In June last year, Mannheimer Leben was the first German life insurer in 50 years to go bust.

ECONOMIST: Many European life companies are still in dreadful shape

Other particularly weak life companies are Hannoversche Leben, Victoria (owned by Munich Re, a big reinsurer) and the life arm of Gerling, one of Germany's weakest general insurers.

ECONOMIST: Many European life companies are still in dreadful shape