Ethias

Philippe Lallemand serves as CEO of Ethias SA and oversees the firm's overall strategy, including its investment portfolio, which spans real estate, private equity, and infrastructure. The Board of Directors, chaired by Myriam Van Varenbergh, provides governance and fiduciary oversight. Ethias does not publicly name a standalone CIO, suggesting investment authority is integrated within the executive committee's broader mandate.

Ethias operates as an asset owner: it manages its general account, deploying policyholder premiums and balance-sheet reserves into a diversified portfolio. The firm makes direct investments — owning properties like the Cityforward portfolio in Brussels and holding a Belgian Economy Investment Portfolio — rather than functioning as a third-party asset manager. Its mutual structure and public shareholders reinforce a long-duration approach.

Ethias holds a portfolio of commercial, mixed-use, and specialized properties. Known assets include the Cityforward mixed-use portfolio in Brussels' European Quarter, two headquarters buildings in Liège (the current site on Rue des Croisiers and the new Coronmeuse development), the WOOD HUB commercial property in Brussels, and the BoCasa care home complex in Heusden-Zolder.

The core of Ethias' direct investment activity is concentrated in Belgium, particularly in the Walloon and Flemish regions aligned with its public shareholders. Its real estate portfolio and Belgian Economy Investment Portfolio are domestically focused. Through its Euresa association membership, the firm participates in a network of European mutual insurers, which may open indirect exposure to co-investment opportunities across the continent.

Three public entities anchor Ethias' shareholding: SFPIM (the Belgian Federal Holding and Investment Company), Wallonie Entreprendre (representing the Walloon Region), and the Flemish Region. This arrangement dates to a 2014 recapitalization and gives the Belgian state a meaningful governance role, distinguishing Ethias from purely private mutual insurers.

Ethias became a signatory to the UN Principles for Responsible Investment in 2020 and joined the Belgian Alliance for Climate Action, which focuses on science-based decarbonization targets. The firm also operates the Ethias Impact Fund, a philanthropic vehicle that extends its ESG posture beyond the balance sheet into social and environmental initiatives.

Yes. Ethias maintains an operational leasing business — Ethias Lease — which manages a fleet of vehicles. This unit functions as both a customer-facing service and a balance-sheet asset, reflecting the firm's preference for tangible, income-generating holdings alongside traditional insurance instruments.