What Conac does

Conac is a Brussels-headquartered professional services firm founded in 1988, specializing in supplementary (second-pillar) pension administration, actuarial consulting, accounting and reporting, risk management, and governance support for Belgian pension funds and employers. The company serves over 70 pension schemes covering more than 400,000 employee lives, including large multinational corporations with Belgian operations and local Belgian companies, and operates the Pension & Co multi-employer pension fund (OFP/IRP) established in 2010. Conac was acquired by AG Insurance in 2017 and continues to operate as an independent entity, combining the agility of a ~45-person specialist firm with the parent's ISO 27001-certified IT infrastructure and EUR 75 billion balance sheet.

Conac's technology platform is entirely proprietary and purpose-built for Belgian pension fund requirements. PMi (Pension Manager for the Internet) handles secure straight-through pension administration with Sigedis push-message integration; AMi (Actuarial Manager for IORPs) covers IAS/IFRS, FAS, and Belgian prudential actuarial calculations; Kluwer Fund Manager manages pension fund accounting and ECB/AEAPP/FSMA reporting; Benefits Online (BOL) provides participant-facing self-service; Governance Manager offers role-based document and communication tools; and Conac ALM delivers stochastic asset-liability modeling. All tools are hosted within AG Insurance's ISO 27001-certified environment and audited under ISAE 3402/SOC 1 annually since 2011, with ISAE 3000/SOC 2 and DORA compliance layered on top.

The business model is enterprise professional services delivered on a customized, scope-based pricing model (no public pricing). Revenue streams span actuarial services, pension administration, accounting and reporting, risk management, governance support, and managed services via Pension & Co. The go-to-market is direct enterprise sales supported by Abelica Global network referrals for international clients and AG Insurance ecosystem cross-referrals. Customer concentration is moderate given the breadth of 70+ schemes across enterprise and mid-market segments, though no individual client revenue disclosure exists.

Name

Conac

Legal name

Conac

Website

https://conac.be

Company type

Private

Founded year

1988

Operating status

Operating

Headcount range

11–50 employees

Short description

Conac is a Brussels-based, AG Insurance-owned professional services firm founded in 1988 that delivers actuarial consulting, pension administration, accounting, risk management, and governance support to over 70 Belgian pension schemes covering more than 400,000 employees via proprietary software tools.

Ownership category

akta.pro rank

Product category

Pension Administration Services

NAICS

Pension Funds (525110), Insurance and Employee Benefit Funds (5251), Offices of Certified Public Accountants (541211)

SIC

Services-Management Consulting Services (8742), Services-Prepackaged Software (7372)

akta.pro primary industry

Employer Retirement Plan Advisory (401(k)/Pension) (FSAEABAE)

akta.pro secondary industries

Corporate Retirement Plan Advisory RIAs (ERISA 401(k)/403(b)) (FSAAACAF), Institutional Consulting RIAs (OCIO/Endowments/Foundations/Pensions) (FSAAACAG), Pensions, Benefits & Retirement Disbursements (FSAMAKAI)

Keywords

• Pension administration services
• Actuarial consulting
• Pension fund accounting
• Risk management services
• HR communication solutions

Headquarters

HQ city

Brussels

HQ country

Belgium

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Infrastructure, Marketing or Sales

Revenue model

1. Actuarial Services: Professional actuarial consulting services including actuarial valuations, IFRS/IAS calculations and reporting, funding follow-up, and actuarial function roles for pension funds.
2. Pension Administration Services: Comprehensive pension administration including individual file management, collective and individual calculations, pension payments, and social/tax declarations.
3. Accounting and Reporting Services: Accounting services, legal reporting, and annual reporting for pension funds provided through Conaccount, using proprietary Kluwer Fund Manager software.
4. Risk Management Services: Risk management policy development, risk management system implementation, ORA exercises, and board support services for pension funds.
5. Governance Support Services: Board of Directors advice, training, meeting preparation, coordination between key functions, and FSMA communication support.
6. Multi-Employer Pension Fund (Pension & Co): Conac-established multi-employer pension fund providing independent pension fund structure under IORP framework with separate assets for each employer.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Conac provides end-to-end Belgian supplementary pension services for companies and pension funds, including actuarial consulting (valuations, IAS/IFRS reporting), pension administration (member data, payments, tax/social declarations), accounting and regulatory reporting, risk management, governance support, HR/participant communication, and the Pension & Co multi-employer pension fund structure. Services are delivered via Conac's in-house developed platforms (PMi, AMi, Kluwer Fund Manager, BOL, Governance Manager, Conac ALM) hosted within an ISO 27001 IT environment.

Product overview

Conac delivers its pension services through a suite of internally developed software tools. The core platform is PMi (Pension Manager for the Internet), a web-based pension administration system that handles data management, calculations, and payments, fed by Sigedis push messages and employer payroll data. AMi (Actuarial Manager for IORPs) is the actuarial calculation engine covering all Belgian prudential requirements and IAS/IFRS reporting per client. Kluwer Fund Manager handles accounting, portfolio transactions, and regulatory reporting (FSMA, ECB/AEAPP). Participant-facing communication is delivered through Benefits Online (BOL), while Governance Manager provides role-based access for fund administrators and stakeholders. Conac ALM offers stochastic asset-liability modelling. These tools are supplemented by the Pension & Co multi-employer fund sub-brand, a shared-structure OFP for clients needing full governance outsourcing. All tools are delivered as in-house SaaS-style web applications within an ISO 27001 certified IT environment hosted by AG Insurance.

Differentiator

Problem solved

Functional benefit

Brands

• Pension & Co: Multi-Employer Pension Fund (OFP/IRP) providing pension fund structure for companies without sufficient in-house expertise, while retaining advantages of a pension fund including flexibility, transparency, and full allocation of investment returns.

Products and services

• Actuarial Services Professional actuarial consulting services for Belgian pension funds, including actuarial valuations, IFRS/IAS calculations and reporting, funding follow-up, and actuarial function roles (retirement, death, disability components across DB/DC/CB plans); delivered via the proprietary AMi tool.
• Pension Administration Services Comprehensive pension administration including individual file management, collective and individual calculations, pension payments, communication documents, and social/tax declarations, delivered through the proprietary PMi web platform and integrated with Sigedis push messages.
• Accounting and Reporting Services (Conaccount) Accounting services and legal/annual reporting for pension funds, delivered under the Conaccount practice using the proprietary Kluwer Fund Manager software, covering securities portfolio reporting to ECB/AEAPP and annual accounts to FSMA.
• HR Communication Services Participant-facing HR communication and self-service delivered through the Benefits Online (BOL) platform, including pension data access, annual statements, GDPR communications, transparency reports, gross-net simulations and cafeteria plan options.
• Governance Support Services Board of Directors advice, training, meeting preparation, coordination between key functions, and FSMA communication support, delivered via the Governance Manager role-based platform.
• Risk Management Services Risk management policy development, risk management system implementation, Own Risk Assessment (ORA) exercises, and board support for pension funds, supported by the Conac ALM stochastic asset-liability modelling engine.
• Pension & Co Multi-Employer Pension Fund (OFP/IRP) Multi-employer pension fund (OFP/IRP) under FSMA supervision, providing employers with a pension fund structure that retains advantages of separate asset pools, investment policy choice and full allocation of investment returns, while reducing overhead and governance burden.
• Custom Software Services (Software op maat) Bespoke software development for pension fund clients, leveraging Conac's in-house expertise from PMi, AMi, Kluwer Fund Manager, BOL and Governance Manager platforms.

Quantifiable outcome

• More than 400,000 employees covered across over 70 different pension schemes
• +2 more outcomes

Named customers3 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Feature6 records

Partnerships

Two partnerships are on record, tiered flagship and core.

• Abelica Global NetworkflagshipStrategic or Co-development PartnerConac is the Belgian member of Abelica Global, the largest international network of independent actuarial service providers with 1,500 employees. This global network of financially and legally independent service providers has representation in major cities worldwide including Brussels. The partnership provides Conac with access to an international pool of pension fund services and expertise, enabling them to serve clients with local, regional, and global needs.
• Pension & Co (Multi-Inrichterspensioenfonds)coreStrategic or Co-development PartnerPension & Co is a Multi-Employer Pension Fund (OFP/IRP) established by Conac in 2010 under Belgian prudential supervision (FSMA). It provides a solution for pension funds lacking governance expertise, allowing advantages of pension funds (flexibility, transparency, investment policy choice) while reducing overhead costs. Each employer maintains separate assets with no solidarity between pools.

Scale indicators6 records

Recent moves9 records

Expansion highlights5 records

Others

• Ethias: Belgian insurance and pensions provider with in-house actuarial, administration, and pension fund management capabilities. Adjacent player in the Belgian second-pillar ecosystem; not a direct competitor in pure-play services.
• AG Insurance: Belgian insurance and pension market leader (€75B balance sheet) and parent company of Conac since 2017. Hosts Conac's IT infrastructure and provides referrals; not a market competitor due to common ownership.

Direct peers

• Aon: Global professional services firm with a large actuarial and pension administration practice (including Aon Belgium). Directly competes with Conac on retirement and actuarial consulting for Belgian enterprise clients.
• Vanbreda Risk & Benefits: Belgian employee benefits and pension consulting firm (part of International SOS). Direct competitor in the Belgian market for pension advisory, actuarial services, and benefits brokerage; Jan Geerardyn previously worked here.
• Willis Towers Watson (WTW): Global actuarial, pension, and risk consulting firm. Competes with Conac in providing pension advisory, actuarial valuations, and administration to Belgian employers and pension funds.
• Mercer: Global actuarial, pension administration, and investment consulting firm (Marsh McLennan). Competes directly with Conac in Belgian enterprise pension advisory, administration, and risk management mandates for multinational clients.

Broad incumbents

• PwC Belgium: Big Four firm with actuarial, pension, and risk consulting practices serving Belgian enterprise and financial services clients. Competes with Conac in actuarial and governance advisory mandates.
• Deloitte Belgium: Big Four advisory firm with actuarial, pension, and reward consulting practices serving large Belgian enterprises and pension funds. Competes with Conac on actuarial valuations, governance, and broader consulting mandates.
• KPMG Belgium: Big Four advisory firm with pension and actuarial advisory practices in Belgium. Competes with Conac for pension governance, risk, and consulting engagements at large Belgian enterprises.

Regional players

• Attentia: Belgian HR, well-being, and employee benefits services firm with pension and supplementary benefits offerings. Regional peer competing in adjacent HR/benefits services to Belgian employers.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Conac