
 
of
 
Belfius
 
Auto
 
Lease
amounted
 
to
 
EUR
 
447
 
million
(4)
.
7.
 
Belfius
 
Investment
 
Partners
Company
 
for
 
administration
 
and
 
management
 
of
 
investment
funds.
 
At
 
the
 
end
 
of
 
2021,
 
total
 
balance
 
sheet
 
of
 
Belfius
Investment
 
Partners
 
amounted
 
to
 
EUR
 
160
 
million
(4)
and
 
assets
under
 
management
 
amounted
 
to
 
EUR
 
22.5
 
billion.
4.
 
Belfius
 
Lease
Company
 
for
 
financial
 
leasing
 
and
 
renting
 
of
 
professional
capital
 
goods.
 
At
 
the
 
end
 
of
 
2021,
 
total
 
balance
 
sheet
 
of
Belfius
 
Lease
 
amounted
 
to
 
EUR
 
1,043
 
million
(4)
.
(1)
For
 
more
 
details,
 
see
 
the
 
list
 
of
 
subsidiaries
 
of
 
the
 
consolidated
 
financial
 
statements
 
in
 
this
 
annual
 
report.
(2)
Belfius
 
Lease
 
Services
 
operates
 
under
 
the
 
same
 
brand
 
(logo)
 
as
 
Belfius
 
Lease.
(3)
For
 
more
 
details,
 
cf.
 
the
 
annual
 
report
 
2021
 
of
 
Belfius
 
Insurance.
(4)
Total
 
IFRS
 
balance
 
sheet
 
before
 
consolidation
 
adjustments.
Annual
 
report
 
2021
Belfius
 
Bank
5
BELFIUS
INVESTMENT
 
PARTNERS
100%
BELFIUS
 
BANK
BELFIUS
 
INSURANCE
100%
 
belfius-2021-12-31p6i1 belfius-2021-12-31p6i0
 
Our
 
activities
Belfius is a Belgian bank-insurer serving all segments of the Belgian economy, including
the retail, SME, public sector and corporate markets.
 
As
 
of
 
31
 
December
 
2021,
 
it
 
was
the
 
second
 
largest
 
retail
 
bank-insurer
 
in
Belgium
,
 
with
 
more
 
than
 
3.7
 
million
 
customers;
the
 
third
 
largest
 
bank
 
for
 
SMEs,
 
with
 
approximately
 
0.35
 
million
 
professional
 
customers;
the
 
largest
 
bank
 
in
 
the
 
public
 
sector,
 
with
 
almost
 
100%
 
penetration;
 
and
 
the
 
third
 
largest
bank
 
for
 
corporates,
 
serving
 
approximately
 
50%
 
of
 
the
 
Belgian
 
market
 
of
 
companies
with
 
a
 
turnover
 
equal
 
to
 
or
 
above
 
EUR
 
10
 
million.
 
Belfius
 
serves
 
approximately
 
30%
 
of
the
 
Belgian
 
population.
Belfius’
 
integrated
 
business
 
model
 
is
 
based
 
on
 
creating
 
and
 
leveraging
 
synergies
 
across
these
 
client
 
segments,
 
as
 
well
 
as
 
its
 
products
 
and
 
businesses.
 
Belfius
 
organises
 
its
commercial
 
activities
 
into
 
its
 
Individuals
 
segment
 
and
 
Entrepreneurs,
 
Enterprises
 
&
 
Public
segment.
1.
 
Individuals
Belfius
 
Bank
 
offers
individuals
a
 
comprehensive
 
range
 
of
 
retail,
 
private
 
banking,
 
wealth
management
 
and
 
insurance
 
products
 
and
 
services.
 
Belfius
 
Bank
 
serves
 
its
 
3.4
 
million
customers
 
through
 
its
 
integrated
 
omni-channel
 
distribution
 
network,
 
which
 
includes
 
527
branches,
 
its
 
modern
 
interaction
 
platform
 
Belfius
 
Connect,
 
and
 
a
 
large
 
number
 
of
automatised
 
self-banking
 
machines.
 
Belfius
 
has
 
also
 
been
developing
a
digital
 
strategy
and
is
 
now
 
a
leader
 
in
 
mobile
 
banking
,
 
with
 
over
 
1.79
 
million
 
active
 
mobile
 
users.
Belfius
 
Insurance
,
 
a
 
subsidiary
 
of
 
Belfius
 
Bank,
 
offers
 
insurance
 
products
 
to
 
its
 
custom-
ers
 
through
 
the
 
Belfius
 
Bank
 
branches
 
and
 
multi-channel
 
distribution
 
network,
 
through
the
 
tied
 
agent
 
network
 
of
 
DVV
 
insurance,
 
as
 
well
 
as
 
through
 
Corona
 
Direct
 
Insurance.
Through
 
its
 
Elantis
 
and
 
DVV
 
brands,
 
Belfius
 
Insurance
 
also
 
offers
 
mortgage
 
loans
 
and
consumer
 
loans
 
to
 
its
 
customers.
2.
 
Entrepreneurs,
 
Enterprises
 
&
 
Public
The
Business
segment
 
brings
 
together
 
the
 
self-employed,
 
the
 
liberal
 
professions
 
(a.o.
lawyers,
 
doctors,
 
accountants,
 
etc..)
 
and
 
the
 
SMEs
 
with
 
a
 
turnover
 
up
 
to
 
EUR
 
10
 
million.
This
 
segment
 
is
 
mainly
 
served
 
by
 
our
 
branch
 
network.
Belfius’
corporate
 
banking
activities
 
are
 
focused
 
on
 
large-
 
and
 
medium-sized
 
corporates
which
 
have
 
a
 
decision-making
 
centre
 
in
Belgium
 
as
 
well
 
as
 
corporates
 
offering
 
services
 
to
the
 
public
 
sector.
Our
staff
 
members
At
 
the
 
end
 
of
 
2021,
 
Belfius’
 
operations
provided
 
employment
 
for
 
6,531
 
staff
members,
 
and
 
there
 
were
 
approxi-
mately
 
3,400
 
persons
 
working
 
in
 
the
Bank’s
 
and
 
Insurer’s
 
independent
networks.
Belfius
 
offers
 
services
 
to
 
the
 
Belgian
public
 
and
 
social
 
sectors
(including
 
hospitals,
schools,
 
universities
 
and
 
retirement
 
homes).
 
It
 
provides
 
these
 
clients
 
with
 
a
 
wide
 
and
integrated
 
range
 
of
 
products
 
and
 
services,
 
including
 
credit
 
lending,
 
treasury
 
management,
insurance
 
products,
 
financial
 
markets
 
products
 
and
 
financial
 
IT
 
tools.
Belfius
 
Insurance
also
 
sells
 
insurance
 
products
 
to
 
its
 
public
 
and
 
social
 
sector
 
clients.
Specific
 
life
 
insurance
 
solutions
 
are
 
offered,
 
especially
 
pension
 
insurance
 
in
 
the
 
first
and
 
second
 
pension
 
pillars
 
for
 
civil
 
servants
 
and
 
investment
 
products
 
in
 
Branch
 
26
 
(life
insurance
 
with
 
a
 
capital
 
guarantee
 
and
 
guaranteed
 
minimum
 
return,
 
to
 
which
 
a
 
variable
profit
 
participation
 
feature
 
may
 
be
 
added).
 
Finally,
 
the
 
development
 
of
 
the
 
insurance
policies
 
specifically
 
dedicated
 
to
 
the
 
“Business”
 
segment
 
is
 
one
 
of
 
the
 
strategic
 
devel-
opment
 
axes
 
for
 
both
 
Life
 
and
 
Non-Life
 
segments.
6
belfius-2021-12-31p7i0
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
belfius-2021-12-31p7i2
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Profile
 
of
 
Belfius
Key
 
figures
Consolidated
 
statement
 
of
 
income
(1)
 
Contribution
 
of
 
the
 
Belfius
 
Insurance
 
group
 
to
 
the
 
consolidated
 
statement
 
of
 
income.
Consolidated
 
balance
 
sheet
Consolidated
 
balance
 
sheet
Annual
 
report
 
2021
Belfi
 
us
 
Bank
7
31/12/20
(In
 
millions
 
of
 
EUR)
IFRS
 
9
31/12/21
IFRS
 
9
TOTAL
 
ASSETS
 
187,991
192,151
of
 
which
Cash
 
and
 
balances
 
with
 
central
 
banks
 
25,434
31,640
Loans
 
and
 
advances
 
due
 
from
 
credit
 
institutions
 
11,912
10,411
Loans
 
and
 
advances
 
98,108
102,679
Debt
 
securities
 
&
 
equity
 
instruments
 
28,849
27,195
Unit
 
linked
 
products
 
insurance
 
activities
 
3,813
4,246
Derivatives
 
12,188
8,909
TOTAL
 
LIABILITIES
 
177,258
180,658
of
 
which
Cash
 
and
 
balances
 
from
 
central
 
banks
 
14,174
15,418
Credit
 
institutions
 
borrowings
 
and
 
deposits
 
5,008
3,591
Borrowings
 
and
 
deposits
 
95,338
104,404
Debt
 
securities
 
issued
 
and
 
other
 
financial
 
liabilities
 
24,402
23,145
Unit
 
linked
 
products
 
insurance
 
activities
 
3,813
4,246
Derivatives
 
18,310
14,019
TOTAL
 
SHAREHOLDERS’
 
EQUITY
 
10,209
10,963
of
 
which
Shareholders’
 
core
 
equity
 
9,815
10,560
Gains
 
and
 
losses
 
not
 
recognised
 
in
 
the
 
statement
 
of
 
income
 
393
403
TOTAL
 
EQUITY
10,733
11,493
of
 
which
Total
 
shareholders’
 
equity
 
10,209
10,963
Additional
 
Tier-1
 
instruments
 
included
 
in
 
equity
 
497
497
Non-controlling
 
interests
 
28
33
31/12/17
 
31/12/18
 
31/12/19
 
31/12/20
(In
 
millions
 
of
 
EUR)
IAS
 
39
 
IFRS
 
9
 
IFRS
 
9
 
IFRS
 
9
31/12/21
IFRS
 
9
TOTAL
 
ASSETS
 
167,959
 
164,165
 
172,439
 
187,991
192,151
TOTAL
 
LIABILITIES
 
158,438
 
154,206
 
161,933
 
177,258
180,658
TOTAL
 
EQUITY
9,521
 
9,960
 
10,506
 
10,733
11,493
2017
 
2018
 
2019
 
2020
(In
 
millions
 
of
 
EUR)
IAS
 
39
 
IFRS
 
9
 
IFRS
 
9
 
IFRS
 
9
2021
IFRS
 
9
INCOME
 
2,355
 
2,361
 
2,489
 
2,614
2,703
EXPENSES
 
(1,369)
 
(1,426)
 
(1,452)
 
(1,465)
(1,477)
GROSS
 
INCOME
 
986
 
935
 
1,036
 
1,149
1,226
Impairments
 
on
 
financial
 
instruments
 
and
 
provisions
 
for
credit
 
commitments
 
(33)
 
(66)
 
(111)
 
(453)
1
Impairments
 
on
 
tangible
 
and
 
intangible
 
assets
 
9
 
(2)
 
(7)
 
(17)
(2)
NET
 
INCOME
 
BEFORE
 
TAX
 
963
 
867
 
918
 
679
1,226
Tax
 
(expense)
 
income
 
(357)
 
(217)
 
(252)
 
(147)
(290)
NET
 
INCOME
 
AFTER
 
TAX
 
606)
 
650
 
666
 
532
936
Non-controlling
 
interests
 
0
 
1
 
(1)
 
0
1
NET
 
INCOME
 
GROUP
 
SHARE
606
 
649
 
667
 
532
935
of
 
which
Bank
 
435
 
445
 
461
 
319
716
Insurance
(1)
171
 
205
 
207
 
212
219
belfius-2021-12-31p8i9 belfius-2021-12-31p8i8 belfius-2021-12-31p8i8 belfius-2021-12-31p8i0
 
 
 
 
 
 
 
 
 
 
 
belfius-2021-12-31p8i2
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
belfius-2021-12-31p8i4
 
 
belfius-2021-12-31p8i6
 
 
Profile
 
of
 
Belfius
Ratios
(1)
(1)
Unaudited.
(2)
12-month
 
average.
Solvency
 
ratios
(1)
 
For
 
the
 
determination
 
of
 
the
 
Capital
 
ratios
 
under
 
Basel
 
III,
 
the
 
regulatory
 
authority
 
asks
 
Belfius
 
Bank
 
to
 
apply
 
a
 
prudential
 
deconsolidation
 
of
 
Belfius
 
Insurance
 
and
 
to
 
apply
 
a
 
risk
 
weighting
of
 
370%
 
on
 
the
 
equity
 
instruments
 
held
 
by
 
Belfius
 
Bank
 
in
 
Belfius
 
Insurance
 
after
 
deduction
 
of
 
goodwill.
 
This
 
is
 
commonly
 
known
 
as
 
“Danish
 
compromise”.
ESG
 
as
 
a
 
business
 
driver
(1)
(1)
 
Unaudited
Human
 
capital
Ratings
 
of
 
Belfius
 
Bank
 
as
 
at
 
24
 
March
 
2022
Stand-alone
rating
(1)
a-
Long
 
-term
rating
A-
Outlook
Stable
Short-term
rating
F1
Fitch
Moody’s
baa1
a-
A1
A
Stable
Stable
Prime-1
A-1
Standard
 
&
 
Poor’s
(1)
 
Intrinsic
 
creditworthness.
8
Annual
 
report
 
2021
Belfius
 
Bank
2020
2021
Staff
 
members
 
Male
 
Female
 
Total
Male
 
Female
 
Total
TOTAL
 
3,349
 
3,125
 
6,474
3,363
 
3,168
 
6,531
(In
 
billions
 
of
 
EUR)
2020
2021
Total
 
volume
 
in
 
funds
 
of
 
the
 
future
 
1.11
2.11
Total
 
volume
 
of
 
investments
 
managed
 
based
 
on
 
the
 
Portfolio21
 
criteria
 
under
 
management
 
13.5
12.3
%
 
art
 
8
 
&
 
9
 
in
 
outstanding
 
active
 
investments
 
offer
 
submitted
 
to
 
SFDR
 
(except
 
mandates)
 
-
79%
31/12/17
 
31/12/18
 
31/12/19
 
31/12/20
IAS
 
39
 
IFRS
 
9
 
IFRS
 
9
 
IFRS
 
9
31/12/21
IFRS
 
9
CET
 
1-
 
ratio
(1)
15.9%
 
16.0%
 
15.9%
 
17.1%
16.4%
Tier
 
1-
 
ratio
(1)
15.9%
 
17.0%
 
16.7%
 
18.0%
17.1%
Total
 
capital
 
ratio
(1)
18.1%
 
19.6%
 
19.2%
 
20.4%
19.8%
Leverage
 
ratio
 
5.5%
 
6.0%
 
6.0%
 
6.9%
7.1%
Solvency
 
II
 
 
ratio
 
(before
 
dividend)
 
230%
 
219%
 
212%
 
212%
200%
Solvency
 
II
 
 
ratio
 
(after
 
dividend)
 
219%
 
203%
 
212%
 
200%
190%
31/12/17
 
31/12/18
 
31/12/19
 
31/12/20
IAS
 
39
 
IFRS
 
9
 
IFRS
 
9
 
IFRS
 
9
31/12/21
IFRS
 
9
Return
 
on
 
equity
 
(ROE)
 
7.0%
 
7.5%
 
7.4%
 
5.6%
9.2%
Return
 
on
 
assets
 
(ROA)
 
0.35%
 
0.39%
 
0.40%
 
0.29%
0.48%
Cost-
 
income
 
ratio
 
(C/I
 
ratio)
 
58.1%
 
60.4%
 
58.4%
 
56.0%
54.6%
Asset
 
quality
 
ratio
 
1.99%
 
2.05%
 
1.96%
 
2.02%
1.95%
Coverage
 
ratio
 
63.3%
 
61.6%
 
62.3%
 
60.0%
60.4%
Liquidity
 
Coverage
 
Ratio
 
(LCR)
(2)
132%
 
135%
 
130%
 
158%
195%
Net
 
Stable
 
Funding
 
Ratio
 
(NSFR)
 
116%
 
116%
 
116%
 
128%
136%
belfius-2021-12-31p9i1 belfius-2021-12-31p9i0 belfius-2021-12-31p9i4 belfius-2021-12-31p9i3 belfius-2021-12-31p8i8 belfius-2021-12-31p8i8
Annual
 
report
 
2021
Belfius
 
Bank
9
belfius-2021-12-31p2i1 belfius-2021-12-31p2i0 belfius-2021-12-31p2i2
Annual
 
report
2021
10
Belfius
 
Bank
belfius-2021-12-31p3i1 belfius-2021-12-31p3i0 belfius-2021-12-31p3i2
 
 
 
 
 
 
 
 
 
 
 
 
Management
 
report
Message
 
from
 
the
 
chairmen
12
2021
 
highlights
20
Strategy
 
Inspire
 
2025:
a
 
purpose
 
and
 
values
 
driven
 
strategy
 
towards
 
2025
26
Sustainability
 
Report
 
2021
34
Human
 
resources
106
Financial
 
results
116
Segment
 
reporting
128
Capital
 
management
152
Risk
 
management
166
Corporate
 
governance
204
General
 
information
228
Annual
 
report
 
2021
Belfius
 
Bank
11
belfius-2021-12-31p12i1 belfius-2021-12-31p12i0 belfius-2021-12-31p12i4 belfius-2021-12-31p8i9 belfius-2021-12-31p8i8 belfius-2021-12-31p8i8
 
Message
from
 
the
 
chairmen
With
 
a
 
figure
 
of
 
EUR
 
935
 
million,
 
in
 
2021
 
Belf
 
ius
 
achieved
 
its
 
best
 
net
 
result
 
since
 
it
 
came
 
into
 
existence
 
ten
 
years
ago.
 
It
 
is
 
a
 
result
 
that
 
enables
 
Belfius
 
to
 
evolve
 
into
 
a
 
very
 
solid
 
and
 
sustainable
 
partner
 
for
 
the
 
Belgian
 
economy
 
and
for
 
society
 
in
 
Belgium.
 
Belfius
 
has
 
now
 
more
 
than
 
doubled
 
its
 
net
 
result
 
in
 
the
 
space
 
of
 
ten
 
years
 
and
 
for
 
the
 
first
tim
 
e
 
is
 
approaching
 
the
 
profit
 
milestone
 
of
 
EUR
 
1
 
billion.
 
In
 
2021,
 
Belfius
 
Bank
 
saw
 
its
 
contribution
 
to
 
this
 
splendid
net
 
result
 
more
 
than
 
double,
 
to
 
EUR
 
716
 
million.
 
The
 
share
 
of
 
Belfius
 
Insurance
 
in
 
the
 
profit
 
also
 
continued
 
to
 
rise,
reaching
 
EUR
 
219
 
million.
 
Once
 
again,
 
this
 
high
 
net
 
profit
 
for
 
Belfius
 
is
 
the
 
result
 
of
 
a
 
strong
 
growth
 
in
revenue,
 
strictly
 
controlled
 
operating
 
overheads
 
and
 
historically
 
low
 
cost
 
of
 
risk.
Overall,
 
Belfius
 
saw
 
its
 
total
 
income
 
rise
 
by
 
3.4%
 
to
 
a
 
record
 
of
 
EUR
 
2,703
 
million.
 
The
 
bank’s
 
net
 
interest
 
income
and
 
net
 
commission
 
income
 
both
 
increased,
 
while
 
revenue
 
from
 
the
 
insurance
 
activities
 
remained
 
virtually
 
stable.
Even
 
with
 
its
 
ambitious
 
growth
 
strategy
 
and
 
associated
 
investments
 
in
 
Belgian
 
talent,
 
innovation
 
and
 
digital,
 
Belfius
has
 
always
 
kept
 
costs
 
under
 
strict
 
control
 
over
 
the
 
years.
 
In
 
2021,
 
that
 
resulted
 
in
 
the
 
lowest
 
Cost-Income
 
ratio
since
 
the
 
creation
 
of
 
Belfius:
 
54.6%
 
compared
 
with
 
64.5%
 
in
 
2012.
In
 
2021,
 
Belfius
 
saw
 
the
 
cost
 
of
 
risk
 
very
 
positively
 
influenced
 
by
 
the
 
favourable
 
macro-economic
 
recovery
 
and
the
 
effectiveness
 
of
 
the
 
policy
 
measures
 
taken.
 
This
 
enabled
 
Belfius
 
to
 
reduce
 
the
 
Covid-19
 
provisions
 
set
 
aside
in
 
2020
 
from
 
EUR
 
331
 
million
 
to
 
EUR
 
216
 
million.
 
As
 
a
 
result
 
of
 
the
 
release
 
of
 
this
 
part
 
of
 
these
 
Covid
 
-19
 
provisions,
the
 
overall
 
cost
 
of
 
risk
 
evolved
 
from
 
EUR
 
-453
 
million
 
in
 
2020
 
to
 
EUR
 
1.4
 
million
 
in
 
2021.
 
Since
 
the
 
beginning
 
of
 
the
pandemic,
 
Belfius
 
has
 
helped
 
a
 
total
 
of
 
34,606
 
customers
 
to
 
keep
 
their
 
head
 
above
 
water
 
in
 
this
 
time
 
of
 
crisis.
 
Of
the
 
customers
 
who
 
requested
 
a
 
moratorium
 
on
 
their
 
payments,
 
97.1%
 
of
 
Business
 
and
 
Corporate
 
customers,
 
more
than
 
99%
 
of
 
Individuals
 
and
 
even
 
100%
 
of
 
public
 
and
 
social
 
sector
 
customers
 
have
 
resumed
 
making
 
repay-
ments
 
on
 
their
 
loans
 
(i.e.
 
for
 
moratoriums
 
that
 
have
 
not
 
been
 
extended).
12
Annual
 
report
 
2021
Belfius
 
Bank
belfius-2021-12-31p13i1 belfius-2021-12-31p13i3
 
belfius-2021-12-31p8i8 belfius-2021-12-31p8i8 belfius-2021-12-31p9i3
“Belfius
 
gives
customers
the
 
opportunity
to
 
make
 
meaningful
investments
 
in
a
 
better
 
and
 
more
sustainable
 
world”.
Marc
 
Raisière
Chairman
of
 
the
 
Management
 
Board
Belfius
 
Bank
Annual
 
report
 
2021
Belfius
 
Bank
13
 
belfius-2021-12-31p8i9 belfius-2021-12-31p8i8 belfius-2021-12-31p8i8
Management
 
report
Message
 
from
 
the
 
chairmen
In
 
terms
 
of
 
solvency,
 
the
 
Belfius
 
CET
 
1
 
ratio
 
of
 
16.4%
 
remains
 
at
 
a
 
robust
and
very
 
high
 
level.
 
Whereas
 
in
 
2011
 
it
 
was
 
still
 
under
 
8%,
 
ten
 
years
 
later
 
and
even
after
 
the
 
latest
 
EBA
 
stress
 
test,
 
Belfius
 
is
 
now
 
able
 
to
 
claim
 
to
 
be
 
one
 
of
 
the
best-capitalised
 
bank
 
and
 
insurance
 
companies
 
in
 
Europe.
 
Belfius’
 
Solvency
 
II
ratio
 
is
 
190%.
 
With
 
a
 
strong
 
increase
 
in
 
its
 
LCR
 
ratio
 
of
 
195%
 
and
 
a
 
similarly
higher
 
NSFR
 
ratio
 
of
 
136%,
 
Belfius
 
amply
 
exceeds
 
the
 
mandatory
 
liquidity
requirements.
 
At
 
the
 
end
 
of
 
2021,
 
the
 
liquidity
 
reserve
 
stood
 
at
 
EUR
 
42
billion,
 
with
 
the
 
Group’s
 
equity
 
capital
 
also
 
higher,
 
at
 
EUR
 
11
 
billion,
meaning
 
that
 
Belfius
 
has
 
seen
 
its
 
capital
 
base
 
more
 
than
 
double
 
in
 
ten
 
years.
Based
 
on
 
these
 
solid
 
results,
 
Belf
 
ius
 
intends
 
to
 
proceed
 
with
 
a
 
dividend
payment
 
of
 
40%
 
of
 
the
 
profit
 
for
 
the
 
whole
 
financial
 
year
 
2021.
 
Subject
to
 
approval
 
at
 
the
 
next
 
Shareholders’
 
Meeting,
 
a
 
dividend
 
totalling
 
EUR
368.5
 
million
 
will
 
be
 
paid
 
to
 
the
 
shareholder.
 
This
 
brings
 
the
 
cumulative
dividends
 
passed
 
on
 
by
 
Belfius
 
to
 
Belgian
 
society
 
since
 
2012
 
to
 
almost
EUR
 
1.7
 
billion.
Belfius
 
more
 
than
 
ever
 
supporting
 
all
 
segments
 
of
 
the
Belgian
 
society
With
 
an
 
increase
 
of
 
12%
 
in
 
new
 
long-term
 
financing,
 
to
 
EUR
 
22.3
 
billion,
Belfius
 
provided
 
more
 
support
 
than
 
ever
 
to
 
all
 
segments
 
of
 
the
 
Belgian
 
society
in
 
2021.
 
In
 
the
 
space
 
of
 
ten
 
years,
 
Belfius
 
has
 
seen
 
its
 
production
 
of
 
long-
term
 
loans
 
virtually
 
double.
 
Total
 
outstanding
 
loans
 
rose
 
by
 
5%
 
in
 
2021
 
to
EUR
 
102.2
 
billion,
 
exceedi
 
ng
 
the
 
EUR
 
100
 
billion
 
mark
 
for
 
the
 
first
 
time
 
in
Belfius’
 
history.
In
 
the
 
segment
 
for
 
Individuals,
 
a
 
total
 
of
 
EUR
 
8.7
 
billion
 
of
 
long
 
-term
 
financing
was
granted
 
in
 
2021,
 
which
 
was
 
an
 
increase
 
of
 
17%.
 
This
 
rise
 
related
 
mainly
 
to
 
a
20%
 
increase
 
in
 
the
 
production
 
of
 
housing
 
loans,
 
totalling
 
EUR
 
7.7
 
billion.
 
This
sustained
 
commercial
 
dynamic
 
generated
 
a
 
market
 
share
 
of
 
16.5%
 
for
new
 
mortgages,
 
while
 
consumer
 
lending
 
rose
 
slightly
 
to
 
EUR
 
708
 
million.
14
Annual
 
report
 
2021
Belfius
 
Bank
belfius-2021-12-31p15i1 belfius-2021-12-31p8i9 belfius-2021-12-31p8i8 belfius-2021-12-31p8i8
Management
 
report
Message
 
from
 
the
 
chairmen
Belfius
 
also
 
made
 
full
 
use
 
of
 
its
 
strength
 
to
 
support
 
the
 
financing
 
capacity
of
 
Belgian
 
companies,
 
as
 
well
 
as
 
the
 
public
 
and
 
social
 
sector.
 
To
 
provide
assistance
 
where
 
it
 
was
 
needed
 
in
 
the
 
aftermath
 
of
 
the
 
Covid
 
-19
 
crisis
 
and
as
 
an
 
additional
 
stimulus
 
to
 
help
 
with
 
the
 
return
 
of
 
growth
 
plans.
 
With
 
a
total
 
of
 
EUR
 
10.9
 
billion
 
in
 
new
 
long-term
 
loans
 
for
 
Entrepreneurs
 
and
Enterprises
 
(“E&E”),
 
Belfius
 
did
 
10%
 
better
 
than
 
in
 
2020
 
and
 
continued
 
to
play
 
its
 
role
 
as
 
a
 
driving
 
force
 
in
 
the
 
Belgian
 
economy.
 
In
 
parallel
 
with
 
its
 
growth
figures
 
for
 
lending,
 
Belfius
 
also
 
saw
 
its
 
market
 
share
 
in
 
loans
 
outstanding
increase
 
again,
 
for
 
both
 
the
 
Business
 
and
 
Corporate
 
segment,
 
to
 
an
 
estimated
level
 
of
 
17.4%
 
and
 
18.5%
 
respectively.
 
Belfius
 
also
 
remained
 
the
 
undisputed
go-to
 
partner
 
for
 
the
 
public
 
and
 
social
 
sector.
 
In
 
2021,
 
EUR
 
2.6
 
billion
 
in
long-term
 
loans
 
were
 
granted
 
to
 
customers
 
in
 
this
 
segment.
In
 
addition
 
to
 
traditional
 
credit
 
financing,
 
Belfius
 
is
 
increasingly
 
opening
 
up
alternative
 
financing
 
solutions
 
to
 
customers
 
from
 
these
 
sectors.
 
In
 
2021,
Belfius
 
placed
 
EUR
 
2.6
 
billion
 
of
 
new
 
short
 
-term
 
and
 
long-term
 
issues
 
in
 
the
market
 
for
 
Corporate
 
customers.
 
The
 
bank
 
also
 
provided
 
EUR
 
4.9
 
billion
 
of
alternative
 
financing
 
for
 
its
 
(semi
 
-)public
 
customers.
 
And
 
in
 
2021,
 
Belfius
was
 
voted
 
“Euronext
 
Best
 
Bond
 
Finance
 
House
 
of
 
the
 
Year”
 
for
 
the
 
6th
consecutive
 
year.
 
Customers
 
were
 
also
 
able
 
to
 
continue
 
relying
 
on
 
Belfius
for
 
the
 
day-to-day
 
management
 
of
 
their
 
cashflow,
 
payments
 
and
 
receipts.
This
 
is
 
an
 
area
 
of
 
expertise
 
for
 
which
 
Belfius
 
also
 
won
 
awards
 
in
 
2021
 
from
the
 
authoritative
 
magazine,
 
Global
 
Finance,
 
as
 
“Best
 
Treasury
 
&
 
Cash
 
Mana
 
-
gement
 
Bank”
 
and
 
“Best
 
Trade
 
Finance
 
Provider”.
More
 
than
 
ever
 
a
 
bank
 
for
 
everyone
 
 
and
 
an
 
impressive
transformation
 
into
 
a
 
bank
 
for
 
investors
As
 
part
 
of
 
its
 
ongoing
 
efforts
 
to
 
keep
 
improving
 
its
 
service
 
to
 
customers
and
 
enhance
 
society,
 
Belfius
 
also
 
helps
 
customers
 
to
 
invest
 
in
 
that
 
society.
Total
 
outstanding
 
savings
 
and
 
investments
 
across
 
all
 
segments
 
rose
 
to
EUR
179.5
 
billion,
 
including
 
an
 
unprecedented
 
10%
 
increase
 
among
 
Individuals
to
EUR
 
118.4
 
billion.
 
After
 
an
 
exceptionally
 
strong
 
increase
 
in
 
savings
 
and
Annual
 
report
 
2021
Belfius
 
Bank
15
belfius-2021-12-31p12i1 belfius-2021-12-31p12i0 belfius-2021-12-31p8i9 belfius-2021-12-31p8i8 belfius-2021-12-31p8i8
Management
 
report
Message
 
from
 
the
 
chairmen
investments
 
among
 
Individuals
 
in
 
2020,
 
organic
 
growth
 
of
 
savings
 
and
 
investments
 
for
 
these
 
customers
 
accounted
for
 
a
 
further
 
rise
 
in
 
2021,
 
reaching
 
EUR
 
5.7
 
billion
 
by
 
the
 
end
 
of
 
the
 
year.
 
This
 
growth
 
indicates
 
the
 
sustained
confidence
 
of
 
our
 
customers
 
and
 
the
 
successful
 
transformation
 
of
 
Belfius
 
into
 
a
 
bank
 
for
 
investors.
 
There
 
was
 
also
strong
 
growth
 
in
 
the
 
segments
 
for
 
Private
 
&
 
Wealth
 
Management,
 
reflected
 
by
 
a
 
14%
 
increase
 
in
 
customer
 
numbers
to
 
a
 
total
 
in
 
excess
 
of
 
145,000.
 
Outstanding
 
savings
 
and
 
investments
 
in
 
these
 
segments
 
amounted
 
to
 
EUR
 
53.4
billion,
 
representing
 
a
 
significant
 
increase
 
of
 
20%
 
compared
 
with
 
the
 
end
 
of
 
2020
 
and
 
an
increase
 
in
 
outstanding
 
funds
 
in
 
circulation
 
in
 
the
 
Wealth
 
segment
 
of
 
64%.
More
 
than
 
ever
 
a
 
caring
 
insurer
 
at
 
the
 
side
 
of
 
its
 
customers
In
 
2021,
 
the
 
insurance
 
business
 
was
 
put
 
to
 
the
 
test
 
even
 
more
 
than
 
usual
 
by
 
the
 
unprecedented
 
floods
 
of
 
July
 
2021.
Even
 
under
 
these
 
extreme
 
circumstances,
 
Belfius
 
more
 
than
 
ever
 
proved
 
itself
 
to
 
be
 
a
 
caring
 
insurer.
 
A
 
great
 
many
additional
 
resources
 
were
 
deployed
 
to
 
assist
 
affected
 
customers
 
in
 
the
 
best
 
possible
 
way
 
and
 
to
 
provide
compensation
 
for
 
the
 
damage
 
suffered
 
as
 
quickly
 
as
 
possible.
 
The
 
financial
 
impact
 
for
 
Belfius
 
Insurance
 
was
considerable,
 
at
 
EUR
 
181
 
million.
 
However,
 
thanks
 
to
 
the
 
part
 
born
 
by
 
the
 
regional
 
authorities
 
and
 
the
 
sound
reinsurance
 
policies
 
taken
 
out
 
by
 
Belfius
 
Insurance
 
over
 
a
 
number
 
of
 
years
 
as
 
part
 
of
 
its
 
forward-looking
 
risk
management
 
policy,
 
the
 
impact
 
on
 
results
 
was
 
restricted
 
to
 
approximately
 
EUR
 
24
 
million.
But
 
these
 
exceptional
 
events
 
did
 
not
 
prevent
 
Belfius
 
Insurance
 
from
 
achieving
 
strong
 
results
 
in
 
both
 
Life
 
and
 
Non-
Life.
 
Group
 
Non-Life
 
premium
 
receipts
 
were
 
EUR
 
769
 
million
 
(+4%).
 
This
 
increase
 
was
 
particularly
 
the
 
case
 
for
Belfius
 
Bank
 
(+11%),
 
which
 
saw
 
a
 
rise
 
for
 
the
 
sixth
 
successive
 
year,
 
clearly
 
demonstrating
 
the
 
strength
 
of
 
the
 
Belfius
banking
 
and
 
insurance
 
model.
 
Life
 
production
 
exceeded
 
the
 
EUR
 
2
 
billion
 
mark,
 
up
 
a
 
strong
 
12%
 
compared
with
 
2020.
More
 
than
 
ever
 
focusing
 
on
 
innovation
2021
 
was
 
also
 
a
 
year
 
in
 
which
 
multiple
 
milestones
 
were
 
passed
 
in
 
Belfius’
 
evolution
 
towards
 
taking
 
an
 
innovative
and
 
diversified
 
approach
 
to
 
retail
 
banking.
 
After
 
a
 
5-month
 
trial,
 
in
 
October,
 
Belfius
 
launched
 
the
 
Beats
 
digital
 
flow
 
in
the
 
Belfius
 
Mobile
 
app.
 
This
 
launch
 
was
 
the
 
next
 
step
 
in
 
the
 
strategic
 
partnership
 
between
 
Belfius
 
and
 
Proximus.
October
 
2021
 
also
 
saw
 
the
 
introduction
 
of
 
Banx,
 
the
 
fully
 
digital
 
and
 
sustainable
 
slow
 
banking
 
experience
 
deve
 
loped
in
 
conjunction
 
with
 
Belfius.
 
Digital
 
acceleration
 
also
 
picked
 
up
 
speed
 
in
 
2021.
 
In
 
total,
 
63%
 
of
 
the
 
Individuals
 
and
 
E&E
customers
 
became
 
digitally
 
active.
 
At
 
the
 
end
 
of
 
2021,
 
the
 
total
 
number
 
of
 
users
 
of
 
the
 
Belfius
 
apps
 
for
 
smartphones
and
 
tablets
 
had
 
risen
 
to
 
more
 
than
 
1.79
 
million
 
 
up
 
by
 
13%
 
compared
 
with
 
2020.
 
Belfius
 
also
 
continued
 
to
 
play
 
the
digital
 
card
 
in
 
insurance.
 
After
 
the
 
success
 
of
 
the
 
“app-normal”
 
home
 
and
 
family
 
insurance
 
in
 
2020,
 
Belfius
 
added
the
 
new
 
“app-normal”
 
tenant
 
insurance
 
cover
 
option
 
in
 
2021
 
to
 
its
 
range
 
of
 
Non-Life
 
insurance
 
products
 
available
in
 
the
 
Belfius
 
app.
16
Annual
 
report
 
2021
Belfius
 
Bank
belfius-2021-12-31p13i1 belfius-2021-12-31p13i3
 
belfius-2021-12-31p8i8 belfius-2021-12-31p8i8 belfius-2021-12-31p9i3
“Since
 
the
 
beginning
of
 
the
 
pandemic,
Belfius
 
has
 
helped
34,606
 
customers
to
 
keep
 
their
 
head
above
 
water
 
in
 
this
crisis.”
Chris
 
Sunt
Chairman
of
 
the
 
Board
 
of
 
Directors
Belfius
 
Bank
Annual
 
report
 
2021
Belfius
 
Bank
17
 
belfius-2021-12-31p18i1 belfius-2021-12-31p18i0 belfius-2021-12-31p8i8 belfius-2021-12-31p8i8 belfius-2021-12-31p9i3
More
 
than
 
ever
 
ESG
 
is
 
on
 
our
 
radar
The
 
climate
 
and
 
our
 
planet
 
need
 
a
 
different
 
way
 
of
 
doing
 
business.
 
Belfius
aims
 
to
 
be
 
a
 
pioneer
 
in
 
this
 
transition
 
by
 
inspiring
 
customers
 
and
 
by
 
firmly
embedding
 
sustainability
 
as
 
part
 
of
 
our
 
financing
 
and
 
investment
 
offering.
 
For
example,
 
in
 
2021,
 
Belfius
 
took
 
on
 
a
 
senior
 
role
 
in
 
the
 
issue
 
of
 
ten
 
green,
 
social
or
 
sustainab
 
le
 
bonds,
 
scoring
 
a
 
bull’s
 
eye
 
with
 
the
 
successful
 
initial
launch
 
of
its
 
own
 
“Green
 
Senior
 
Bond”.
 
Belfius
 
also
 
demonstrated
 
its
 
financing
capabilities
in
 
the
 
public
 
and
 
social
 
sector
 
in
 
2021
 
with
 
its
 
involvement
 
in
 
sustainable
infrastructure
 
projects
 
worth
 
EUR
 
1.7
 
billion,
 
approximately
 
EUR
 
300
 
million
of
 
which
 
was
 
financed
 
by
 
Belfius.
 
And
 
Belfius
 
helped
 
local
 
authorities
 
in
 
the
sustainable
 
renovation
 
of
 
their
 
buildings
 
with
 
the
 
Smart
Building
 
&
 
Renovation
Solution
 
product,
 
providing
 
funding
 
of
 
EUR
 
140
 
million.
With
 
the
 
launch
 
of
 
“meaningful
 
investing”,
 
Belfius
 
also
 
gives
 
customers
 
the
opportunity
 
to
 
make
 
meaningful
 
investments
 
in
 
a
 
better
 
and
 
more
 
sustainable
world.
 
Some
 
of
 
the
 
stand-out
 
products
 
here
 
are
 
the
 
Belfius
 
Future
 
Funds,
with
 
new
 
subscriptions
 
to
 
these
 
funds
 
climbing
 
by
 
28%
 
in
 
2021
 
to
 
EUR
934
 
million.
 
This
 
means
 
they
 
now
 
represent
 
more
 
than
 
20%
 
of
 
total
 
subscriptions
to
 
investment
 
funds.
 
Sinc
 
e
 
mid
 
-2021,
 
customers
 
have
 
also
 
been
 
able
 
to
 
make
meaningful
 
investments
 
on
 
the
 
new
 
Re=Bel
 
stock
 
market
 
platform.
 
Re=Bel
informs
 
customers
 
about
 
the
 
sustainable
 
nature
 
of
 
their
 
transactions.
 
By
the
 
end
 
of
 
2021,
 
there
 
were
 
already
 
40,000
 
customers
 
on
 
the
 
platform,
conducting
 
a
 
little
 
over
 
100,000
 
transactions
 
totalling
 
EUR
 
348
 
million.
 
Just
how
 
attractive
 
the
 
platform
 
has
 
proved
 
can
 
be
 
seen
 
from
 
the
 
fact
 
that
 
73%
of
 
share
 
transactions
 
conducted
 
met
 
the
 
sustainability
 
criteria
 
set
 
by
 
Belfius.
Belfius
 
Bank
 
is
 
also
 
setting
 
a
 
good
 
example
 
in
 
the
 
transition
 
to
 
a
 
more
sustainable
 
economy.
 
For
 
instance,
 
Belfius
 
is
 
firmly
 
committed
 
to
 
making
 
its
fleet
 
of
 
vehicles
 
greener,
 
with
 
electric
 
or
 
plug
 
-in
 
hybrid
 
cars
 
now
 
accounting
for
 
over
 
60%
 
of
 
new
 
orders
 
of
 
‘flex’
 
and
 
company
 
cars
 
within
 
the
 
Belfius
Group.
 
Also,
 
Belfius
 
is
 
and
 
remains
 
carbon-neutral
 
for
 
its
 
own
 
activities.
 
In
addition,
 
the
 
Belfius
 
policy
 
on
 
diversity
 
continues
 
to
 
bear
 
fruit
 
and
 
the
 
balance
between
 
men
 
and
 
women
 
at
 
all
 
levels
 
of
 
the
 
organisation
 
is
 
gradually
 
improving.
The
 
proportion
 
of
 
women
 
compared
 
to
 
men
 
in
 
managerial
 
roles
 
rose
 
from
33.7%
 
in
 
2020
 
to
 
36.7%
 
in
 
2021,
 
taking
 
us
 
another
 
step
 
closer
 
to
 
our
 
target
of
 
44%
 
by
 
2025.
18
belfius-2021-12-31p8i9 belfius-2021-12-31p8i8 belfius-2021-12-31p8i8 belfius-2021-12-31p19i3 belfius-2021-12-31p19i2
Management
 
report
Message
 
from
 
the
 
chairmen
More
 
than
 
ever
 
ready
 
for
 
the
 
next
 
decade
For
 
ten
 
years
 
now,
 
Belfius
 
has
 
been
 
living
 
up
 
its
 
commitment
 
to
 
be
 
a
 
meaningful
 
and
 
inspiring
 
bank-insurer
 
for
 
the
Belgian
 
society.
 
This
 
is
 
no
 
coincidence
 
and
 
is
 
the
 
result
 
of
 
a
 
successful
 
blend
 
of
 
a
 
sustainable
 
business
 
model
 
and
 
the
correct
 
long-term
 
strategy.
 
It
 
is
 
a
 
strategy
 
based
 
on
 
providing
 
unconditional
 
support
 
for
 
the
 
Belgian
 
economy,
focusing
 
on
 
innovation
 
and
 
Belgian
 
talent
 
and
 
always
 
putting
 
the
 
customer
 
first
 
in
 
every
 
situation.
 
Our
 
excellent
results
 
allow
 
us
 
to
 
look
 
to
 
the
 
future
 
with
 
ambition
 
and
 
commitment.
 
To
 
a
 
sustainable
 
future
 
in
 
which
 
we
 
will
 
continue
to
 
invest
 
in
 
Belgian
 
society
 
and
 
the
 
economy,
 
with
 
strong
 
profitability,
 
a
 
prudent
 
risk
 
policy
 
and
 
powerful
 
capital
reserves.
In
 
the
 
year
 
in
 
which
 
Belfius
 
looks
 
back
 
with
 
pride
 
on
 
ten
 
years
 
of
 
hard
 
work,
 
we
 
would
 
like
 
to
 
thank
 
our
 
customers
for
 
their
 
trust
 
in
 
us
 
 
a
 
trust
 
that
 
inspires
 
us
 
every
 
day
 
to
 
give
 
the
 
best
 
of
 
ourselves.
 
We
 
are
 
also
 
grateful
 
to
 
our
shareholder
 
and
 
to
 
the
 
members
 
of
 
our
 
Board
 
of
 
Directors
 
for
 
their
 
confidence
 
and
 
support
 
in
 
developing
 
our
ambitious
 
strategy.
 
Finally,
 
we
 
extend
 
our
 
sincere
 
gratitude
 
to
 
our
 
thousands
 
of
 
staff
 
members
 
and
 
to
 
our
 
indepen
 
-
dent
 
agents
 
and
 
their
 
employees
 
for
 
their
 
ongoing
 
efforts
 
and
 
commitment.
 
And
 
for
 
the
 
Love
 
of
 
our
 
customers,
which
 
has
 
already
 
been
 
the
 
case
 
for
 
10
 
years
 
or
 
more
 
 
and
 
will
 
continue
 
to
 
be
 
so
 
in
 
the
 
future.
Brussels,
 
24
 
March
 
2022
Marc
 
Raisière
Chairman
 
of
 
the
 
Management
 
Board
Belfius
 
Bank
Chris
 
Sunt
Chairman
 
of
 
the
 
Board
 
of
 
Directors
Belfius
 
Bank
Annual
 
report
 
2021
Belfius
 
Bank
19
belfius-2021-12-31p20i0
 
2021
highlights
belfius-2021-12-31p21i1 belfius-2021-12-31p8i9 belfius-2021-12-31p8i8 belfius-2021-12-31p8i8
 
Management
 
report
2021
 
highlights
Belfius
 
celebrates
 
its
 
ten
 
years
 
of
 
existence
 
in
 
2021
.
 
We
 
have
 
been
 
faced
 
with
ambitious
 
challenges
 
all
 
over
 
this
 
period.
 
“Meaningful
 
and
 
inspiring
 
for
 
Belgian
 
Society.
Together.”
 
has
 
been
 
our
 
leading
 
theme
 
across
 
these
 
ten
 
years
 
of
 
organic
 
growth
 
and
innovative
 
developments.
 
In
 
2021,
 
Belfius
 
posted
 
a
 
strong
 
commercial
 
performance
 
and
excellent
 
financial
 
results,
 
while
 
benefiting
 
from
 
a
 
sound
 
capital
 
position.
 
Macro-
 
economic
perspectives
 
evolved
 
favourably
 
in
 
the
 
course
 
of
 
2021
 
even
 
though
 
concerns
 
remained.
Credit
 
spreads
 
continued
 
to
 
benefit
 
from
 
massive
 
interventions
 
from
 
govern-
 
ments
 
and
central
 
banks,
 
while
 
equity
 
markets
 
displayed
 
positive
 
returns.
The
 
consolidated
 
net
 
income
 
amounted
 
to
 
EUR
 
935
 
million,
 
which
 
is
 
EUR
 
403
 
million
higher
 
than
 
in
 
2020
 
(EUR
 
532
 
million).
 
The
 
main
 
drivers
 
for
 
this
 
material
 
increase
 
are
primarily
 
the
 
historically
 
low
 
Cost
 
of
 
Risk,
 
driven
 
by
 
partial
 
net
 
reversal
 
of
 
the
 
2020
 
Covid-
19
 
related
 
provisioning,
 
but
 
also
 
the
 
very
 
strong
 
Income
 
(net
 
interest
 
income,
 
fee
 
and
commission
 
and
 
Life
 
insurance)
 
and
 
still
 
well-contained
 
Operating
 
Expenses,
 
with
 
an
increase
 
of
 
less
 
than
 
1%
 
despite
 
continued
 
investments
 
in
 
our
 
data
 
and
 
digital
 
trans-
formation
 
journey.
 
The
 
level
 
of
 
Pre-Provision
 
Income,
 
at
 
EUR
 
1,226
 
million,
 
has
 
never
 
been
higher
 
since
 
Belfius’
 
origins
 
and
 
increased
 
with
 
EUR
 
77
 
million
 
compared
 
to
 
last
 
year
(despite
 
the
 
continuing
 
low
 
interest
 
rate
 
environment).
Belfius
 
Bank
 
contributed
 
EUR
 
716
 
million
 
to
 
the
 
consolidated
 
net
 
profit
 
while
 
Belfius
Insurance
 
saw
 
its
 
contribution
 
increase
 
slightly
 
to
 
EUR
 
219
 
million.
Sustained
 
commercial
 
activity
 
in
 
all
segments
 
in
 
2021
Belfius
 
has
 
granted
 
a
 
record
 
amount
 
of
 
EUR
 
22.3
 
billion
 
in
 
new
 
long-term
financing
 
to
 
the
 
Belgian
 
economy
.
 
Out
 
of
 
these
 
EUR
 
22.3
 
billion,
 
abou
 
t
 
50%
 
(EUR
11.2
 
billon)
 
were
 
granted
 
to
 
entrepreneurs
 
and
 
enterprises
 
i.e.
 
Businesses
 
(SMEs,
 
self-
employed
 
and
 
liberal
 
professions)
 
and
 
Corporate
 
customers.
 
Belfius
 
also
 
granted
 
EUR
2.6
 
billion
 
of
 
new
 
long-term
 
loans
 
to
 
the
 
Public
 
and
 
Social
 
sector
 
and
 
remained
 
the
reference
 
partner
 
for
 
those
 
clients.
 
Furthermore,
 
EUR
 
8.5
 
billion
 
in
 
new
 
long-term
financing
 
were
 
granted
 
to
 
individual
 
customers,
 
including
 
EUR
 
7.8
 
billion
 
in
 
mortgage
 
loans.
This
 
represents
 
an
 
increase
 
of
 
18%
 
compared
 
to
 
the
 
end
 
of
 
2020.
These
 
strong
 
commercial
 
dynamics
 
in
 
terms
 
of
 
financing
 
of
 
the
 
Belgian
 
economy
 
resulted
in
 
a
 
continued
 
strong
 
increase
 
of
 
our
 
outstanding
 
stock
 
of
 
loans
 
granted
 
to
 
all
 
segments
of
 
the
 
Belgian
 
economy.
 
For
 
the
 
first
 
time
 
in
 
ten
 
years
 
of
 
existence,
 
the
 
global
 
on
 
balance
outstanding
 
stock
 
exceeded
 
the
EUR
 
100
 
billion
 
level
.
In
 
2021,
savings
 
and
 
Investments
also
 
performed
 
strongly
 
in
 
a
 
favourable
 
financial
market
 
context,
 
reaching
 
an
 
outstanding
 
stock
 
of
 
EUR
 
179.5
 
billion,
 
a
 
growth
 
of
 
9.6%
compared
 
to
 
December
 
2020.
 
The
 
Individuals
 
(IND)
 
segment
 
displayed
 
a
 
strong
 
growth
 
of
EUR
 
10.5
 
billion
 
driven
 
by
 
non-maturing
 
deposits
 
combined
 
with
 
strong
 
dynamics
 
in
 
Asset
Management,
 
Bonds
 
&
 
Equity
 
(both
 
organic
 
growth
 
as
 
well
 
as
 
a
 
positive
 
market
effect),
while
 
the
 
Entrepreneurs,
 
Enterprises
 
&
 
Public
 
(E&E&P)
 
segment
 
realized
 
a
 
growth
of
 
EUR
5.2
 
billion,
 
mainly
 
driven
 
by
 
non-maturing
 
deposits.
At
 
Group
 
level,
Non-Life
 
GWP
reached
 
EUR
 
769
 
million
 
and
 
a
 
growth
 
of
 
+4.4%.
 
This
outperformance
 
was
 
mainly
 
achieved
 
thanks
 
to
 
the
 
Belfius
 
bank
 
insurance
 
channel
(+11.3%).
Life
 
production
reached
 
EUR
 
2.1
 
billion.
 
Life
 
reserves
 
were
 
down
 
by
 
1%
 
at
 
EUR
 
14.4
billion
 
in
 
December
 
2021,
 
driven
 
by
 
the
 
Branch
 
21
 
reserves
 
(EUR
 
10.1
 
billion
 
or
 
-5.5%)
while
 
the
 
Branch
 
23
 
reserves
 
continued
 
to
 
grow
 
(to
 
EUR
 
4.2
 
billion
 
or
 
+12.0%)
 
thanks
to
 
higher
 
production
 
and
 
a
 
positive
 
market
 
effect,
 
in
 
line
 
with
 
Belfius’
 
strategy.
Annual
 
report
 
2021
Belfius
 
Bank
21
belfius-2021-12-31p22i1 belfius-2021-12-31p22i0 belfius-2021-12-31p8i9 belfius-2021-12-31p8i8 belfius-2021-12-31p8i8
 
Management
 
report
2021
 
highlights
With
 
regard
 
to
 
our
digital
 
performance
,
 
Belfius
 
confirmed
 
its
 
acceleration
 
of
 
remote
services.
 
The
 
number
 
of
 
active
 
mobile
 
users
 
reached
 
EUR
 
1.79
 
million
 
at
 
the
 
end
 
of
 
2021,
up
 
13.3%
 
compared
 
to
 
year
 
end
 
2020.
 
Belfius
 
offers
 
a
 
leading
 
and
 
award-winning
 
mobile
banking
 
app,
 
while
 
our
 
insurance
 
digital
 
features
 
were
 
ranked
 
#1
 
in
 
Belgium.
 
These
achievements
 
underline
 
the
 
strong
 
relevance
 
of
 
our
 
digital
 
strategy
 
and
 
Belfius
 
will
continue
 
to
 
leverage
 
its
 
world
 
-class
 
mobile
 
app
 
as
 
the
 
cornerstone
 
to
 
offer
 
inspiring
 
and
innovative
“beyond
 
bank-insurance”
solutions
 
to
 
our
 
customers.
In
 
2021,
 
Belfius
 
stood
 
at
 
the
 
heart
 
of
 
the
transition
 
towards
 
a
 
sustainable
 
future
for
 
the
 
Belgian
 
society.
 
Belfius
 
is
 
committed
 
to
 
making
 
a
 
difference
 
in
 
the
 
social
 
challen-
ges
 
and
 
to
 
encouraging
 
solutions
 
that
 
contribute
 
to
 
a
 
more
 
sustainable
 
society
 
in
 
Belgium.
Belfius’
 
commitments
 
for
 
2025
 
proved
 
to
 
be
 
more
 
relevant
 
than
 
ever
 
as
 
a
 
guiding
compass
 
for
 
its
 
sustainability
 
strategic
 
goals.
 
From
 
reinventing
 
mobility
 
through
 
equal
opportunities
 
and
 
social
 
commitment,
 
to
 
a
 
neutral
 
stance
 
on
 
CO
2
,
 
Belfius
 
positions
 
itself
as
 
a
 
leading
 
actor
 
in
 
this
 
field.
Excellent
 
financial
 
performance
 
in
2021
Belfius’
 
consolidated
 
net
 
income
 
2021
reached
 
the
 
outstanding
 
amount
 
of
 
EUR
935
 
million,
 
driven
 
by
 
strong
 
commercial
 
dynamics
 
in
 
combination
 
with
 
a
 
positive
 
stock
market
 
year
 
and
 
a
 
prosperous
 
risk
 
environment.
Total
 
income
amounted
 
to
 
EUR
 
2,703
 
million
 
in
 
2021,
 
up
 
3%
 
compared
 
to
 
2020
 
(EUR
2,614
 
million)
 
thanks
 
to:
an
 
increase
 
of
net
 
interest
 
income
 
bank
by
 
2%
 
(EUR
 
1,623
 
million
 
in
 
2021
 
compared
to
 
EUR
 
1,590
 
million
 
in
 
2020)
 
mainly
 
thanks
 
to
the
 
excellent
 
commercial
 
loans
 
dynamics
 
in
 
all
 
segments
 
of
 
the
 
Belgian
 
economy,
leading
 
to
 
a
 
continued
 
diversification
 
of
 
the
 
loan
 
portfolio
 
at
 
Belfius,
the
 
disciplined
 
pricing
 
thereof,
 
as
 
such
 
compensating
 
for
 
the
 
pressure
 
on
 
interest
margins
 
on
 
non-maturing
 
deposits
 
stemming
 
from
 
the
 
historically
 
low
 
interest
 
rate
environment,
 
and
the
 
increased
 
interest
 
income
 
support
 
from
 
the
 
TLTRO;
excellent
 
growth
 
in
net
 
fee
 
and
 
commission
 
income
 
of
 
the
 
bank
,
 
up
 
by
 
18%
 
(EUR
732
 
million
 
in
 
2021
 
against
 
EUR
 
622
 
million
 
in
 
2020)
 
thanks
 
to
 
increased
 
revenues
from
 
asset
 
management
 
and
 
payment
 
services;
higher
Life
 
insurance
 
income
up
 
by
 
11%
 
(EUR
 
302
 
million
 
in
 
2021
 
against
 
EUR
273
million
 
in
 
2020),
 
thanks
 
to
 
further
 
increasing
 
recurring
 
income
 
on
 
Life
 
Guaranteed
products
despite
 
a
 
decreasing
 
portfolio;
lower
Non-Life
 
insurance
 
income
,
 
down
 
by
 
14%
 
(EUR
 
210
 
million
 
in
 
2021
 
against
EUR
 
244
 
million
 
in
 
2020),
 
notably
 
due
 
to
 
the
 
strong
 
positive
 
lockdown
 
impact
 
in
 
2020
for
 
car
 
insurance,
 
a
 
higher
 
average
 
claims
 
cost,
 
the
 
impact
 
of
 
the
 
floods
 
of
 
July
 
2021
and
 
provision
 
for
 
damages
 
caused
 
by
 
drought;
other
 
income
amounted
 
to
 
EUR
 
-165
 
million
 
in
 
2021,
 
more
 
negative
 
than
 
in
 
2020
(EUR
 
-116
 
million).
 
The
 
year-on-year
 
delta
 
stems
 
mainly
 
from
 
higher
 
bank
 
levies
 
(EUR
256
 
million
 
in
 
2021
 
against
 
EUR
 
222
 
million
 
in
 
2020)
 
and
 
smaller
 
net
 
income
 
on
investments.
Costs
remained
 
well
 
contained
 
at
 
EUR
 
1,477
 
million
 
in
 
2021,
 
a
 
limited
 
1%
 
increase
 
against
EUR
 
1,465
 
million
 
in
 
2020,
 
driven
 
by
 
an
 
increase
 
in
 
staff
 
expenses,
 
general
 
expenses
 
and
network
 
costs,
 
and
 
despite
 
the
 
fact
 
that
 
Belfius
 
continued
 
to
 
invest
 
structurally
 
in
 
IT
 
and
digitalization.
 
This
 
led
 
to
 
a
 
noticeable
 
improvement
 
in
 
the
 
cost-
 
income
 
ratio
 
at
 
54.6%
 
in
2021
 
compared
 
to
 
56.0%
 
in
 
2020.
22
Annual
 
report
 
2021
Belfius
 
Bank
belfius-2021-12-31p8i9 belfius-2021-12-31p8i8 belfius-2021-12-31p8i8
 
 
Management
 
report
2021
 
highlights
All
 
in
 
all,
 
the
 
combination
 
of
 
strong
 
income
 
dynamics,
 
favourable
 
financial
 
markets
 
and
 
the
lower-for-longer
 
interest
 
rate
 
environment,
 
together
 
with
 
contained
 
operating
 
expenses,
notwithstanding
 
continuing
 
investments
 
in
 
commercial
 
activities,
 
ESG,
 
IT
 
and
digitalization,
 
led
 
to
 
an
 
increase
 
of
 
7%
 
in
pre-provision
 
income
,
 
to
 
EUR
 
1,226
 
million
 
in
2021
 
(compared
 
to
 
EUR
 
1,149
 
million
 
in
 
2020).
Belfius
 
made
 
a
 
detailed
 
review
 
of
 
its
 
credit
 
risk
 
portfolio
 
and
 
prudentially
 
managed
 
its
 
IFRS
9
 
provisions
 
in
 
line
 
with
 
the
 
improving
 
economic
 
environment,
 
leading
 
to
 
a
 
partial
 
net
reversal
 
of
 
the
 
2020
 
Covid-19
 
related
 
provisioning
 
and
 
as
 
such
 
a
 
light
 
net
 
reversal
 
of
cost
 
of
 
risk
of
 
EUR
 
+1
 
million
 
in
 
2021
 
compared
 
to
 
a
 
net
 
allowance
 
of
 
EUR
 
-453
 
million
in
 
2020.
As
 
a
 
result,
net
 
income
 
before
 
taxes
amounted
 
to
 
EUR
 
1,226
 
million
 
in
 
2021
 
compared
to
 
EUR
 
679
 
million
 
in
 
2020.
Tax
 
expenses
amounted
 
to
 
EUR
 
290
 
million
 
in
 
2021
 
compared
 
to
 
EUR
 
147
 
million
 
in
2020,
 
mainly
 
due
 
to
 
higher
 
taxable
 
profit.
 
The
 
consolidated
 
effective
 
tax
 
rate
 
(ETR)
stood
 
at
 
24%,
 
slightly
 
below
 
the
 
statutory
 
tax
 
rate
 
(25%
 
in
 
2021).
As
 
a
 
consequence,
consolidated
 
net
 
income
 
2021
reached
 
EUR
 
935
 
million
 
compared
to
 
EUR
 
532
 
million
 
in
 
2020.
Continued
 
investment
 
in
 
the
 
future,
with
 
a
 
focus
 
on
 
sustainability
Beyond
 
these
 
excellent
 
financial
 
results,
 
Belfius
 
has
 
continued
 
to
 
invest
 
in
 
its
 
future
with
 
a
 
very
 
clear
 
focus
 
on
 
sustainability,
 
a
 
value
 
that
 
has
 
been
 
in
 
our
 
DNA
 
since
 
our
 
origins,
and
 
on
 
digitalization.
 
This
 
state
 
of
 
mind
 
is
 
at
 
the
 
core
 
of
 
all
 
the
 
major
 
strategic
 
and
innovative
 
initiatives
 
launched
 
by
 
Belfius
 
in
 
2021:
Funds
 
of
 
the
 
future
:
 
from
 
2019
 
until
 
the
 
end
 
of
 
December
 
2021,
 
Belfius
 
launched
six
 
funds
 
dedicated
 
to
 
society-related
 
themes:
 
“Belfius
 
Equities
 
Cure”
 
(dedicated
 
to
oncology),
 
“Belfius
 
Equities
 
Climate”
 
(environment),
 
“Belfius
 
Equities
 
Wo=Men”
 
(to
promote
 
gender
 
equality),
 
“Belfius
 
Equities
 
Be=Long”
 
(dedicated
 
to
 
happy
 
and
 
healthy
longevity),
 
“Belfius
 
Equity
 
Move”
 
(for
 
a
 
cleaner,
 
safer
 
and
 
smarter
 
mobility)
 
and
 
“Belfius
Equities
 
Become”
 
(focused
 
on
 
the
 
development
 
of
 
children)
(1)
.
 
As
 
of
 
December
 
2021,
these
 
six
 
funds
 
of
 
the
 
future
 
had
 
already
 
attracted
 
EUR
 
2.1
 
billion,
 
generating
 
total
contribution
 
to
 
charities
 
of
 
EUR
 
2.13
 
million
 
since
 
their
 
start;
Re=Bel
,
 
our
 
brand-new
 
investment
 
app,
 
was
 
launched
 
on
 
1
 
July
 
2021.
 
This
 
platform,
fully
 
integrated
 
into
 
our
 
mobile
 
app,
 
makes
 
investing
 
with
 
a
 
cause
 
accessible
 
to
 
all.
 
With
a
 
range
 
of
 
40,000
 
shares
 
and
 
over
 
300
 
ETFs
 
over
 
25
 
markets,
 
Re=Bel
 
assists
 
our
customers
 
in
 
their
 
shift
 
to
 
sustainable
 
investing
 
and
 
is
 
as
 
such
 
in
 
line
 
with
 
Belfius
 
TAP
(2)
.
As
 
at
 
the
 
end
 
of
 
2021,
 
Re=Bel
 
onboarded
 
40,000
 
customers
 
for
 
a
 
total
 
amount
 
of
 
EUR
348
 
million
 
of
 
transactions;
(1)
In
 
January
 
2022,
 
Belfius
 
launched
 
“Belfius
 
Equities
 
Re=New”,
 
focused
 
on
 
circular
 
economy.
(2)
The
 
Transition
 
Acceleration
 
Policy
 
(TAP)
 
is
 
Belfius’
 
policy
 
on
 
controversial
 
or
 
‘sensitive’
 
sectors.
 
It
 
is
 
applied
 
to
 
all
 
Belfius’
activities,
 
with
 
a
 
double
 
objective
 
to
 
both
 
encourage
 
and
 
support
 
economic
 
actors
 
in
 
their
 
shift
 
towards
 
more
 
sustainable
activities,
and
 
to
 
reduce
 
the
 
negative
 
impact
 
of
 
our
 
own
 
activities
 
by
 
discontinuing
 
or
 
limiting
 
support
 
of
 
non-sustainable
 
activities.
Annual
 
report
 
2021
Belfius
 
Bank
23
belfius-2021-12-31p8i9 belfius-2021-12-31p8i8 belfius-2021-12-31p8i8
 
 
 
 
Management
 
report
2021
 
highlights
Banx
:
 
in
 
October
 
2021,
 
Belfius
 
and
 
Proximus
 
have
 
launched
Banx,
 
a
 
digital
 
banking
 
platform
 
imagined
 
by
 
Proximus
 
and
powered
 
by
 
Belfius.
 
This
 
digital
 
innovative
 
concept
 
enables
fully
 
mobile
 
and
 
sustainable
 
banking
 
services,
 
each
 
user
easily
gaining
 
insight
 
into
 
the
 
impact
 
of
 
his
 
or
 
her
 
purchases.
By
using
 
a
 
personal
 
CO
2
 
footprint
 
dashboard,
 
our
 
clients
 
manage
their
 
banking
 
activities
 
more
 
consciously
 
and
 
un-
 
derstand
which
 
of
 
their
 
purchases
 
are
 
good
 
for
 
the
 
planet
 
and
 
which
are
 
not;
Beats
:
 
in
 
March
 
2021,
 
Belfius
 
announced
 
the
 
launch
 
of
 
an
innovative
 
payment
 
and
 
telecom
 
offer
 
for
 
its
 
retail
 
customers
in
the
 
form
 
of
 
a
 
monthly
 
subscription
 
associating
 
a
 
banking
component
 
(account
 
and
 
cards)
 
and
 
a
 
telecom
 
component
(internet,
 
mobile,
 
digital
 
television).
 
In
 
addition,
 
Beats
 
also
offers
 
a
 
societal
 
angle
 
which
 
enables
 
customers
 
them-
selves
 
to
 
decide
 
in
 
which
 
areas,
 
together
 
with
 
Belfius,
 
they
will
 
support
 
the
 
Society
 
(Health,
 
Planet
 
or
 
People);
Green
 
bond
:
 
Belfius
 
issued
 
its
 
inaugural
 
green
 
bond
 
in
 
May
2021,
 
with
 
an
 
issuance
 
of
 
EUR
 
500
 
million.
 
The
 
proceeds
 
are
invested
 
in
 
eligible
 
assets,
 
under
 
a
 
framework
 
aligned
with
the
 
four
 
core
 
components
 
of
 
the
 
Green
 
Bond
 
Principles
2018
and
 
validated
 
by
 
Sustainalytics.
Covid-19
 
crisis
2021
 
has
 
been
 
the
 
year
 
of
 
Covid-19
 
pandemic
 
ups
 
and
 
downs.
This
 
pandemic,
 
a
 
real
 
life-changer,
 
that
 
had
 
started
 
at
 
the
 
end
of
 
February
 
2020,
 
structurally
 
hit
 
societies’
 
functioning,
 
leading
to
 
further
 
societal
 
divide
 
and
 
unease
 
regarding
 
health.
 
How-
ever,
 
it
 
has
 
not
 
led
 
to
 
additional
 
material
 
financial
 
market
volatility
 
or
 
economic
 
turmoil,
 
in
 
contrast
 
to
 
the
 
year
 
2020,
 
as
both
 
very
 
large
 
monetary
 
and
 
governmental
 
stimulus
 
plans
continued.
Since
 
the
 
beginning
 
of
 
the
 
Covid-19
 
crisis,
 
Belfius
 
has
 
contin-
uously
 
and
 
fully
 
delivered
 
on
 
its
 
societal
 
role
 
by
 
providing
 
the
necessary
 
liquidity
 
and
 
by
 
granting
 
deferred
 
payments
 
for
individuals,
 
enterprises
 
and
 
SMEs
 
in
 
temporary
 
difficulties,
 
and
this
 
with
 
an
 
overall
 
contribution
 
higher
 
than
 
its
 
market
 
share
would
 
have
 
suggested.
At
 
the
 
end
 
of
 
2021,
 
out
 
of
 
the
 
EUR
 
5.4
 
billion
 
of
 
loans
 
to
corporate
 
and
 
business
 
customers
 
that
 
were
 
granted
 
morato
 
-
rium
 
since
 
the
 
start
 
of
 
the
 
Covid-19
 
crisis,
 
EUR
 
0.08
 
billion
 
are,
as
 
at
 
the
 
end
 
of
 
2021,
 
still
 
subject
 
to
 
payment
 
holidays.
 
97.1%
of
 
corporate
 
and
 
business
 
loans
 
for
 
which
 
the
 
moratorium
came
 
to
 
an
 
end,
 
have
 
resumed
 
their
 
normal
 
payments
 
of
formerly
 
deferred
 
amounts.
 
For
 
mortgage
 
loans,
 
almost
 
100%
of
 
the
 
clients
 
have
 
resumed
 
the
 
payments
 
(100%
 
in
 
the
 
public
sector).
Solid
 
solvency
 
ratios
 
and
sound
 
liquidity
 
position
In
 
terms
 
of
 
financial
 
solidity,
 
Belfius
 
continues
 
to
 
display
 
sound
solvency,
 
liquidity
 
and
 
risk
 
metrics:
Floods
 
in
 
July
 
2021
Perhaps
 
for
 
the
 
first
 
time
 
in
 
history,
 
Belgium
 
experienced
a
 
close
 
encounter
 
with
 
climate
 
change.
 
Severe
 
floods
occurred
 
back
 
in
 
July
 
2021,
 
mainly
 
in
 
Wallonia
 
and
Limburg
.
 
They
 
led
 
to
 
huge
 
infrastructural
 
devastations
 
and
very
 
high
 
damage
 
claims
 
for
 
insurers
 
and
 
for
 
Belfius.
 
Although
Belfius
 
cannot
 
take
 
away
 
the
 
human
 
suffering,
 
it
 
considers
it
 
to
 
be
 
its
 
utmost
 
duty
 
to
 
take
 
all
 
actions
 
to
 
alleviate
 
the
material
 
damages
 
suffered
 
by
 
its
 
insured
 
customers.
 
Specific
measures
 
have
 
been
 
taken
 
to
 
accelerate
 
the
 
claims
 
handling
(greater
 
autonomy
 
for
 
claims
 
experts
 
and
 
picture-based
 
settle-
ments)
 
while
 
advances
 
have
 
been
 
provided
 
swiftly
 
in
 
the
 
case
of
 
major
 
insured
 
damage.
the
CET
 
1
 
ratio
stood
 
at
 
16.37%,
 
0.74%
 
down
 
compared
to
 
December
 
2020,
 
mainly
 
as
 
a
 
result
 
of
 
our
 
increasing
capacity
 
of
 
profit
 
(+158
 
bps
 
CET
 
1
 
ratio),
 
the
 
negative
 
impact
of
 
the
 
strong
 
commercial
 
balance
 
sheet
 
growth
 
(-87
 
bps
 
CET
1
 
ratio),
 
a
 
foreseeable
 
pay-out
 
ratio
 
(-62
 
bps
 
on
 
the
CET
 
1
ratio)
 
and
 
the
 
still
 
on-going
 
stricter
 
regulatory
 
impacts
(-71
 
bps);
this
 
strong
 
and
 
solid
 
CET
 
1
 
level
 
is
 
net
 
of
 
a
 
40%
 
dividend
pay
 
-out
 
ratio
,
 
hence
 
a
 
potential
 
FY
 
2021
 
dividend
 
of
 
EUR
368.5
 
million,
 
thanks
 
to
 
which
 
Belfius
 
continued
 
to
 
support
its
 
commercial
 
franchise
 
development;
the
total
 
capital
 
ratio
stood
 
at
 
19.8%
 
compared
 
to
 
20.4%
end
 
2020;
the
leverage
 
ratio
increased
 
to
 
7.1%,
 
up
 
28
 
bps
 
compared
to
 
December
 
2020;
insurance
 
activities
 
also
 
posted
 
continued
 
solid
 
solvency
metrics,
 
with
 
a
Solvency
 
II
 
ratio
of
 
190%
 
end
 
of
 
December
2021;
at
 
the
 
end
 
of
 
2021,
 
Belfius
 
also
 
showed
 
an
 
excellent
 
liquidity
and
 
funding
 
profile
 
with
 
a
LCR
 
of
 
195%
(1)
and
 
a
 
NSFR
 
of
136%;
total
 
shareholders’
 
equity
(Net
 
Asset
 
Value)
 
further
improved
 
to
 
EUR
 
11.0
 
billion
 
at
 
the
 
end
 
of
 
December
 
2021
(against
 
EUR
 
10.2
 
billion
 
at
 
the
 
end
 
of
 
2020).
Belfius
 
total
 
gross
 
claim
 
cost
 
for
 
the
 
floods
 
of
 
July
 
2021
 
in
Wallonia
 
and
 
Limburg
 
amounts
 
to
 
EUR
 
181
 
million
 
for
 
Corona
and
 
Belfius
 
Insurance
 
customers.
 
In
 
total,
 
more
 
than
 
EUR
2
 
billion
 
of
 
damage
 
was
 
recorded.
 
The
 
financial
 
impact
 
thereof
on
 
Belfius
 
Insurance
 
FY
 
2021
 
accounts
 
remains
 
manageable,
thanks
 
to
 
the
 
strong
 
re-insurance
 
contracts
 
Belfius
Insurance
had
put
 
in
 
place
 
many
 
years
 
ago
 
and
 
the
 
intervention
 
of
 
the
Regions.
(1)
 
12-month
 
average
24
Annual
 
report
 
2021
Belfius
 
Bank
belfius-2021-12-31p25i1 belfius-2021-12-31p9i0 belfius-2021-12-31p9i4 belfius-2021-12-31p8i8 belfius-2021-12-31p8i8 belfius-2021-12-31p9i3
Annual
 
report
 
2021
Belfius
 
Bank
25
belfius-2021-12-31p26i0
 
Strategy
 
Inspire
 
2025:
a
 
purpose
 
and
 
values
 
driven
strategy
 
towards
 
2025
belfius-2021-12-31p27i1 belfius-2021-12-31p8i9 belfius-2021-12-31p8i8 belfius-2021-12-31p8i8
 
Management
 
report
Strategy
 
Inspire
 
2025:
 
a
 
purpose
 
and
 
values
 
driven
 
strategy
 
towards
 
2025
At
 
the
 
end
 
of
 
2020,
 
Belfius
successfully
 
achieved
 
all
 
ambitions
set
 
in
 
its
 
“long-term
 
strategy
towards
 
2020”.
As
 
such,
 
today,
 
Belfius
 
is
 
a
 
digital
 
leading
 
integrated
 
bank-insurer,
 
present
 
in
 
all
 
segments
of
 
the
 
Belgian
 
economy,
 
committed
 
to
 
customer
 
satisfaction
 
and
 
the
 
creation
 
of
 
societal
value,
with
 
strong
 
commercial
 
and
 
financial
 
results.
As
 
of
 
December
 
2021,
 
it
 
is
 
the
second
 
largest
 
integrated
 
Belgian
 
bank-insurer
,
serving
 
3.7
 
million
 
customers,
 
with
 
an
 
overall
 
satisfaction
 
of
 
95%
 
and
 
a
recognized
digital
 
leader
with
 
the
 
2nd
 
best
 
banking
 
app
 
worldwide,
 
ahead
 
of
 
many
 
fintechs
 
and
neobanks.
Belfius’
 
is
 
growing
 
its
 
franchise
 
in
 
Private
 
&
 
Wealth;
 
developing
 
its
 
position
 
as
 
Bank
 
for
Investors
 
with
 
a
 
11.4%
 
growth
 
in
 
clients
 
and
 
15.3%
 
growth
 
in
 
savings
 
and
 
investments
products
 
within
 
this
 
segment
 
in
 
2021.
 
Also
 
our
 
Business
 
and
 
Corporate
 
Banking
 
is
continuously
 
expanding
 
its
 
market
 
position,
 
reaching
 
a
 
market
 
share
 
of
 
>17%
 
and
 
serving
over
 
0.36
 
million
 
Entrepreneurs
 
and
 
Enterprises
 
as
 
at
 
the
 
end
 
of
 
December
 
2021.
 
In
 
the
Public
 
sector
 
it
 
remains
 
the
 
reference
 
bank
 
in
 
Belgium,
 
with
 
almost
 
100%
 
penetration.
“Belfius’
 
integrated
business
 
model
 
will
continue
 
its
 
expansion
into
 
Asset
 
Management
and
 
Financial
 
Markets.”
Belfius
 
is
 
also
one
 
of
 
the
 
most
 
solid
 
banks
 
in
 
Europe
,
 
ranking
 
in
 
the
 
top-10
 
of
 
most
resilient
 
banks
 
in
 
2021
 
EBA
 
stress
 
tests.
As
 
a
 
result
 
of
 
this,
 
at
 
the
 
end
 
of
 
2020,
 
the
 
time
 
was
 
right
 
for
 
Belfius
 
to
 
define
 
an
inspiring
new
 
ambition
 
for
 
the
 
future:
 
Belfius’
 
Inspire
 
2025
 
strategy
.
 
This
 
strategy
is
built
on
a
 
clear
 
and
 
inspiring
 
purpose
 
that
 
is
 
our
 
guide
 
in
 
all
 
important
 
choices
 
and
 
decisions
we
make:
Belfius,
 
meaningful
 
and
 
inspiring
 
for
 
Belgian
 
society.
 
Together
.
Under
 
this
 
Inspire
 
2025
 
strategy,
 
Belfius
 
remains
 
a
 
universal,
 
integrated
 
bank-insurer
 
that
generates
 
a
 
positive
 
contribution
 
to
 
all
 
segments
 
of
 
the
 
Belgian
 
economy
 
and
 
Society
thanks
 
to
 
its
 
robust
 
“risk
 
management”
 
and
 
strong
 
“financial
 
management”.
Belfius’
 
integrated
 
business
 
model,
 
based
 
on
 
creating
 
and
 
leveraging
 
synergies
 
across
its
 
client
 
segments,
 
as
 
well
 
as
 
its
 
products
 
and
 
businesses,
 
will
 
continue
 
its
 
expansion
 
into
Asset
 
Management
 
and
 
Financial
 
Markets.
Belfius
 
continues
 
to
 
put
the
 
customer
 
at
 
the
 
heart
of
 
everything.
 
For
 
each
 
customer
segment,
 
we
 
go
 
the
 
last
 
mile
 
in
 
terms
 
of
 
customer
 
satisfaction.
 
To
 
underline
 
this
 
further,
also
 
within
 
our
 
financial
 
reports,
 
we
 
are
 
adjusting
 
our
 
Belfius’
 
segmentation,
 
in
 
order
 
to
“start
 
from
 
the
 
customer”.
 
As
 
such,
 
our
 
segmentation
 
for
 
our
 
financial
 
and
 
commercial
results
 
will
 
be
 
reported
 
centered
 
around
 
two
 
new
 
“commercial
 
segments”:
 
the
 
individual
customers
 
(“Individuals”,
 
abbreviation
 
IND)
 
and
 
the
 
business,
 
corporate
 
and
 
institutional
customers
 
(“Entrepreneurs,
 
Enterprises
 
and
 
Public”,
 
abbreviation
 
E&E&P).
Individuals
and
Entrepreneurs,
 
Enterprises
 
and
 
Public
 
will
 
be
 
the
 
two
 
main
cornerstones
that
 
replace
 
the
 
previous
 
Retail
 
and
 
Commercial
 
segment
 
(RC)
 
and
 
Public
and
 
Corporate
 
segment
 
(PC).
 
The
 
Group
 
Center,
 
containing
 
the
 
residual
 
results
 
not
allocated
 
to
 
the
 
two
 
commercial
 
segments
 
will
 
remain
 
as
 
is.
 
This
 
consists
 
mainly
 
of
 
results
from
 
Bond
 
and
 
Derivative
 
portfolio
 
management.
Annual
 
report
 
2021
Belfius
 
Bank
27
belfius-2021-12-31p22i1 belfius-2021-12-31p22i0 belfius-2021-12-31p8i9 belfius-2021-12-31p8i8 belfius-2021-12-31p8i8
 
 
Management
 
report
Strategy
 
Inspire
 
2025:
 
a
 
purpose
 
and
 
values
 
driven
 
strategy
 
towards
 
2025
Individuals
 
segmentation
In
 
the
 
Individuals
 
segment,
 
our
 
segmentation
 
has
 
always
 
been
 
based
 
on
 
the
 
customer’s
financial
 
footprint,
 
both
 
in
 
terms
 
of
 
loans
 
and
 
assets.
 
These
 
days,
 
we
 
understand
 
that
the
 
customer’s
 
behaviour
 
and
 
aspirations
 
are
 
equally
 
important.
 
In
 
practical
 
terms,
 
this
means
 
that
 
the
 
previous
 
Retail
 
and
 
Privilege
 
customers
 
will
 
be
 
subdivided
 
into
 
Savers
and
 
Investors,
 
not
 
based
 
on
 
their
 
assets,
 
but
 
on
 
their
 
behaviour.
Savers
are
 
individuals
who
 
do
 
little
 
or
 
no
 
investing
 
and
 
who
 
mainly
 
seek
 
a
 
safe
 
haven
 
in
 
their
 
savings
 
booklet.
An
Investor
,
 
on
 
the
 
other
 
hand,
 
is
 
someone
 
who
 
mainly
 
invests,
 
who
 
has
 
a
 
certain
 
amount
of
knowledge
 
about
 
investing
 
and
 
who
 
has
 
a
 
minimum
 
of
 
EUR
 
7,500
 
of
 
investments
 
with
Belfius.
“We
 
put
 
the
 
customer
 
at
the
 
heart
 
of
 
everything.”
The
 
Savers
 
and
 
Investors
 
segment
 
remains
 
fundamental
 
for
 
Belfius,
 
in
 
which
 
we
 
focus
 
on
an
 
innovative
 
mix
 
of
 
digital
 
and
 
human,
 
through
 
own
 
channels
 
and
 
via
 
strategic
partnerships,
 
and
 
a
 
continued
 
support
 
to
 
the
 
most
 
vulnerable
 
in
 
society
 
(e.g.
 
via
 
social
accounts,
 
accessible
 
services
 
for
 
elderly/less
 
digital
 
people,
 
etc.).
 
For
 
our
 
top
 
segments,
we
 
have
 
chosen
 
a
 
membership
 
approach
 
where
 
clients
 
consciously
 
choose
 
to
 
opt
 
in.
 
The
Private
 
Membership
 
is
 
a
 
paying
 
membership
 
while
 
the
 
Wealth
 
membership
 
is
 
upon
invitation
 
only.
Belfius
 
will
 
continue
 
to
 
develop
 
a
 
stronger
 
position
 
for
 
the
Private
 
&
 
Wealth
 
segment
,
inter
 
alia
 
by
 
its
 
strong
 
position
 
in
 
meaningful
 
investing
 
with
 
a
 
tangible
 
impact
 
on
 
society.
Entrepreneurs,
 
Enterprises
 
and
Public
 
segmentation
Within
 
the
 
new
 
Entrepreneurs,
 
Enterprises
 
and
 
Public
 
segment,
 
we
 
have
 
indicated
 
three
sub-segments,
 
starting
 
with
 
Business.
The
Business
 
segment
brings
 
together
 
the
 
self-employed,
 
the
 
liberal
 
professions
 
(inter
alia
 
lawyers,
 
doctors,
 
accountants,
 
etc.)
 
and
 
SMEs
 
with
 
a
 
turnover
 
up
 
to
 
EUR
 
10
million.
 
This
 
segment
 
is
 
mainly
 
served
 
by
 
our
 
branch
 
network.
The
Corporate
 
Banking
 
segment
brings
 
together
 
medium
 
and
 
large
 
Belgian
 
companies
with
a
 
turnover
 
of
 
more
 
than
 
EUR
 
10
 
million.
 
This
 
segment
 
is
 
served
 
by
 
our
 
network
 
of
corporate
 
bankers.
 
Within
 
the
 
Corporate
 
Banking
 
segment,
 
a
 
new
 
subsegment
 
“Local
Corporates”
 
is
 
created,
 
that
 
serves
 
all
 
clients
 
that
 
balance
 
on
 
the
 
border
 
between
 
the
Business
 
and
 
Corporate
 
Banking,
 
with
 
a
 
turnover
 
between
 
EUR
 
10
 
and
 
25
 
million.
 
This
segment
 
is
 
served
 
by
 
both
 
our
 
branch
 
network
 
and
 
our
 
corporate
 
network.
 
A
 
special
feature
 
of
 
this
 
segment
 
is
 
that
 
is
 
characterized
 
by
 
the
 
merge
 
of
 
the
 
Wealth
 
Management
and
 
Corporate
 
Banking
 
sales
 
force
 
into
 
one
 
single
 
team,
 
with
 
Wealth
 
leads
 
provided
 
by
Corporate
 
Bankers
 
and
 
vice
 
versa.
“Belfius
 
is
 
committed
to
 
the
 
deployment
 
of
 
its
strategy
 
‘Bank
For
 
Investors
 
2025’.”
Last
 
but
 
not
 
least,
 
the
 
E&E&P
 
segment
 
consists
 
of
 
the
Public
 
and
 
Social
 
Banking
which
brings
 
together
 
Regions,
 
Communities,
 
Municipaliti
 
es,
 
Provinces,
 
CPAS,
 
police
 
areas,
 
health
sector,
 
education
 
and
 
social
 
sector
 
customers.
 
This
 
segment
 
is
 
served
 
by
 
our
network
 
of
dedicated
 
relationship
 
managers.
 
However,
 
some
 
customers
 
are
 
also
 
(or
 
only)
served
 
in
branches
 
to
 
offer
 
more
 
flexibility
 
and
 
a
 
better
 
service.
Within
 
the
 
E&E&P
 
segment,
 
Belfius
 
will
 
continue
 
to
 
support
 
the
 
Belgian
 
economy,
providing
 
an
 
integrated
 
approach
 
for
 
all
 
“Entrepreneurs
 
&
 
Enterprises”
 
and
 
remaining
 
a
leader
 
in
 
the
 
Public
 
sector
 
where
 
its
 
roots
 
lie.
28
Annual
 
report
 
2021
Belfius
 
Bank
belfius-2021-12-31p8i9 belfius-2021-12-31p8i8 belfius-2021-12-31p8i8
Management
 
report
Strategy
 
Inspire
 
2025:
 
a
 
purpose
 
and
 
values
 
driven
 
strategy
 
towards
 
2025
1.2.
 
Become
 
a
 
Loved
 
Bank
 
for
 
Investors
Belfius
 
is
 
committed
 
on
 
continuing
 
the
 
deployment
 
of
 
its
strategy
 
“Bank
 
For
 
Investors
 
2025”,
 
based
 
on
 
four
 
pillars:
Simplify
 
and
 
clarify
 
Belfius’
 
investment
 
offering
 
for
our
 
customers
Through
 
an
 
active
 
management
 
of
 
customers
 
and
 
customer-
friendly
 
investment
 
solutions
 
based
 
on
 
the
 
Belfius
 
Convictions,
Belfius
 
offers
 
an
 
investment
 
approach
 
as
 
customer-friendly
as
 
possible
 
and
 
aligned
 
with
 
each
 
customer’s
 
preferred
 
level
of
 
autonomy.
 
In
 
2021,
 
Belfius
 
reinforced
 
its
 
Conviction-based
approach
 
in
 
managing
 
the
 
investments
 
of
 
its
 
clients:
 
strong
 
and
sharp
 
Belfius
 
Convictions
 
as
 
the
 
backbone
 
of
 
its
 
invest-
ment
strategy
 
and
 
formulating
 
clear
 
advice
 
on
 
asset
 
allocation
to
clients.
 
This
 
under
 
the
 
lead
 
of
 
Belfius
 
Investment
 
Partners,
 
our
own
 
in-house
 
Asset
 
Manager,
 
and
 
in
 
close
 
collaboration
 
with
Candriam,
 
our
 
privileged
 
partner
 
in
 
asset
 
management
 
and
pioneer
 
in
 
Sustainable
 
Investing.
As
 
such,
 
going
 
forward,
 
Belfius
 
organizes
 
its
 
commercial
activities
 
into
 
these
 
two
 
segments,
 
namely
 
“Individuals”
 
and
“Entrepreneurs
 
&
 
Enterprises”,
 
remaining
 
fully
 
committed
 
to
 
its
customers
 
and
 
their
 
love,
 
and
 
embedding
 
sustainability
 
in
 
all
aspects
 
of
 
its
 
strategy.
1.
Individuals
The
 
Inspire
 
2025
 
strategy
 
for
 
Individuals
 
runs
 
along
 
three
 
main
lines:
1.1.
Change
 
the
 
paradigm
 
in
 
Retail
 
Banking
One
 
of
 
the
 
challenges
 
to
 
which
 
‘Inspire
 
2025’
 
aims
 
to
 
provide
an
 
answer
 
is
 
the
 
definition
 
of
 
a
 
sustainable
 
future
 
for
 
the
 
mass
retail
 
segment
 
through
 
service
 
diversification
 
and
 
optimization
through
 
further
 
digitalization:
Subscription
 
based
 
services
In
 
the
 
area
 
of
 
banking
 
services
 
that
 
our
 
customers
 
use
 
every
day,
 
we
 
are
 
moving
 
towards
 
a
 
subscription
 
model
 
that
 
focuses
on
 
a
 
well-resourced
 
customer
 
relationship
 
from
 
the
 
outset.
With
 
Beats,
 
we
 
have
 
evolved
 
from
 
a
 
wide
 
range
 
of
 
accounts,
cards
 
and
 
packages
 
to
 
a
 
simple,
 
all-in-one
 
subscription
 
formula
that
 
combines
 
in
 
package
 
format
 
banking,
 
insurance
 
and
beyond
 
services.
 
Over
 
the
 
coming
 
months
 
and
 
years,
 
Beats
will
 
evolve
 
further
 
into
 
a
 
total
 
concept
 
that
 
covers
 
more
 
and
more
 
of
 
the
 
banking
 
and
 
non-banking
 
needs
 
of
 
our
 
Individuals,
with
 
one
 
ultimate
 
aim
 
in
 
mind:
 
to
 
be
 
Meaningful
 
&
 
Inspiring
 
for
Belgian
 
Society.
 
Through
 
Beats,
 
our
 
customers
 
are
 
for
 
instance
already
 
able
 
to
 
make
 
a
 
genuine
 
impact
 
on
 
societal
 
issues,
 
close
to
 
home
 
and
 
involving
 
a
 
topic
 
that
 
is
 
close
 
to
 
their
 
heart.
Bank
 
and
 
Insurance
We
 
will
 
also
 
continue
 
to
 
focus
 
strongly
 
on
 
our
 
primary
 
role
 
as
an
 
integrated
 
bank
 
and
 
insurance
 
company,
 
with
 
our
 
range
 
of
mortgage
 
loans
 
acting
 
as
 
the
 
driving
 
force
 
behind
 
our
 
customer
relationship.
 
Our
 
integrated
 
bank-insurance
 
model
 
remains
 
a
cornerstone
 
for
 
our
 
continued
 
service
 
and
 
revenue
 
diversifica
 
-
tion.
 
The
 
bank-insurance
 
model
 
has
 
showed
 
its
 
resilience
 
in
challenging
 
environments
 
like
 
in
 
2020
 
through
 
its
 
strong
contribution
 
to
 
Belfius’
 
total
 
net
 
income.
 
As
 
such,
 
our
 
bank-
insurance
 
model
 
enables
 
us
 
to
 
continue
 
to
 
assume
 
our
 
commit-
ment
 
to
 
Belgian
 
society.
Further
 
digitalization
The
 
further
 
digitalization
 
of
 
our
 
franchise
 
continues
 
with
almost
 
2
 
million
 
digitally
 
active
 
customers
 
who
 
log
 
on
 
to
 
one
of
 
our
 
digital
 
channels
 
more
 
than
 
once
 
a
 
day.
 
Given
 
that
 
we
 
are
still
 
focusing
 
on
 
an
 
omnichannel
 
approach,
 
we
 
continue
 
to
invest
 
both
 
in
 
human
 
and
 
digital.
 
Through
 
our
 
digital
 
solutions,
we
 
seek
 
to
 
provide
 
our
 
customers
 
with
 
a
 
zero-effort
 
service
that
 
supports
 
them
 
in
 
their
 
day-to-day
 
banking
 
and
 
non-banking
needs.
 
We
 
also
 
continue
 
enhancing
 
our
 
digital
 
offering
 
into
the
 
future
 
so
 
that
 
our
 
customers
 
can
 
benefit
 
from
 
the
 
ultimate
Belfius
 
experience:
 
distinctive
 
in-branch
 
advice
 
and
 
service,
combined
 
with
 
a
 
unique
 
digital
 
experience.
In
 
2021
 
we
 
also
 
revamped
 
our
 
approach
 
to
 
Branch
 
23
 
(life
insurance
 
without
 
capital
 
guarantee
 
but
 
with
 
a
 
potentially
higher
 
return
 
via
 
investment
 
funds)
 
products.
 
A
 
strong
 
ration-
alization
 
of
 
the
 
underlying
 
funds
 
has
 
set
 
the
 
basis
 
for
 
a
 
further
boost
 
of
 
this
 
valuable
 
investing
 
format
 
for
 
the
 
future.
 
Belfius
secures
 
financial
 
inclusion
 
by
 
focusing
 
on
 
usability
 
and
affordability
 
of
 
relevant
 
bank
 
and
 
insurance
 
offers
 
for
 
every-
one,
 
including
 
the
 
more
 
vulnerable
 
(the
 
elderly,
 
disabled,
 
non-
digital
 
population,
 
start-ups,
 
etc.).
 
For
 
more
 
information,
we
refer
 
to
 
the
 
Sustainability
 
Report
 
(see
 
chapter
 
6.1.5.3
 
Special
attention
 
for
 
more
 
vulnerable
 
customers).
Assisting
 
our
 
customers
 
on
 
how
 
to
 
activate
 
their
savings,
 
in
 
low
 
rate-high
 
inflation
 
environment
Most
 
Belgian
 
savers
 
still
 
have
 
potential
 
to
 
invest.
 
For
 
them,
Belfius
 
provides
 
access
 
to
 
local
 
account
 
managers
 
and
 
regional
insurance
 
and
 
credit
 
specialists
 
to
 
help
 
them
 
identify
 
the
 
best
solutions
 
for
 
the
 
build-up,
 
the
 
management
 
and
 
the
 
preser-
vation
 
of
 
their
 
assets.
 
Belfius
 
offers
 
a
 
wide
 
range
 
of
 
banking,
insurance
 
and
 
asset
 
management
 
products
 
and
 
services,
inspired
 
by
 
the
 
Belfius
 
Convictions,
 
solutions
 
that
 
are
 
meaning-
ful
and
 
inspiring,
 
and
 
focus
 
on
 
a
 
wide
 
variety
 
of
 
themes.
Furthermore,
 
in
 
July
 
2021,
 
Belfius
 
launched
a
 
brand
 
-new
brokerage
 
platform
,
 
Re=Bel,
 
fully
 
integrated
 
in
 
the
 
existing
digital
 
channels.
 
This
 
platform
 
has
 
set
 
a
 
new
 
standard
 
in
 
user
experience,
 
with
 
inspiring
 
themes,
 
meaningful
 
insights
 
and
 
full
transparency
 
on
 
the
 
ESG
 
impact
 
of
 
investments.
 
Re=Bel
 
is
already
 
gaining
 
very
 
strong
 
traction
 
with
 
our
 
clients,
 
allowing
them
 
to
 
activate
 
part
 
of
 
their
 
savings
 
to
 
off-balance
 
invest-
ments
 
in
 
a
 
customer-convenient
 
way.
Building
 
a
 
unique
 
positioning
 
in
 
“meaningful
 
investing”
ESG
 
has
 
been
 
deeply
 
rooted
 
in
 
our
 
DNA
 
for
 
a
 
long
 
time.
Meaningful
 
Investing
 
is
 
the
 
cornerstone
 
of
 
Belfius’
 
investment
strategy,
 
under
 
a
 
holistic
 
approach
 
across
 
all
 
dimensions
 
of
our
 
investment
 
activity,
 
from
 
advice
 
to
 
execution-only.
In
 
2021,
 
Belfius
 
took
 
things
 
one
 
step
 
further,
 
by
developing
its
 
proprietary
 
Transition
 
Acceleration
 
Policy
 
(TAP)
.
 
Our
Transition
 
Acceleration
 
Policy
 
aims
 
at
 
stimulating
 
positive
Annual
 
report
 
2021
Belfius
 
Bank
29
belfius-2021-12-31p2i1 belfius-2021-12-31p8i9 belfius-2021-12-31p8i8 belfius-2021-12-31p8i8
Management
 
report
Strategy
 
Inspire
 
2025:
 
a
 
purpose
 
and
 
values
 
driven
 
strategy
 
towards
 
2025
transition
 
and
 
limit
 
negative
 
impacts
 
of
 
investments,
 
by
 
dis-
continuing
 
or
 
limiting
 
our
 
own
 
investments
 
and
 
financing
 
to
non-sustainable
 
sectors
 
and
 
activities,
 
such
 
as
 
tobacco,
 
fossil
fuels,
 
gambling
 
and
 
so
 
on
 
and
 
by
 
showing
 
our
 
customers
 
what
potential
 
investments
 
are
 
TAP
 
-compliant
 
or
 
not.
On
 
top
 
of
 
the
 
inflows
 
in
 
portfolio
 
management
 
mandates,
marketed
 
together
 
with
 
our
 
privileged
 
partner
 
Candriam,
 
our
new
 
solutions
 
in
 
asset
 
management
 
in
 
collaboratio
 
n
 
with
BlackRock
 
and
 
JP
 
Morgan
 
proved
 
to
 
be
 
a
 
big
 
success.
Clients
 
can
 
monitor
 
all
 
their
 
savings
 
and
 
investment
 
products
in
 
real
 
time
 
on
 
their
 
mobile
 
and
 
tablet
 
devices
 
in
 
the
 
Belfius
applications.
 
Overall,
 
2021
 
was
 
a
 
record
 
year
 
for
 
these
 
top
segments,
 
both
 
in
 
growth
 
of
 
assets
 
and
 
in
 
growth
 
of
 
number
of
 
clients.
1.3.
 
Be
 
efficient
 
in
 
everything
 
we
 
do,
 
to
 
continue
to
 
improve
 
customer
 
convenience
Putting
 
these
 
strategic
 
choices
 
into
 
practice
 
goes
 
hand
 
in
 
hand
with
 
a
 
review
 
and
 
redesign
 
of
 
our
 
customer
 
service
 
processes.
In
 
2022,
 
we
 
will
 
further
 
align
 
our
 
offering
 
of
 
investment
 
solu-
tions
 
range
 
with
 
our
 
TAP.
Also,
 
at
 
Belfius,
 
we
 
continued
 
to
 
witness
 
material
 
growth
 
in
thematic
 
investing
during
 
2021.
 
The
 
extension
 
of
 
our
 
offer
 
and
strong
 
commercial
 
activity
 
enabled
 
us
 
to
 
double
 
the
 
Assets
under
Management
 
in
 
this
 
type
 
of
 
funds
 
in
 
less
 
than
 
a
 
year.
Next
 
to
 
the
 
four
 
Funds
 
of
 
the
 
Future
 
already
 
actively
 
distribu-
ted
 
before
 
2021,
 
we
 
launched
 
two
 
more
 
themes
 
in
 
2021,
Belfius
 
Move
 
and
 
Belfius
 
Become.
Our
 
distribution
 
model
 
will
 
evolve
 
as
 
customers
 
seek
 
another
interaction
 
model
 
leading
 
to
 
changes
 
in
 
their
 
needs
 
of
 
physical
and
digital
 
interactions.
Belfius
 
Move
 
is
 
a
 
fund
 
that
 
invests
 
in
 
companies
 
which
 
are
creating
 
a
 
cleaner,
 
safer
 
and
 
smarter
 
mobility;
Belfius
 
Become
 
is
 
a
 
fund
 
that
 
invests
 
in
 
companies
 
which
contribute
 
to
 
the
 
development
 
of
 
children.
Many
 
of
 
the
 
low-value
 
interactions
 
are
 
shifting
 
naturally
 
to
our
 
digital
 
channels
 
and
 
increasing
 
numbers
 
of
 
customers
 
are
finding
 
their
 
way
 
to
 
our
 
digital
 
self-service
 
offering.
 
Our
 
aim
is
 
to
 
take
 
these
 
developments,
 
which
 
have
 
been
 
initiated
and/or
 
accelerated
 
by
 
the
 
Covid
 
crisis,
 
forward
 
with
 
us
 
and
to
 
perpetuate
 
them
 
in
 
our
 
future
 
interactions
 
with
 
our
 
custo-
mers
 
in
 
line
 
with
 
customer
 
demand.
It
 
is
 
Belfius’
 
aim,
 
with
 
this
 
Funds
 
of
 
the
 
Future
 
offering,
 
to
 
cover
all
 
17
 
UN
 
Sustainable
 
Development
 
Goals
 
in
 
the
 
future.
Become
 
a
 
true
 
Private
 
and
 
Wealth
 
house
For
 
Private
 
Banking
 
and
 
Wealth
 
Management
 
customers,
Belfius
 
already
 
offers
 
a
 
dedicated
 
local
 
Private
 
Banker
 
or
 
a
specialist
 
Wealth
 
Manager
 
to
 
identify
 
solutions
 
to
 
structure,
optimize,
 
manage
 
and
 
protect
 
their
 
assets,
 
including
 
estate
planning.
 
The
 
products
 
and
 
services
 
offering
 
includes
 
discre-
tionary
 
portfolio
 
management,
 
MyPortfolio,
 
a
 
bespoke
 
asset
management
 
system,
 
an
 
individual
 
estate
 
analysis
 
called
Wealth
 
Analysis
 
and
 
Financial
 
Planning,
 
and
 
real-estate,
philanthropic
 
and
 
art
 
solutions.
In
 
addition,
 
we
 
want
 
to
 
maintain
 
working
 
by
 
appointment
 
in
our
 
physical
 
channels,
 
since
 
this
 
is
 
our
 
best
 
guarantee
 
of
 
being
able
to
 
deliver
 
top-quality
 
service.
 
We
 
also
 
want
 
to
 
continue
 
to
 
be
reached
 
easily
 
by
 
telephone,
 
chat
 
and
 
e-mail,
 
and
 
to
 
offer
 
our
customers
 
an
 
even
 
more
 
far-ranging
 
service
 
via
 
remote
contacts.
With
 
this
 
in
 
mind,
 
Belfius
 
continues
 
to
 
create
 
the
 
right
 
condi-
tions,
 
both
 
for
 
our
 
customers
 
and
 
our
 
branch
 
staff,
 
so
 
that
 
they
can
 
work
 
more
 
digitally,
 
more
 
remotely
 
where
 
needed,
 
or
 
by
appointment
 
if
 
desired.
To
 
improve
 
Private
 
Banking
 
customer
 
experience
 
further,
Belfius
 
launched
 
a
 
new
 
and
 
comprehensive
 
Private
 
Member-
ship
 
in
 
2021.
 
Our
 
Private
 
Banking
 
clients
 
can
 
now
 
choose
 
very
consciously
 
for
 
a
 
paying
 
membership
 
that
 
offers
 
a
 
wide
 
range
of
 
exclusive
 
products
 
and
 
services,
 
price
 
advantages
 
and
 
an
unparalleled
 
experience
 
specifically
 
tailored
 
to
 
their
 
needs
 
and
those
 
of
 
their
 
loved
 
ones.
 
A
 
revamped
 
value
 
proposition
 
for
Belfius
 
Wealth
 
Management
 
will
 
be
 
on
 
the
 
agenda
 
in
 
2022
with
 
a
 
clear
 
focus
 
on
 
a
 
new
 
state-of-the-art
 
products
 
and
services
 
and
 
further
 
upgrading
 
the
 
whole
 
Wealth
 
Management
experience.
2.
 
Entrepreneurs,
 
Enterprises
 
&
 
Public
The
 
Inspire
 
2025
 
Strategy
 
for
 
E&E&P
 
is
 
to
 
Become
 
Lead
 
and
Loved
 
Bank
 
for
 
Belgian
 
Entrepreneurs,
 
Enterprises
 
and
 
Public
Sector.
Already
 
a
 
leader
 
in
 
the
 
public
 
and
 
social
 
sectors,
 
Belfius
 
also
wants
 
to
 
become
 
the
 
“Lead
 
and
 
Loved
 
Bank”
 
for
 
Belgian
 
com-
panies
 
and
 
entrepreneurs.
 
Belfius
 
already
 
offers
 
a
 
complete
range
 
of
 
first
 
-class
 
services
 
to
 
meet
 
the
 
professional
 
and
private
 
financial
 
needs
 
of
 
these
 
clients.
Belfius
 
initiates
 
contact
 
with
 
these
 
customers
 
through
 
its
innovative
 
Wealth
 
Management
 
Hub
 
and
 
Private
 
Houses
 
with
Febelfin-certified
 
Wealth
 
Managers
 
offering
 
a
 
holistic
approach.
In
 
order
 
to
 
approach
 
clients
 
in
 
an
 
efficient
 
and
 
optimised
manner
 
and
 
to
 
realise
 
this
 
ambition
 
covering
 
the
 
professional
and
 
private
 
needs
 
of
 
entrepreneurs,
 
companies
 
and
 
the
 
public
sector,
 
and
 
two
 
years
 
after
 
the
 
launch
 
of
 
this
 
ambition,
 
it
 
is
clear
 
that
 
Belfius
 
is
 
increasingly
 
positioning
 
itself
 
as
 
a
 
market
leader.
 
It
 
is
 
indeed
 
in
 
a
 
strong
 
position
 
with
 
a
 
market
 
share
 
of
over
 
17%.
In
 
2021,
 
we
 
also
 
launched
 
a
 
deal
 
with
 
Planet
 
First
 
partners,
 
a
Private
 
Equity
 
fund
 
that
 
invests
 
with
 
the
 
same
 
philosophy
as
 
Belfius,
 
namely
 
“better
 
for
 
the
 
people
 
and
 
better
 
for
 
the
planet”.
30
Annual
 
report
 
2021
Belfius
 
Bank
belfius-2021-12-31p31i1 belfius-2021-12-31p31i0 belfius-2021-12-31p8i9 belfius-2021-12-31p8i8 belfius-2021-12-31p8i8
Management
 
report
Strategy
 
Inspire
 
2025:
 
a
 
purpose
 
and
 
values
 
driven
 
strategy
 
towards
 
2025
As
 
part
 
of
 
its
 
“Inspire
 
2025”
 
strategy,
 
Belfius
 
is
 
focusing
 
its
 
efforts
 
in
 
the
 
E&E&P
 
segment
on
 
a
 
number
 
of
 
major
 
priorities
 
which
 
contain
 
a
 
“Love
 
declaration”
 
expressed
 
in
 
four
 
formal
commitments:
First
 
of
 
all,
 
we
 
support
 
the
 
Belgian
 
economy
 
in
 
a
 
committed
 
and
 
client-oriented
 
way
by
financing
 
all
 
economic
 
players
,
 
from
 
small
 
businesses
 
to
 
large
 
companies,
 
as
well
 
as
 
the
 
public
 
and
 
social
 
sector,
 
such
 
as
 
hospitals,
 
education
 
and
 
other
 
social
 
players.
Belfius
 
also
 
intends
 
to
 
continue
 
to
 
play
 
a
 
key
 
role
 
in
 
the
 
structuring
 
and
 
financing
 
of
major
 
infrastructure
 
investment
 
projects
 
in
 
Belgium.
 
It
 
wants
 
to
 
remain
 
a
 
strong
 
driver
of
 
the
 
Belgian
 
economy
 
with
 
a
 
significant
 
loan
 
volume.
We
 
continue
 
to
 
develop
 
an
 
excellent
 
range
 
of
 
pertinent
 
products
 
and
 
solutions
 
which
meet
 
both
 
the
 
banking
 
needs
 
of
 
all
 
business
 
clients
 
and
 
the
 
private
 
needs
 
of
business
 
owners
,
 
thus
 
ensuring
 
that
 
we
 
have
 
perfectly
 
equipped
 
clients
 
while
 
adding
an
 
emotional
 
aspect
 
to
 
our
 
relationship.
In
 
terms
 
of
 
solutions,
 
we
 
always
 
want
 
to
 
provide
 
a
 
high
 
quality,
 
state-of-the-art
 
range.
Offering
 
products
 
other
 
than
 
long-term
 
loans
 
is
 
an
 
essential
 
condition
 
for
 
becoming
a
 
lead
 
bank
 
for
 
companies
 
and
 
entrepreneurs.
 
We
 
can
 
fully
 
equip
 
our
 
clients.
 
We
cover
 
both
 
the
 
professional
 
needs
 
of
 
companies
 
and
 
the
 
private
 
needs
 
of
 
the
 
indi-
viduals
 
behind
 
those
 
companies:
 
the
 
entrepreneur,
 
their
 
family,
 
their
 
network
 
and
 
in
particular
 
for
 
the
 
management
 
of
 
their
 
assets.
 
Belfius
 
as
 
a
 
trusted
 
bank
 
for
 
Belgian
entrepreneurs,
 
through
 
the
 
management
 
of
 
their
 
private
 
assets,
 
and
 
for
 
their
companies,
 
through
 
a
 
complete
 
range
 
of
 
professional
 
services,
 
is
 
our
 
ambition.
 
The
combination
 
of
 
both
 
aspects
 
allows
 
us
 
to
 
create
 
value
 
for
 
them,
 
for
 
their
 
families,
 
for
their
 
companies
 
and
 
for
 
the
 
Belgian
 
economy.
We
 
aim
 
both
 
to
 
develop
 
the
 
Private
 
&
 
Wealth
 
relationship
 
with
 
the
 
client’s
 
shareholders,
directors
 
and
 
management
 
and
 
to
 
deepen
 
the
 
professional
 
relationship
 
with
 
the
 
client
in
 
the
 
area
 
of
 
Transaction
 
Banking
 
(operational
 
accounts,
 
national
 
and
 
international
payments,
 
trade
 
finance,
 
factoring
 
and
 
the
 
sale
 
of
 
other
 
cross-sell
 
products
 
such
 
as
insurance,
 
Equity
 
Capital
 
Market,
 
Debt
 
Capital
 
Market
 
and
 
employee
 
benefits).
To
 
achieve
 
this,
 
we
 
are
 
constantly
 
creating
 
new
 
value
 
propositions
 
in
 
terms
 
of
 
trans-
action
 
banking
 
for
 
our
 
corporate
 
clients,
 
expanding
 
our
 
sales
 
force
 
and
 
implementing
ever
 
more
 
efficient
 
processes.
We
 
continue
 
to
 
invest
 
in
 
the
human
 
-digital
 
tandem
.
 
Dedicated
 
relationship
 
managers,
combined
 
with
 
a
 
differentiating
 
digital
 
experience
 
which
 
develops
 
a
 
strong
 
intimacy
with
 
the
 
client,
 
is
 
our
 
third
 
commitment.
In
 
addition
 
to
 
our
 
existing
 
strength
 
of
 
quality
 
human
 
service,
 
we
 
want
 
to
 
focus
 
more
on
 
the
 
digital
 
aspect.
 
Just
 
as
 
our
 
private
 
clients
 
already
 
do,
 
our
 
professional
 
clients
also
 
want
 
to
 
be
 
able
 
to
 
carry
 
out
 
their
 
banking
 
tasks
 
with
 
Belfius
 
remotely.
 
Belfius
 
wants
to
 
offer
 
a
 
truly
 
differentiating
 
digital
 
experience,
 
with
 
zero
 
effort
 
for
 
E&E&P
 
clients
 
to
access
 
all
 
banking
 
services.
 
Our
 
ambition
 
is
 
to
 
meet
 
and
 
exceed
 
the
 
growing
 
digital
expectations
 
of
 
our
 
professional
 
clients
 
similar
 
to
 
those
 
they
 
enjoy
 
as
 
Belfius
 
“individual”
clients.
 
We
 
want
 
to
 
become
 
the
 
leading
 
digital
 
bank
 
which
 
inspires
 
and
 
exceeds
 
the
expectations
 
of
 
all
 
client
 
segments
 
and
 
achieves
 
efficiencies
 
for
 
both
 
clients
 
and
 
the
bank
 
and
 
move
 
from
 
a
 
primarily
 
people-centric
 
model
 
to
 
a
 
meaningful,
 
inspiring
 
and
efficient
 
human
 
and
 
digital
 
approach.
The
 
implementation
 
of
 
a
 
digital
 
roadmap
 
for
 
the
 
corporate
 
and
 
public
 
sector
 
is
 
there-
fore
 
an
 
integral
 
part
 
of
 
our
 
strategy.
Finally,
 
as
 
a
 
fourth
 
commitment,
 
we
 
are
creating
 
meaningful
 
and
 
inspiring
 
value
propositions
 
which
 
involve
 
sustainability
as
 
an
 
integral
 
part
 
of
our
strategy.
We
are
truly
 
integrating
 
sustainability
 
into
 
our
 
financing
 
offerings
 
and
 
encouraging
 
our
 
clients
to
 
engage
 
in
 
or
 
accelerate
 
an
 
ESG
 
journey.
 
We
 
offer
 
concrete
 
and
 
tangible
 
sustainable
solutions
 
built
 
around
 
key
 
societal
 
themes.
Belfius
 
is
 
also
 
developing
 
an
 
innovative
 
global
 
integrated
 
and
 
multi-modal
 
mobility
strategy
 
with
 
various
 
sustainability
 
products
 
and
 
services
 
which
 
meet
 
the
 
current
and
 
future
 
needs
 
of
 
companies
 
and
 
their
 
employees,
 
with
 
the
 
help
 
of
 
some
 
of
 
the
best
 
partners
 
in
 
Belgium.
“Our
 
integrated
bank-insurance
 
model
remains
 
a
 
cornerstone
for
 
our
 
continued
service
 
and
 
revenue
diversification.”
But
 
Belfius
 
Inspire
 
2025
 
goes
 
beyond
 
this
 
new
 
segmentation.
 
It
 
also
 
covers
 
strategic
points
 
of
 
development
 
concerning
 
Belfius
 
Insurance,
 
Human
 
Capital
 
and
 
Technology.
Annual
 
report
 
2021
Belfius
 
Bank
31
belfius-2021-12-31p32i0
 
 
A
 
bank
 
-insurer
 
business
 
model
Belfius
 
Insurance
 
is
 
a
 
Belgian
 
insurer
 
at
 
the
 
service
 
of
 
all
 
Belgians
 
through
 
its
three
brands
:
Belfius
 
Insurance
offering
 
a
 
complete
 
range
 
of
 
banking
 
and
 
insurance
 
solutions
 
to
the
 
customers
 
of
 
Belfius;
DVV
 
Insurance
,
 
distributing
 
insurance
 
products
 
through
 
an
 
exclusive
 
network
 
of
dedicated
 
agents
 
all
 
over
 
the
 
country;
 
and
Corona
 
Direct
 
Insurance
,
 
a
 
direct
 
insurer
 
offering
 
innovative
 
solutions
 
such
 
as
 
car/
motorcycle
 
insurance
 
per
 
km,
 
fire
 
insurance,
 
family
 
insurance,
 
pet
 
insurance
 
and
 
funeral
insurance
 
only
 
through
 
direct/remote
 
channels.
Belfius
 
Insurance
 
is
 
pursuing
 
a
 
strategy
 
of
 
profitable
 
growth
 
for
 
its
 
three
 
brands,
 
in
 
both
Life
 
and
 
Non-Life
 
segments,
 
especially
 
with
 
the
 
support
 
of
 
data
 
and
 
digital
 
technology.
Within
 
the
Life
 
segment
Belfius
 
Insurance
 
will
 
develop
 
convenient
 
and
 
meaningful
protection
 
products
 
in
 
order
 
to
 
protect
 
its
 
customers
 
against
 
the
 
(financial)
 
risks
 
of
 
life.
In
 
addition,
 
the
 
simplification
 
of
 
the
 
B23
 
products
 
in
 
line
 
with
 
the
 
current
 
ESG
 
challenges
will
 
offer
 
return
 
opportunities
 
in
 
response
 
to
 
the
 
persistent
 
low
 
interest
 
rates
 
environ-
ment
 
and
 
this
 
is
 
an
 
interesting
 
contractual
 
(life)
 
insurance
 
format,
 
complementary
 
to
the
 
existing
 
investment
 
solutions.
In
Non-Life
the
 
investments
 
made
 
in
 
the
 
past
 
in
 
terms
 
of
 
technological
 
developments
(like
 
My
 
Bo,
 
etc.)
 
are
 
already
 
today
 
supporting
 
our
 
growth.
 
In
 
addition,
 
Belfius
 
Insurance
will
 
implement
 
additional
 
measures
 
(e.g.
 
operational
 
excellence,
 
digital
 
transformation,
…)
 
in
 
order
 
to
 
continue
 
fully
 
to
 
meet
 
the
 
expectations
 
of
 
its
 
customers.
 
Finally,
 
the
development
 
of
 
the
 
insurance
 
policies
 
specifically
 
dedicated
 
to
 
the
 
“Business”
 
segment
will
 
be
 
one
 
of
 
the
 
strategic
 
development
 
axes
 
for
 
both
 
Life
 
and
 
Non-Life
 
segments.
Belfius
 
Insurance,
 
as
 
a
 
major
 
societal
 
player
 
active
 
on
 
the
 
Belgian
 
market
 
and
 
a
 
material
investor
 
of
 
its
 
life
 
insurance
 
reserves,
 
will
 
contribute
 
to
 
the
 
resolution
 
of
 
the
 
current
ESG
 
challenges,
 
since
 
these
 
are
 
incorporated
 
at
 
all
 
levels
 
of
 
its
 
organization,
 
its
 
activities
and
 
its
 
investment
 
policies.
Optimizing
 
the
 
employability
 
of
Belfius’
 
staff
At
 
Belfius
 
we
 
believe
 
that
 
people
 
make
 
the
 
difference;
 
they
 
make
 
things
 
happen.
So
 
Belfius
 
nurtures
 
its
 
talents:
 
the
 
human
 
capital
 
that
 
plays
 
a
 
vital
 
role
 
in
 
Belfius’
successes.
We
 
plan
 
to
 
continue
 
to
 
give
 
perspective
 
and
 
confidence
 
to
 
Belfius
 
people
 
though
 
the
implementation
 
of
 
our
 
strategy
 
“Meaningful
 
&
 
Inspiring
 
for
 
Belgian
 
society.
 
Together”.
With
 
this
 
in
 
mind,
 
Belfius
 
has
 
chosen
 
to
provide
 
maximum
 
support
to
 
the
 
“employabi
 
-
lity”
of
 
each
 
of
 
its
 
staff
 
members,
 
and
 
to
 
offer
 
them
 
work
 
conditions
 
that
 
fit
 
their
flexibility
needs
 
and
 
a
 
work
 
environment
 
and
 
culture
 
in
 
which
 
they
 
feel
 
well
 
an
 
d
 
engaged.
32
belfius-2021-12-31p8i9 belfius-2021-12-31p8i8 belfius-2021-12-31p8i8
 
Management
 
report
Strategy
 
Inspire
 
2025:
 
a
 
purpose
 
and
 
values
 
driven
 
strategy
 
towards
 
2025
We
 
invest
 
in
 
Belfius
 
Human
 
Capital
 
by
going
 
beyond
 
a
 
strict
headcount
 
and
 
staff
 
cost
 
management
.
 
This
 
is
 
achieved
through
 
the
 
shaping
 
of
 
our
 
human
 
capital
 
for
 
which
 
we
 
anti-
cipate
 
pension
 
leaves,
 
foster
 
talent
 
inflow,
 
transform
 
careers
and
 
implement
 
modern
 
learning
 
and
 
collaboration
 
modes.
Security
:
 
further
 
reduction
 
of
 
security
 
risk
 
exposure
 
by
strengthening
 
the
 
“zero
 
-trust”
 
architecture
 
whereby
 
connec-
tions
 
to
 
Belfius
 
networks
 
are
 
never
 
trusted
 
by
 
default.
 
This
forward-looking
 
view
 
on
 
security
 
effectively
 
complements
recent
 
achievements
 
to
 
increase
 
resilience
 
through
 
stronger
segmentation
 
between
 
(sub-)networks,
 
applications,
 
and
infrastructure.
Cloud
:
 
continued
 
investment
 
in
 
cloud
 
capabilities.
 
Over
 
the
last
 
three
 
years
 
Belfius
 
has
 
built
 
solid
 
foundations
 
in
 
cloud
operations.
 
Going
 
forward
 
we
 
will
 
accelerate
 
the
 
cloud
transformation
 
journey
 
and
 
scale
 
the
 
cloud
 
benefits
 
achieved
to
date:
 
higher
 
levels
 
of
 
standardization,
 
faster
 
adoption
 
of
new
technologies
 
and
 
an
 
even
 
more
 
resilient
 
infrastructure.
As
 
a
 
modern,
 
attractive
 
employer,
 
Belfius
 
continues
 
to
 
provide
innovative
 
working
 
conditions
 
for
 
its
 
staff
 
(for
 
instance
 
further
extension
 
of
 
teleworking
 
via
 
possibility
 
to
 
opt
 
for
 
the
 
“Home
Based”
 
status,
 
a
 
status
 
of
 
hybrid
 
work
 
and
 
collaboration
 
based
on
 
a
 
balance
 
between
 
teleworking
 
and
 
office
 
work,
 
based
on
 
trust,
 
empowerment
 
and
 
autonomy;
 
or
 
the
 
offering
 
of
 
our
Staff
 
Assistance
 
Programm
 
e)
 
and
 
is
 
convinced
 
that
 
the
necessary
 
ingredients
 
are
 
in
 
place
 
to
 
remain
 
in
 
pole
 
position
as
 
an
 
employer.
By
 
shifting
 
on-premises
 
systems
 
to
 
modern
 
cloud-based
solutions,
 
changing
 
the
 
applicati
 
on
 
and
 
data
 
platforms,
 
and
moving
 
to
 
a
 
new
 
micro-services
 
architecture,
 
Belfius
 
aims
 
to
achieve
 
significant
 
improvements
 
in
 
terms
 
of
 
flexibility,
 
agility
and
 
efficiency
 
allowing
 
Belfius
 
to
 
live
 
up
 
to
 
customer
expectations
 
with
 
excellence.
Innovation
 
in
 
Technology
In
 
2021,
 
the
 
Belfius
 
technology
 
department
 
materially
 
renewed
its
strategy,
 
even
 
more
 
focused
 
now
 
on
 
delivering
 
sustainable
technology
 
platforms
 
that
 
support
 
the
 
implementation
 
of
Belfius’
 
Inspire
 
2025
 
strategy,
 
and
 
by
 
doing
 
so
 
creating
 
long-
term
 
value
 
for
 
customers,
 
staff
 
members,
 
and
 
the
 
Belgian
society.
Against
 
this
 
background
 
of
 
fast-paced
 
and
 
pervasive
 
techno-
logy
 
change,
 
Belfius
 
holds
 
true
 
to
 
its
 
core
 
mission
 
of
 
being
meaningful
 
and
 
inspiring
 
for
 
the
 
Belgian
 
society.
 
In
 
addition
 
to
the
 
aforementioned
 
trajectories,
 
actions
 
have
 
been
 
initiated
to
 
reduce
 
the
 
environmental
 
impact
 
of
 
the
 
technology
 
plat-
forms
 
and
 
infrastructure
 
of
 
Belfius,
 
to
 
achieve
 
CO
2
 
neutrality
 
in
due
 
time,
 
and
 
to
 
ensure
 
sustainable
 
digital
 
experiences
 
for
 
the
customers.
This
 
strategic
 
Technology
 
plan
 
translated
 
into
 
longer-term
transformation
 
trajectories
 
(horizon
 
5-10
 
years)
 
that
 
will
position
 
Belfius’
 
technology
 
platforms
 
for
 
the
 
day
 
after
 
to-
morrow.
Also,
 
Belfius
 
will
 
continue
 
to
 
invest
 
in
 
its
 
technology
 
talents
by
 
providing
 
training
 
and
 
development
 
programs
 
tailored
 
to
modern
 
technology
 
as
 
well
 
as
 
leadership
 
and
 
collaboration
 
skills
on
 
the
 
one
 
hand
 
and
 
by
 
attracting
 
new
 
talents
 
on
 
the
 
other.
The
 
main
 
trajectories
 
cover
five
 
technology
 
domains
:
Digital
:
 
the
 
ambition
 
to
 
sustain
 
the
 
Belfius
 
mobile
 
leadership
position
 
through
 
continuous
 
improvement
 
in
 
user
 
experience,
additional
 
end-to-end
 
digital
 
journeys
 
and
 
a
 
growing
 
eco-
system
 
of
 
third-party
 
services
 
following
 
a
 
“one
 
-app”
 
strategy.
Data
 
and
 
Artificial
 
Intelligence
:
 
continued
 
commitment
to
assure
 
privacy
 
and
 
trust
 
in
 
data
 
remains
 
our
 
baseline;
 
building
on
 
that,
 
Belfius
 
intends
 
to
 
bring
 
more
 
intelligence
into
customer-facing
 
and
 
operational
 
processes
 
allowing
 
for
more
customer
 
zero
 
effort
 
interactions.
 
This
 
will
 
be
 
done
 
by
leveraging
 
Belfius’
 
corporate
 
data
 
platform
 
and
 
artificial
intelligence
 
foundations,
 
both
 
of
 
which
 
have
 
been
 
designed
with
 
data
 
security,
 
transparency
 
and
 
explainability
 
in
 
mind.
Platform
 
Modernization
:
 
continued
 
investment
 
in
 
making
the
 
core
 
systems
 
more
 
modular,
 
open
 
and
 
interoperable,
following
 
a
 
micro-services
 
architecture.
 
Strategic
 
transfor-
mation
 
programs
 
for
 
bank
 
and
 
insurance,
 
supported
 
by
dedicated
 
delivery
 
teams,
 
will
 
transform
 
existing
 
core
 
systems
as
 
well
 
as
 
building
 
new
 
digital
 
engagement
 
capabilities
 
that
allow
 
greater
 
levels
 
of
 
agility
 
and
 
scalability.
The
 
technology
 
strategic
 
plan
 
complements
 
the
 
relentless
commitment
 
to
 
deliver
 
resilient
 
solutions
 
that
 
scale
 
with
 
the
client
 
expectations
 
and
 
the
 
digital
 
ambitions
 
of
 
Belfius.
 
Over
the
 
last
 
four
 
years
 
this
 
focused
 
commitme
 
nt
 
has
 
resulted
 
in
a
 
top-notch
 
mobile
 
app,
 
high
 
customer
 
satisfaction
 
and
a
 
reduction
 
of
 
single
 
incident
 
impact
 
time
 
by
 
a
 
factor
of
 
3
,
 
whilst
 
at
 
the
 
same
 
time
 
serving
 
2.5
 
times
 
more
 
trans-
action
 
workload,
 
mainly
 
driven
 
by
 
Belfius
 
Mobile.
In
 
summary,
Belfius
 
fundamentally
 
believes
 
that
 
techno-
logy
 
transformation
 
is
 
only
 
possible
 
in
 
a
 
culture
 
of
 
trust
,
where
 
people
 
can
 
express
 
their
 
passion
 
for
 
technology
 
and
where
 
the
 
beforementioned
 
trajectories
 
shape
 
an
 
environment
that
 
will
 
allow
 
Belfius
 
to
 
implement
 
its
 
Inspire
 
2025
 
ambitions,
by
 
building
 
sustainable
 
technology
 
products
 
and
 
platforms.
Annual
 
report
 
2021
Belfius
 
Bank
33
belfius-2021-12-31p34i0
 
Sustainability
Report
 
2021
 
belfius-2021-12-31p35i1 belfius-2021-12-31p35i0 belfius-2021-12-31p8i8 belfius-2021-12-31p8i8 belfius-2021-12-31p9i3
 
 
 
 
 
 
1.
 
About
 
this
 
report
The
 
2021
 
Belfius
 
Sustainability
 
Report
 
is
 
designed
 
to
 
present
 
the
 
Belfius
 
Group’s
 
(‘Belfius’)
strategy,
 
business
 
model,
 
governance,
 
risks
 
and
 
opportunities,
 
performance
 
and
 
future
outlook
 
with
 
regards
 
to
 
sustainable
 
development.
 
This
 
report
 
is
 
Belfius’
 
opportunity
 
to
guide
 
its
 
stakeholders,
 
and
 
any
 
external
 
readers,
 
in
 
their
 
understanding
 
of
 
the
 
group’s
values,
 
initiatives
 
and
 
overall
 
progress
 
made
 
with
 
regards
 
to
 
sustainability
 
in
 
2021.
This
 
report’s
 
content
 
is
 
determined
 
by
 
economic,
 
environmental
 
and
 
social
 
topics
 
consi-
dered
 
from
 
both
 
“impact
 
materiality”
 
and
 
“financial
 
materiality”
 
perspectives
 
in
 
line
 
with
the
 
principles
 
of
 
“double-materiality”.
 
Significant
 
topics
 
were
 
identified
 
through
 
a
 
two-
pronged
 
analysis
 
from
 
the
 
point
 
of
 
view
 
of
 
both
 
the
 
Belfius
 
Group
 
and
 
its
 
stakeholders.
The
 
information
 
and
 
data
 
contained
 
in
 
this
 
report
 
cover
 
the
 
period
 
from
 
1
 
January
 
2021
to
 
31
 
December
 
2021,
 
unless
 
otherwise
 
stated.
 
This
 
report
 
refers
 
to
 
Belfius’
 
activities
in
 
Belgium,
 
and
 
the
 
information
 
provided
 
deals
 
with
 
the
 
sustainability
 
performance
 
of
 
both
Belfius
 
Bank
 
and
 
its
 
subsidiaries
 
(including
 
Belfius
 
Insurance).
 
Belfius
 
publishes
 
its
sustainability
 
reports
 
on
 
an
 
annual
 
basis
 
-
 
reports
 
from
 
previous
 
years
 
can
 
be
 
found
 
on
belfius.be
For
 
any
 
feedback
 
and
 
questions
 
regarding
 
the
 
Belfius
 
Sustainability
 
Report,
 
please
 
send
an
 
e-mail
 
to
esg@belfius.be
.
35
External
 
reporting
 
frameworks
The
 
2021
 
Belfius
 
Sustainability
 
Report
 
has
 
been
 
prepared
 
in
 
accordance
 
with
Global
 
Reporting
 
Initiative
 
(GRI)
 
Standards
 
(Core
 
Option).
 
The
 
GRI
 
Standards
Financial
 
Services
 
Sector
 
Supplement
 
was
 
incorporated
 
into
 
this
 
report.
Belfius’
 
CO
2
-neutral
®
label
 
is
 
issued
 
by
 
CO2logic
 
in
 
collaboration
 
with
 
the
independent
 
certification
 
body,
 
Vinçotte.
The
 
double
 
materiality
 
approach
 
for
 
our
 
2021
 
materiality
 
assessment
 
was
 
based
on
 
information
 
from
 
the
 
SASB
 
(Sustainability
 
Accounting
 
Standards
 
Board)
materiality
 
matrix
 
for
 
the
 
banking
 
and
 
insurance
 
sector,
 
the
 
Principles
 
for
Responsible
 
Banking,
 
the
 
Principles
 
for
 
Sustainable
 
Insurance,
 
the
 
Sustain-
 
able
Development
 
Goals
 
(SDGs),
 
the
 
Sector
 
Study
 
report
 
on
 
Sustainability
 
Materiality
of
 
SDG
 
Targets
 
and
 
GRI
 
Indicators.
For
 
this
 
sustainability
 
report,
 
the
 
Sustainable
 
Development
 
Goals
 
(SDGs)
 
are
used
 
as
 
a
 
reference
 
to
 
highlight
 
important
 
strategic
 
topics
 
and
 
realisations,
as
 
they
 
provide
 
us
 
with
 
an
 
important
 
framework
 
for
 
our
 
value
 
creation
 
and
material
 
topics.
This
 
year,
 
our
 
report
 
includes
 
climate
 
-related
 
information
 
in
 
view
 
of
 
Task
 
Force
on
 
Climate-related
 
Financial
 
Disclosures
 
(TCFD)
 
recommendations.
 
In
 
addition,
the
 
United
 
Nations
 
Principles
 
for
 
Responsible
 
Banking
 
(UN
 
PRB)
 
and
 
the
 
United
Nations
 
Principles
 
for
 
Sustainable
 
Insurance
 
(UN
 
PSI)
 
reporting,
 
to
 
which
 
Belfius
became
 
a
 
signatory
 
in
 
2020
 
can
 
be
 
found
 
in
 
the
 
Appendices
 
section.
 
Informa-
tion
 
regarding
 
Belfius’
 
progress
 
on
 
the
 
United
 
Nations
 
Global
 
Compact
 
principles
can
 
also
 
be
 
found
 
in
 
the
 
Appendices
 
section
 
of
 
this
 
report.
belfius-2021-12-31p2i1 belfius-2021-12-31p36i1 belfius-2021-12-31p36i9 belfius-2021-12-31p8i9 belfius-2021-12-31p8i8 belfius-2021-12-31p8i8
 
 
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belfius-2021-12-31p36i6
Management
 
report
Sustainability
 
Report
 
2021
2.
 
Highlights
21/01
Creation
 
of
 
Fairville
.
 
This
 
joint
 
venture
 
between
 
Belfius,
Cipal
 
Schaubroeck
 
and
 
Nuhma
 
offers
 
cities
and
 
municipalities
 
digital
 
solutions
 
focused
 
on
 
the
 
local
economy,
 
sustainability
 
and
 
mobility.
09/03
Hoplr
,
 
the
 
digital
 
neighbourhood
 
network,
 
will
 
be
 
able
to
 
meet
 
its
 
international
 
ambitions
 
in
 
the
 
field
 
of
 
community
support,
 
thanks
 
to
 
the
 
EUR
 
2
 
million
 
in
 
funding
 
provided
by
 
Belfius,
 
Matexi
 
and
 
CAREvolution.
22/04
Belfius
 
signs
 
the
Responsible
 
Digital
 
Charter
and
 
commits
to
 
move
 
towards
 
more
 
sustainable
 
IT
 
systems.
02/05
Start
 
of
 
the
 
#VirtualGames2021,
 
the
 
second
 
edition
of
 
the
 
Virtual
 
Games
Special
 
Olympics
,
 
replacing
 
the
Special
 
Olympics,
 
of
 
which
 
Belfius
 
is
 
now
 
Diamond
 
Sponsor.
06/05
Belfius
 
becomes
 
partner
 
and
 
exclusive
distributor
on
 
the
Belgian
 
market
 
of
 
the
 
new
Planet
 
First
 
Partners
investment
 
fund.
 
The
 
fund
 
offers
 
private
 
equity
investments
 
in
 
European
 
companies
 
active
 
in
 
healthy
 
and
sustainable
 
consumption,
 
health
 
and
 
the
 
environment.
01/06
Issuance
 
of
 
the
first
 
Belfius
 
Green
 
Bond
.
 
The
 
funds
 
raised
(EUR
 
500
 
million)
 
are
 
exclusively
 
intended
 
for
 
the
(re)financing
 
of
 
sustainable
 
projects:
 
wind
 
farms,
 
installation
of
 
solar
 
panels,
 
green
 
real
 
estate,
 
etc.
01/07
Launch
 
of
 
Re=Bel
,
 
the
 
new
 
online
 
investment
 
platform
with
 
a
 
cause.
 
Re=Bel
 
promotes
 
investments
 
across
more
 
than
 
25
 
markets
 
that
 
advance
 
society
 
in
 
various
 
fields:
health,
 
renewable
 
energies,
 
etc.
15/07
Jane
joins
 
forces
 
with
 
the
 
innovative
 
care
 
centre
 
Z-plus,
founded
 
by
 
care
 
organisations
 
i-mens,
 
Mederi
 
and
Familiehulp
 
to
 
offer
 
smarter
 
and
 
more
 
preventive
 
home
 
care
and
 
to
 
enable
 
senior
 
citizens
 
to
 
live
 
longer
in
 
their
 
own
 
homes
 
in
 
safety.
36
Annual
 
report
 
2021
Belfius
 
Bank
belfius-2021-12-31p31i1 belfius-2021-12-31p37i2 belfius-2021-12-31p37i11 belfius-2021-12-31p37i8 belfius-2021-12-31p37i6 belfius-2021-12-31p8i8 belfius-2021-12-31p8i8 belfius-2021-12-31p9i3 belfius-2021-12-31p36i6
 
 
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21/09
Belfius
 
invites
297
suppliers
that
 
represent
 
70%
 
of
our
 
total
 
vendor
 
spend
to
 
have
 
their
 
ESG
 
performance
assessed
by
 
EcoVadis,
 
an
 
internationally
 
recognised
ESG
 
rating
 
company.
22/09
Signature
 
of
 
the
Inclusive
 
Panels
 
charter
.
This
initiative
aims
 
to
 
improve
 
the
 
mix
 
of
 
genders,
 
origins
 
and
 
ages
 
within
the
 
panels
 
that
 
speak
 
at
 
events
 
and
 
conferences
 
in
 
Belgium.
05/10
Official
launch
 
of
 
Banx
,
 
a
 
fully
 
digital
 
Belgian
 
banking
experience,
 
designed
 
by
 
Proximus
 
and
 
produced
 
by
 
Belfius.
Banx
 
allows
 
users
 
to
 
measure
 
the
 
impact
of
 
their
 
purchases
 
on
 
the
 
planet.
11/10
Launch
 
of
 
Beats
,
 
a
 
personalised,
 
modular
 
and
innovative
 
telco-banking
 
offer
 
with
 
a
 
societal
 
component,
allowing
 
customers
 
to
 
choose
 
for
 
themselves
 
in
 
which
area
 
Belfius
 
will
 
contribute
 
to
 
supporting
 
a
 
more
sustainable
 
Belgian
 
society.
12/10
Belfius
 
joins
 
the
 
Partnership
 
for
 
Carbon
 
Accounting
Financials
.
 
The
 
PCAF
 
provides
 
financial
 
institutions
with
 
the
 
tools
 
to
 
assess
 
the
 
emissions
 
of
 
activities
 
financed
by
 
loans
 
and
 
investments
 
(“financed
 
emissions”).
26/11
Rode
 
Neuzen
 
Dag
(Red
 
Nose
 
Day),
 
with
 
the
 
support
of
 
Belfius,
 
VTM,
 
Qmusic
 
and
 
Het
 
Laatste
 
Nieuws,
 
collects
more
 
than
 
EUR
 
3
 
million
 
to
 
train
 
“Sidekick
 
Sams”:
 
people
who
 
are
 
accessible
 
in
 
schools
 
for
 
young
 
people
 
who
 
need
a
 
listening
 
ear.
20/12
Belfius
 
signs
 
first
 
letter
 
of
 
commitment
 
to
 
the
 
Science
Based
 
Targets
 
initiative
-
 
a
 
commitment
 
to
 
reduce
 
its
emissions
 
according
 
to
 
robust
 
methodologies
 
in
 
line
 
with
 
the
latest
 
climate
 
science
 
and
 
the
 
level
 
of
 
decarbonisation
required
 
to
 
meet
 
the
 
objectives
 
of
 
the
 
Paris
 
Agreement.
23/12
Viva
 
for
 
Life
raises
 
just
 
over
 
EUR
7.5
million
to
fight
child
 
poverty,
 
with
 
the
 
support
 
of
 
Belfius
 
(EUR
 
620,545),
the
 
RTBF
 
and
 
Cap
 
48.
Annual
 
report
 
2021
Belfius
 
Bank
37
 
belfius-2021-12-31p38i0
 
belfius-2021-12-31p38i2
 
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belfius-2021-12-31p38i38
 
 
belfius-2021-12-31p38i40 belfius-2021-12-31p8i9 belfius-2021-12-31p8i8 belfius-2021-12-31p8i8
 
 
 
 
 
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Management
 
report
Sustainability
 
Report
 
2021
3.
 
About
 
Belfius
 
Value
 
creation
BELFIUS
 
INSPIRE
 
2025
Universal
 
and
Integrated
 
Bank
 
-insurer
All
 
segments
of
 
Belgian
 
society
Asset
 
Management
&
Financial
 
Markets
Financial
 
Capital
Human
 
&
 
Educational
 
Capital
Retail
Innovative
 
mix
 
of
digital
 
&
 
human
,
Strategic
 
partnership
with
 
Proxim
 
us
Support
 
the
 
more
vulnerable
 
in
 
society
Digital
 
&
 
Intellectual
 
Capital
Support
 
our
 
customers
 
in
meaningful
investing
with
 
a
tangible
 
impact
 
on
 
society
Relationship
 
Capital
Lead
 
bank
 
for
Enterprises
 
&
 
Entrepreneurs
Covering
 
both
professional
 
and
 
private
 
needs
Social
 
Capital
Sustained
market
 
leadership
in
 
the
Public
 
sector
Natural
 
Capital
Values
INPUTS
OUTPUTS
Value
 
created
Sustainable
impact
SHAREHOLDERS
EUR
 
368.5
 
million
 
dividends
 
in
 
2021
Equity
 
base
 
increased
 
to
 
EUR
 
11.0
 
billion
 
-
 
doubled
 
in
 
10
 
years
 
time,
 
thanks
 
to
 
strong
 
financial
management
 
discipline
 
and
 
effective
 
risk
 
&
 
compliance,
 
which
 
was
 
again
 
confirmed
 
by
 
2021
EBA
 
stress
 
test
 
results.
 
As
 
a
 
locally
 
anchored,
 
Belgian
 
bank-insurer
 
with
 
local
 
decision
 
centers
 
and
Belgian
 
citizens
 
as
 
customers,
 
Belfius
 
is
 
a
 
key
 
player
 
in
 
the
 
Belgian
 
economic
 
fabric.
BELFIUS
 
AMBASSADORS
Excellent
 
employee
 
engagement
 
score
 
of
 
86.5%,
 
despite
 
difficult
 
pandemic
 
circumstances
 
and
forced
 
large-scale
 
remote
 
working.
 
Belfius
 
continued
 
monitoring
 
wellbeing
 
of
 
its
 
talents;
developing
 
the
 
leaders
 
of
 
the
 
future
 
in
 
the
 
financial
 
sector;
 
and
 
making
 
sustainable
 
careers
possible.
 
We
 
give
 
our
 
independent
 
networks
 
the
 
tools
 
to
 
build
 
a
 
thriving
 
local
 
business
 
and
 
living,
leveraging
 
Belfius’
 
or
 
DVV’s
 
franchise
 
and
 
reputation.
CUSTOMERS
Belfius
 
is
 
truly
 
committed
 
to
 
its
 
customers
 
and
 
their
 
love,
 
putting
 
the
 
customer
 
at
 
the
 
heart
 
of
all
 
decisions
 
and
 
processes.
 
As
 
a
 
truly
 
integrated
 
banking
 
&
 
insurance
 
group,
 
we
 
provide
 
single
point-of-contact
 
financial
 
solutions
 
to
 
3.7
 
million
 
customers,
 
via
 
an
 
innovative
 
mix
 
of
 
accessibility,
providing
 
distinctive
 
in-branch
 
advice
 
and
 
service
 
across
 
Belgium,
 
combined
 
with
 
a
 
best-in
 
class,
safe
 
and
 
digital
 
service
 
experience.
SOCIETY
Belfius
 
takes
 
great
 
care
 
in
 
being
 
a
 
responsible
 
and
 
law-abiding
 
member
 
of
 
Belgian
 
society
(e.g.
 
AML).
 
Solidarity
 
was
 
our
 
motivating
 
driver
 
when
 
we
 
were
 
at
 
the
 
side
 
of
 
our
 
insurance
customers
 
who
 
suffered
 
from
 
the
 
July
 
floods.
 
We
 
also
 
continued
 
to
 
engage
 
with
 
the
 
Belgian
society
 
through
 
our
 
philanthropic
 
projects
 
with
 
a
 
focus
 
on
 
children
 
and
 
young
 
or
 
vulnerable
people
 
(Viva
 
for
 
Life,
 
Rode
 
Neuzen
 
dag,
 
Special
 
Olympics).
PLANET
Guided
 
by
 
the
 
Paris
 
Climate
 
Agreement,
 
we
 
continued
 
to
 
achieve
 
carbon-neutrality
 
of
 
our
operations
 
in
 
2021,
 
committed
 
to
 
the
 
Science
 
Based
 
Target
 
initiative
 
and
 
announced
 
the
 
exclusion
of
 
coal
 
extraction
 
in
 
all
 
our
 
activities.
 
While
 
continuously
 
expanding
 
our
 
green
 
product
 
and
 
service
offering,
 
our
 
Trans
 
ition
 
Acceleration
 
Policy
 
guides
 
Belfius’
 
transition
 
to
 
a
 
low-carbon
 
economy.
38
Annual
 
report
 
2021
Belfius
 
Bank
S
-
am
of
belfius-2021-12-31p39i1 belfius-2021-12-31p8i9 belfius-2021-12-31p8i8 belfius-2021-12-31p8i8
 
 
 
 
 
 
 
 
 
Management
 
report
Sustainability
 
Report
 
2021
Financial
 
Capital
Belfius
 
customers
 
can
 
be
 
assured
 
that
 
their
 
savings
 
will
 
be
reinvested
 
almost
 
entirely
 
in
 
Belgian
 
society
 
and
 
economy.
EUR
 
102.3
 
billion
 
outstanding
 
on
 
savings
 
&
 
current
 
accounts.
Financial
Capital
Net
 
result
 
EUR
 
935
 
million
CET
 
1
 
ratio
 
of
 
16.4%
Solvency
 
II
 
ratio
 
of
 
190%
Outstanding
 
commercial
 
loans
 
EUR
 
102.2
 
billion
Human
 
&
 
Educational
 
Capital
As
 
people
 
are
 
Belfius’
 
most
 
valuable
 
asset,
 
we
 
continuously
invest
 
in
 
the
 
training
 
and
 
development
 
of
 
talents
 
in
 
Belgium
 
to
prepare
 
them
 
for
 
the
 
skills
 
of
 
the
 
future.
 
We
 
prioritiz
 
e
 
satisfac-
tion
 
and
 
wellbeing
 
of
 
our
 
employees,
 
and
 
embrace
 
a
 
working
culture
 
built
 
on
 
diversity
 
and
 
inclusion.
 
We
 
value
 
our
 
dynamic
local
 
independent
 
networks
 
for
 
both
 
Belfius
 
and
 
DVV
 
franchise.
Whenever
 
possible,
 
we
 
favour
 
working
 
with
 
local
 
partners
 
and
suppliers,
 
thereby
 
also
 
enabling
 
the
 
development
 
of
 
their
 
talents
in
 
Belgium.
Human
 
&
 
Educational
 
Capital
6,531
 
employees
EUR
 
641
 
million
 
salaries
 
and
 
benefits
 
of
 
employees
6
 
average
 
days
 
of
 
training
 
received
 
per
 
FTE
36.7%
 
women
 
in
 
management
 
or
 
senior/key
 
positions
EUR
 
221
 
million
 
network
 
commissions
85%
 
of
 
suppliers
 
that
 
are
 
Belgium-based
Digital
 
&
 
Intellectual
 
Capital
Belfius
 
offers
 
innovative
 
digital
 
solutions
 
beyond
 
traditional
banking
 
and
 
insurance
 
products
 
,
 
leveraging
 
an
 
ecosystem
 
of
local,
 
strategic
 
partners
 
(Proximus,
 
Immovlan,
 
Skipr,
 
Cyclis).
Belfius’
 
world
 
class
 
mobile
 
app
 
offers
 
intuitive,
 
easy-to-use
 
sales
and
 
service
 
flows
 
and
 
is
 
a
 
cornerstone
 
of
 
our
 
digital
 
offering
 
and
customer
 
experience.
 
To
 
guarantee
 
a
 
safe
 
and
 
secure
 
service
 
we
increasingly
 
invest
 
in
 
our
 
information
 
security
 
capabilities.
Digital
 
&
 
Intellectual
 
Capital
1.8
 
million
 
active
 
mobile
 
users
Top
 
5
 
most
 
valuable
 
brands
 
in
 
Belgium
 
(by
 
Brand
 
Finance)
#2
 
Mobile
 
banking
 
&
 
insurance
 
app
 
in
 
the
 
world
 
(by
 
Sia
 
Partners)
Relationship
 
Capital
Human-focused
 
services
 
lie
 
at
 
the
 
heart
 
of
 
our
 
business.
 
From
individuals
 
over
 
enterprises
 
&
 
entrepreneurs
 
to
 
public
 
&
 
social
entities,
 
we
 
provide
 
services
 
and
 
products
 
tailored
 
to
 
the
 
needs
of
 
all
 
segments
 
in
 
Belgian
 
society
 
-
 
always
 
attentive
 
to
 
its
 
more
vulnerable
 
members.
Relationship
 
Capital
Customer
 
satisfaction
 
score
 
94.5%
#1
 
in
 
financing
 
of
 
municipalities,
 
cities,
 
hospitals
 
&
 
care
 
sector
17.4%
 
and
 
18.5%
 
market
 
share
 
Business
 
&
 
Corporate
EUR
 
22.3
 
billion
 
gross
 
production
 
in
 
long
 
term
 
loans
EUR
 
179.5
 
billion
 
outstanding
 
Savings
 
&
 
Investments
180,000
 
social
 
products
Social
 
Capital
Social
 
commitment
 
has
 
been
 
part
 
of
 
Belfius’
 
DNA
 
since
 
origin,
and
 
is
 
fully
 
embedded
 
in
 
our
 
values
 
driven
 
strategy
 
and
 
purpose
to
 
be
 
“Meaningful
 
&
 
Inspiring
 
for
 
Belgian
 
society”.
 
Together.
Guided
 
by
 
the
 
Sustainable
 
Development
 
Goals,
 
we
 
contribute
 
to
society
 
both
 
directly
 
through
 
our
 
philanthropic
 
activities
 
and
indirectly
 
by
 
giving
 
our
 
customers
 
the
 
opportunity
 
to
 
support
 
the
causes
 
of
 
their
 
choice
 
through
 
our
 
product
 
offer.
Social
 
Capital
Total
 
tax
 
contribution
 
of
 
EUR
 
727
 
million
Claims
 
paid
 
due
 
to
 
natural
 
catastrophies
 
EUR
 
201
 
million
Claims
 
paid
 
on
 
debt
 
balance
 
insurance
 
EUR
 
22
 
million
0.6
 
million
 
clients
 
building
 
up
 
fiscal
 
pensions
 
to
 
face
 
the
 
pension
gap
Natural
 
Capital
As
 
a
 
leading
 
bank-insurer
 
we
 
manage
 
our
 
impact
 
on
 
natural
resources
 
resulting
 
from
 
our
 
operations
 
and
 
financing
 
activities.
On
 
top
 
of
 
offering
 
green
 
solutions,
 
we
 
also
 
collaborate
 
with
external
 
stakeholders
 
to
 
advise
 
our
 
clients
 
on
 
decreasing
 
their
impact
 
on
 
the
 
environment.
Natural
 
Capital
First
 
Green
 
bond
 
issue
 
of
 
EUR
 
500
 
million
Carbon
 
neutrality
 
for
 
own
 
operations,
 
on
 
a
 
scope
 
of
 
18
 
tons
 
of
 
Co
2
Over
 
EUR
 
4
 
billion
 
green
 
or
 
sustainable
 
bonds
 
issued
 
by
corporate
 
clients
 
with
 
the
 
support
 
of
 
Belfius
14%
 
share
 
of
 
electric
 
or
 
hybrid
 
vehicles
 
in
 
Belfius
 
Auto
 
Lease
fleet
Over
 
80%
 
gross
 
production
 
of
 
funds
 
in
 
art.
 
9
 
SFDR
Annual
 
report
 
2021
Belfius
 
Bank
39
INPUTS
OUTPUTS
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Management
 
report
Sustainability
 
Report
 
2021
4.
ESG
 
fully
 
embedded
 
in
 
the
 
Belfius
Strategy
4.1.
ESG
 
at
 
the
 
heart
 
of
 
everything
 
we
 
do
Sustainable
 
business
 
is
 
in
 
our
 
DNA
 
-
 
it
 
is
 
part
 
of
 
our
 
history
 
and
 
is
 
woven
 
into
 
the
 
core
of
 
our
 
purpose:
 
“Meaningful
 
&
 
Inspiring
 
for
 
Belgian
 
Society.
 
Together”.
 
Using
 
our
 
purpose
as
 
a
 
compass,
 
we
 
have
 
defined
 
a
 
clear
 
sustainability
 
strategy
 
with
 
one
 
goal:
 
to
 
inspire
our
 
customers
 
to
 
accomplish
 
their
 
sustainability
 
ambitions
 
and,
 
in
 
doing
 
so,
 
to
 
create,
together
 
with
 
our
 
customers,
 
the
 
greatest
 
possible
 
impact.
We
 
do
 
this
 
through
 
walking
 
our
 
talk,
 
doing
 
what
 
we
 
say
 
in
 
the
 
area
 
of
 
sustainable
business
 
and
 
ensuring
 
maximum
 
positive
 
contribution
 
in
 
everything
 
we
 
do.
In
 
addition,
 
we
 
put
 
our
 
customers
 
in
 
the
 
driving
 
seat
 
of
 
their
 
sustainability
 
ambition
 
and
support
 
them
 
with
 
an
 
adapted
 
range
 
of
 
products
 
and
 
services.
 
We
 
also
 
provide
 
a
 
strong
framework
 
through
 
partners
 
who
 
help
 
show
 
the
 
way
 
in
 
a
 
complex
 
changing
 
world.
In
 
order
 
to
 
accomplish
 
this
 
strategy,
 
we
 
have
 
defined
 
a
 
number
 
of
 
commitments
 
in
 
recent
years
which
 
are
 
our
 
compass
 
with
 
regards
 
to
 
our
 
sustainability
 
ambition.
 
The
 
strong
 
evolution
 
in
the
 
field
 
of
 
regulations
 
and
 
stakeholder
 
expectations
 
has
 
resulted
 
in
 
a
 
stricter
 
focus
 
on
 
a
number
 
of
 
these
 
commitments
 
in
 
2021,
 
and
 
we
 
also
 
report
 
on
 
them
 
transparently:
Every
 
day,
 
we
 
do
 
our
 
utmost
 
to
 
not
 
only
 
support,
 
but
 
also
 
actively
 
facilitate,
 
the
 
transition
to
 
a
 
low-carbon,
 
resilient
 
and
 
prosperous
 
Belgian
 
society.
 
After
 
all,
 
climate
 
action
 
is
 
more
than
 
an
 
environmental
 
issue,
 
it
 
is
 
a
 
crucial
 
social
 
change
 
that
 
we
 
want
 
to
 
help
 
bring
 
about.
We
 
are
 
committed
 
to
 
placing
 
sustainable
 
enterprise
 
at
 
the
 
heart
 
of
 
our
 
decisions
 
and
 
to
doing
 
our
 
bit
 
to
 
combat
 
climate
 
change.
 
That
 
is
 
why
 
Belfius
 
joined
 
the
 
Science
 
Based
Targets
 
initiative
 
(SBTi)
 
and
 
why
 
we
 
are
 
committed
 
to
 
setting
 
our
 
emissions
 
reduction
targets
 
in
 
line
 
with
 
the
 
Paris
 
Climate
 
Agreement.
We
 
are
 
aware
 
of
 
the
 
complexity
 
of
 
finding
 
solutions
 
that
 
meet
 
both
 
the
 
needs
 
of
 
our
customers
 
and
 
our
 
sustainability
 
objectives.
 
Within
 
this
 
context,