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The purpose of this dissertation is to show to what extent the Solvency II regulation has impacted the insurers in Belgium by looking at their costs and net worth, but also at the impact Solvency II had on the real performance of insurers portfolios and their ability to remain attractive for the insured. The study is designed to reflect how affected the returns of insurers are by management fees in comparison with a market portfolio of similarly risky characteristics, composed of ETFs. Some major finds are that the insurers performance are way below those of the market and that the government tax incentives are too small in order to make a significant difference. Also, Belgium stands out as the country in western Europe in which returns of funds are the most affected by fees. As solutions, measures should be taken by the regulators in order to make the impact of fees more easily comprehensible by pension products subscribers. Also, an answer which would benefit both the insured, the insurers and the economy as a whole is presented; through the use of infrastructure investments.

Solvency II --- Pension --- Retirement --- Insurance companies --- Long-term investment --- Alternative investment --- Fees impact --- Government incentives --- Tax reliefs --- Infrastructure investments --- Economic growth --- Performance comparison --- Risk comparison --- branch 21 --- branch 23 --- guaranteed returns --- long-term savings products --- pension funds --- real returns --- real performance --- management fees of pension products --- ETF --- ETF portfolio --- Sciences économiques & de gestion > Finance