After four consecutive years on the increase, the European insurance sector stopped growing in 2007, notes a study published by the French daily, Les Echos. The DJ Stoxx Insurance index, which brings together the main insurance and reinsurance companies on the European continent, fell 11.9% last year, after growing 80% in previous years. And yet, broadly speaking, the ranking of companies classed according to stock capitalisation has developed very little. In the lead, there is the German company, Allianz, which keeps its position as the leading European capitalisation insurance company (€66.60 billion). Its insurance activity is flourishing with record forecast net results of €8 billion. After the German group, gaps continue to widen: neck to neck with it in 2006, the French group AXA is now at a respectable distance with €56.39 billion in stock capitalisation, retaining second position. Still in third position, comes Italian Generali with a slight increase in stock capitalisation (€43.69 billion). Then there is Swiss Zurich Financial Services (4th, €29.26 billion in stock capitalisation), German Munich Ré (5th, €28.97 billion); British Aviva (6th, €24.01 billion), British Prudential (7th, €23.93 billion), Dutch Aegon (8th, €19.79 billion), Swiss Re of Switzerland (9th, €18.02 billion) and French CNP Assurances (10th, €13.22 billion). For now, insurance brokers seem relatively unaffected by the financial crisis and most of the key players in the sector have noted moderate exposure to “sub-prime” lending, Les Echos notes. Companies that seem to be least affected (Generali, Zurich Financial Services, CNP Assurances) achieved better stock market results. Markets are nonetheless concerned that the American crisis could have adverse longer term affects on the sector. At global level, China dominates the insurance sector, as well as the banking sector. Three Chinese establishments are in the lead, including a new company that directly takes first place: China Life, worth $199 billion on the stock exchange. (I.L.)