Things are far from rosy in the European life insurance sector. Buffeted by profit warnings, huge investment losses and falling solvency ratios, and with shares being picked on by the hedge funds, the sector has embodied all the wild volatility of global stock markets in recent weeks.
But the slump in July, sparked by profit warnings at Aegon and Fortis, took even the bears by surprise. Few names in the sector went unscathed: Axa, Zurich, Skandia and Prudential also took a pounding.
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