Belgian state-owned bank and insurer Belfius has officially launched its international expansion strategy. On Friday, the group’s insurance arm, Belfius Insurance, announced the acquisition of 100% of the shares in Insurlytech, the parent company of French digital insurer Leocare. This transaction marks Belfius’s first concrete step beyond Belgian borders.
Strategic Entry into Europe’s Second-Largest Insurance Market
By acquiring Leocare, Belfius Insurance secures an immediate and scalable foothold in France. The Belgian group intends to use the company as an operational springboard to expand its digital insurance footprint across Europe.
The acquisition directly aligns with Belfius’s newly unveiled 2030 strategy, which prioritizes international growth with a heavy focus on the French market. According to Olivier Onclin, the newly appointed CEO of Belfius, the group is actively reviewing multiple avenues for cross-border expansion.
Leocare at a Glance
Founded in 2017 and based in Rennes, Leocare has established a strong digital presence in France:
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User Base: 1.3 million app users.
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Distribution: Supported by a robust network of over 750 insurance brokers and corporate partners.
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Operational Continuity: Leocare will retain its current brand name, leadership, and staff.
Moving forward, both companies will collaborate closely to leverage synergies in technology, advanced data analytics, and risk management.
Financial Context and Next Steps
While financial details of the acquisition remain undisclosed, Belfius enters this new chapter backed by substantial financial momentum. The state-owned bank recently posted a record-breaking net profit of 1.16 billion euros for the financial year 2025, proposing a dividend payout of 454.6 million euros.
The deal was officially signed on Friday, and the formal integration of Leocare into the Belfius Group is scheduled to begin on July 1, 2026.
