Belfius takes first steps into French market with acquisition digital insurer Leocare

Belfius Insurance is acquiring the French digital insurer Leocare. This was announced on Friday by the insurance arm of the state-owned bank and insurer Belfius. For the group, this marks its first move into the international market.

Belfius Insurance is acquiring all shares in the parent company Insurlytech. “The Belfius Group is taking its first concrete step beyond Belgium’s borders by entering the French digital insurance market,” Belfius stated in a press release.

France is Europe’s second-largest insurance market. Through the deal, Belfius Insurance gains immediate access to that market. Leocare provides “a strong operational base” and an “ideal starting point” for digital insurance in Europe, according to the Belgian bank.

Belfius posts record profit of 1.16 bn euros and proposes dividend of 454.6m

State-owned bank Belfius posted a net profit of 1.16 billion euros in 2025, a new record. The bank also announced that it will pay a dividend of...

belganewsagency.eu

The Rennes-based company was founded in 2017. The Leocare app now has 1.3 million users. The insurer draws on a network of more than 750 insurance brokers and partners. The name and teams will be retained. Close collaboration will follow to realise synergies around technology, data and risk management.

The deal was signed on Friday and the integration will begin on 1 July. Belfius has not disclosed any financial details.

The acquisition forms part of the new 2030 strategy that Belfius unveiled earlier this year. The company aims to expand internationally and is primarily looking to offer insurance in France, it was reported. “We are currently reviewing various options,” said Olivier Onclin, who has since been appointed as the new CEO of Belfius.

^{Illustration © PHOTO BELGIAN_FREELANCE / Werner Lerooy}