2025 SFCR Report
and during the first semester of the year. The asset allocation further evolved in the course of 2025 with investments in a Structured note, Commercial Mortgage Loans and material bond rotations on Emerging Markets and hybrid bonds. This evolution is...: the acquisitions of the Contassur portfolio, write-down on historical (mainly property) investments and revisions of non-economic assumptions in actuarial flow models to reflect the commercial strategy in the cash-flow models. From a Solvency