Insights

With the upcoming entry into force of the Solvency II reform, the European regulator aims to enable insurers to increase their contribution to financing the European economy.As stated by the European Commission as the first objective: “[Solvency II Delegated Regulation will]1. help insurers provide more long‑term financing to the real economy, supporting the objectives of the savings and investments union.This will encourage long‑term investments and increase investment capacity by making the valuation of long‑term liabilities less volatile and more predictable.To what extent will these objectives be achieved?

Each month we share the conclusions from the monthly strategy investment committee which provides a summary of Ostrum AM's views on the economy, strategy and markets.

Quarterly publication / April 2026

Each month we share the conclusions from the monthly strategy investment committee which provides a summary of Ostrum AM's views on the economy, strategy and markets.

As Europe takes a crucial step in its energy transition, the sustainable bond market is undergoing a period of profound change.From the promising emergence of "transition bonds" which are redefining the rules of the game for the most carbon-intensive sectors, to the energy explosion of data centers which is disrupting our sustainability paradigms, and the new regulatory requirements which are redistributing the playing field, 2026 promises to be an intense year.This analysis reveals the profound changes in a market at the height of its effervescence: which sectors will fare well? How will new transition bonds revolutionize the financing of de-carbonization? And why could artificial intelligence paradoxically become the biggest environmental challenge of the decade?Delve into the workings of a financial ecosystem that is rewriting the rules to shape the economy of tomorrow.

Each month we share the conclusions from the monthly strategy investment committee which provides a summary of Ostrum AM's views on the economy, strategy and markets.

European banks have reported robust 2025 earnings. European bank bonds have been strongly supported by these solid fundamentals and favorable technical factors, leading to a significant compression of spreads, especially on subordinated debt.We believe the current fundamental momentum will carry through into 2026. We anticipate net interest income growth potential from the second half of the year, once the central bank rate cuts implemented in 2025 have been largely absorbed by banks.Consequently, we retain a positive outlook for the banking sector. We believe banks are favorably positioned within an economic landscape marked by, on one hand, a relatively stable macroeconomic baseline scenario, and on the other, an environment replete with numerous underlying risks.Furthermore, despite stretched valuations and a riskier context, the decline in issuance and the sector's resilience should limit downside risk and support carry. Opportunities remain through mergers and acquisitions, regulation (AT1), and lower capital structure investments.

Each month we share the conclusions from the monthly strategy investment committee which provides a summary of Ostrum AM's views on the economy, strategy and markets.

2025 was an excellent year for equity markets across all geographic regions. Total return performances (with net dividends reinvested) of the world’s major markets (United States, EMU, Europe, Japan, China) rose by an average of 20% throughout the year. Such performance had not been seen for some time, particularly in the euro area.2026 should remain supportive for equity markets, albeit with some persistent risk factors. Diversification and selectivity will remain key investment principles in 2026.

Quarterly publication / January 2026

Each month we share the conclusions from the monthly strategy investment committee which provides a summary of Ostrum AM's views on the economy, strategy and markets.