The Financial Times reports European insurers are taking sweeping measures to restructure in the face of narrowing opportunities to generate profits.

“Anaemic economic growth in mature markets has left both life and non-life insurers with lacklustre demand for their products…. Low interest rates have the potential to cause still bigger problems. This is particularly so for life assurers, which have less flexibility to change policyholders’ terms, although weak investment returns also hurt their non-life peers’ profitability,” the report says.