“We can say that we are not a bank, which is a good thing,” says Stephan Theissing, treasurer of Allianz. “And if you look at the spread development on our bonds, we are trading better than most banks. Insurance companies, unlike banks, are not being forced to reinvent the business model. The model of receiving premiums first and paying out later is better than needing the constant refinancing of the balance sheet that banks do.
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