Supplementary Provision in Life and Work Accident Insurance

Public NBB_2025_20 – 9 December 2025 Circular – Page. 1/1 Boulevard de Berlaimont 14 – BE-1000 Brussels tel. +32 2 221 39 24 enterprise number: 0203.201.340 RPM Brussels www.bnb.be Circular Public Brussels, 9 December 2025 Reference: NBB_2025_20 your correspondent:
Eva De Cnodder tel. +32 2 221 30 74
Eva.decnodder@nbb.be
Supplementary Provision in Life and Work Accident Insurance Scope Insurance companies operating in life and work accident insurance branches. Summary/Objectives This circular aims to determine the pivot rate applicable on 31 December 2025 within the framework of the supplementary provision in life and work accident insurance. Madam, Sir, The method for calculating the supplementary provision to be established when the guaranteed interest rate exceeds 80% of the average interest rate over the last five years of 10-year OLOs (hereinafter "pivot rate") by more than 0.10% (10 basis points) is described for life insurance in Article 34quinquies §3, paragraph 2 and for "work accident" insurance in Article 34sexies §5, 1° of the Royal Decree of 17 November 1994, as amended on 1 June 2016, relating to the annual accounts of insurance companies. The pivot rate is determined using the end-of-month reference rates communicated by the National Bank of Belgium for the yield of linear bonds on the secondary market. These rates can be consulted on the website of the National Bank of Belgium (http://stat.nbb.be), under the section "Financial Markets > Interest Rates" in the summary. The average value is calculated for the period from December 2020 to November 2025 inclusive. Thus, the pivot rate to be applied on 31 December 2025 is 1.72%. Please note that a copy of this circular is sent to the commissioner(s), approved auditor(s) of your establishment. I have the honour to be, Madam, Sir, the expression of my distinguished sentiments. Pierre Wunsch Governor