PRODUCT REVIEW — BRANCH 23
Passive management, 1.40%/year fees. Under the long-term savings scheme, this is the only Branch 23 product in our review where the math can favour the insurance wrapper — under strict conditions.
IN BRIEF
AXA Index4P stands apart in the Belgian Branch 23 universe: passive management on a world index, fees of 1.40%/year. Under the specific long-term savings scheme (30% tax reduction, CGT 2026 exemption), 30-year simulations show a slightly better outcome than a World ETF — provided entry fees are negotiated to a maximum of ~1% and the annual tax rebate is reinvested each year. Without these conditions, the ETF remains superior.
Source: AXA Index4P Global Equity fund sheet, AXA Belgium S.A., April 2026. Fund launched on 13/10/2025 — the performance figures shown are those of the underlying fund (Amundi MSCI World Climate Transition), not of the AXA contract itself.
Almost all Branch 23 products distributed in Belgium are actively managed funds: managers select securities hoping to beat the market. In practice, between 85% and 92% of these funds underperform their benchmark index over 20 years — before even accounting for the insurance wrapper fees.
AXA Index4P is an exception: the underlying fund (Amundi MSCI World Climate Transition) passively tracks a world index. This means the product’s gross return is close to the global market return — unlike NN Strategy, AG Fund+, or Baloise, whose gross return already trails the market before deducting wrapper fees.
This difference — passive vs. active management — is what changes the calculation for the long-term savings scheme.
Note: the fund tracks the Amundi MSCI World Climate Transition index, an ESG-filtered version of the MSCI World (exclusion of high carbon-intensity companies). The composition and historical performance are very close to the standard MSCI World — geographic and sector exposure is nearly identical.
Premium tax: 2%
Deducted from every contribution — identical for all Branch 23 products in Belgium. Non-negotiable.
Commercial entry fees: 0% to ~1%
The official fund sheet does not mention commercial entry fees separate from the premium tax. Depending on the distributor (broker or AXA directly), additional fees may apply. Negotiate this point before subscribing — it is the most impactful lever on final performance. Our simulation uses 1% (cautious scenario) and 0% (best case).
Annual management fees: 1.40%/year
This is the lowest fee of all Branch 23 products analysed on ClearInvest. For comparison: NN Strategy ~1.50%, AG Fund+ ~1.70%, Baloise ~2.20-2.50%. These 1.40% are nevertheless 8 times higher than the IMIE ETF at 0.17%/year.
| Product | Fees/year | Management |
|---|---|---|
| AXA Index4P | 1,40 % | Passive (index) |
| NN Strategy | ~1,50 % | Active |
| AG Fund+ | ~1,70 % | Active |
| Baloise | ~2,20 % | Active |
| ETF IMIE | 0,17 % | Passive (index) |
⚠️ The exit fees of 3.6% (decreasing over ~36 months) represent a real liquidity risk. If you need to recover your capital within the first 3 years, the penalty may exceed the accumulated tax benefit. Only subscribe if you are certain of your long-term time horizon.
In the standard framework (free investment, no tax benefit), AXA Index4P loses to a World ETF — the 1.40%/year fees create a significant cumulative performance gap over 30 years. The situation changes under the long-term savings scheme.
The long-term savings scheme (langetermijnsparen) is a federal tax system that allows deducting 30% of premiums paid into a Branch 21 or 23 life insurance contract (up to €2,450/year, i.e. up to €735 in annual tax rebate). The capital is also exempt from the 2026 capital gains tax — but subject to a 10% exit tax at age 60.
This scheme is only accessible to taxpayers whose federal tax basket is available — mainly those whose mortgage was taken out after 2016 (Flanders/Wallonia) or 2017 (Brussels), or who have no mortgage.
For a fair comparison, we assume both investors have the same annual net sacrifice of €1,715: the ETF investor puts €1,715 directly into IMIE; the AXA investor contributes €2,450 to the contract and receives a €735 tax rebate, which is reinvested. Gross return used: 8%/year (20-year historical average of the MSCI ACWI IMI, 2005-2025).
| IMIE ETF | AXA Index4P (LTS) | |
|---|---|---|
| Annual contribution | €1,715 | €2,450 (−€735 tax rebate) |
| Entry friction | 0.12% stock exchange tax | ~3% (premium tax + 1% fees) |
| Annual fees | 0.17% | 1.40% |
| Management | Passive | Passive (index) |
| CGT 2026 | 10% on gains > €10,000/year | ✓ Exempt |
| Exit tax at age 60 | None | 10% on capital |
| Gross capital (30 years) | ~€111,500 | ~€131,000 |
| Exit tax (age 60) | — | −€13,100 |
| Stock exchange tax (sale) | −€134 | — |
| CGT (lump sum scenario) | −€7,150 | — |
| NET VALUE | ~€104,200 | ~€117,900 |
| NET GAIN | +€33,500 | +€47,200 |
AXA’s advantage (~+€13,700 over 30 years) relies on three assumptions that must all be met simultaneously: (1) Access to the federal tax basket (recent mortgage or no mortgage); (2) Commercial entry fees ≤ ~1%; (3) €735/year tax rebate reinvested each year into the ETF or contract. If entry fees exceed 1%, or if the tax rebate is not reinvested, the ETF regains the advantage.
* Methodological note: the 8% return is based on the 20-year historical average of the MSCI ACWI IMI (2005-2025). The AXA underlying fund (Amundi MSCI World Climate Transition) returned +10.80% annualised over 5 years — above our conservative 8% assumption. The comparison is therefore favourable to the ETF.
Run the numbers with your own figures in our calculator.
Open the calculator →If you do not have access to the federal tax basket — older mortgage, or simply not interested in the scheme — AXA Index4P reverts to a product that underperforms a direct ETF.
Over 30 years with an equivalent contribution of €1,715/year and no tax benefit: IMIE ETF ~€104,200 net — AXA Index4P ~€89,500 net — Gap: −€14,700 for AXA. The 1.40%/year fees create a significant cumulative gap even with passive management — without the tax lever, the insurance wrapper has no mathematical justification.
LONG-TERM SAVINGS SCHEME
Taxpayer with access to the federal tax basket (recent mortgage or no mortgage), time horizon ≥ 20 years, ability to negotiate entry fees to ≤ 1% and to reinvest the annual tax rebate. In this specific case, AXA Index4P is the best Branch 23 product available on the Belgian market.
ESTATE PLANNING
Like any Branch 23 contract, AXA Index4P allows naming specific beneficiaries who receive the capital directly upon death, outside the standard inheritance process. A legitimate case for investors aged 60+ with an established portfolio.
AXA Index4P Global Equity is a positive anomaly in the Belgian Branch 23 universe: passive management on a world index, fees among the lowest on the market.
Under the long-term savings scheme and with strict conditions met (access to the tax basket, entry fees negotiated to ≤ 1%, tax rebate reinvested), 30-year simulations show an advantage of ~€13,700 over a World ETF — making this the only Branch 23 alternative that is mathematically justifiable for wealth accumulation.
Without these conditions, the ETF remains superior. And even in the best case, the 3.6% exit fees (decreasing over 36 months) and capital lock-up until age 60 remain real constraints to factor in.
Ideal for:
Taxpayers with an available federal tax basket, time horizon ≥ 20 years, discipline to reinvest the annual tax rebate.
Avoid if:
No access to the federal tax basket, time horizon < 10 years, or uncertainty about the ability to sustain contributions over the long term.
Last updated: April 2026
Simulation for illustrative purposes only. Past performance does not guarantee future results. This content is provided for educational purposes only and does not constitute investment advice.