Insurance leverages its existing skills in distribution, operations and products from its home markets in the Benelux region and has established leading positions in selected European and Asian markets. The insurance activities are executed by Insurance Belgium, Insurance Netherlands and Insurance International.
Insurance Belgium
Insurance Belgium offers its products, a comprehensive range of Life and Non-life covers, through a multitude of distribution channels. Independent intermediaries service the Private market as well as the small and medium sized enterprise segment. Bank branches focus on the retail market. Fortis Employee Benefits offers Group Life and Health-Care solutions and services to large and medium-sized companies.
Insurance Belgium – Life
Life insurance includes both savings, with investment-focused unit-linked contracts, and tradional products with a guaranteed interest rate.
Insurance Belgium – Non-life
Non-life insurance includes next to the retail and business targeted Property & Casualty product range (Motor, Fire and Liability) also workmens' compensation and Accident & Health products.
Insurance Netherlands
Insurance Netherlands serves the market via independent insurance brokers, Fortis Retail Bank (bancassurance) and an own sales force (tied agents). Insurance Netherlands offers businesses and individuals a wide range of Life and Non-life products like health care and disability insurance and saving products.
Insurance Netherlands - Life
Life includes insurance contracts with coverage of the risk of the life and death of individuals. Life also includes investment contracts.
Insurance Netherlands - Non-Life
Non-life includes Accident & Health, Motor, Fire and Other insurance covering the risk of property losses or claim liabilities.
Insurance International
Insurance International comprises Fortis’ insurance activities outside Fortis’ home markets, Belgium and the Netherlands. Insurance International also includes the Non-life activities of Fortis Corporate Insurance and Fortis Reinsurance. Fortis Corporate Insurance is a Non-life insurer for large and medium-sized national and international companies in the Benelux.
Insurance International – Life
In Life insurance, Insurance International is active through wholly-owned subsidiaries in France, Germany, Luxembourg, Russia, Turkey and Ukraine. In Portugal Insurance International holds a 51% shareholding in Millenniumbcp Fortis. In Asia, Insurance International operates through minority shareholdings in Thailand, Malaysia and China.
Insurance International – Non-life
In Non-life, Insurance International is active through wholly-owned subsidiaries in Luxembourg and the United Kingdom. In Portugal Non-life is sold through Millenniumbcp Fortis. In Asia, Insurance International operates through minority shareholdings in Thailand and Malaysia.
Eliminations
Eliminations include eliminations between Insurance segments.
Allocation rules
In accordance with Fortis’ business model, Insurance companies report support activities directly in the business.
When allocating balance sheet items to business segments, a bottom-up approach is used based on the products sold to external customers.
For the balance sheet items not related to products sold to customers, a tailor-made methodology adapted to the specific business model of each reportable segment is applied.
