AEGON is one of the largest Dutch insurance groups, providing life insurance, pensions and long-term savings products in the Netherlands, the US and Britain. More than 50 per cent of its earnings comes from the US market. It also has operations in Germany, Belgium, Hungary, Spain, Taiwan and the Philippines. It has steadfastly shied away from a merger with a large bank.

Fortis is a Belgian and Dutch banking and insurance company. About 65 per cent of its profits comes from banking and it is now the largest bank in Belgium. It also has operations in the US, mainly providing risk coverage and funeral insurance through United Family Life and Pierce National.

ING is a Dutch holding company which derives 60 per cent of its earnings from insurance and 40 per cent from banking. Its insurance operations are predominantly in the Netherlands and the US. The Dutch life insurance business is the backbone of the entire ING group. Its banking operations - which include ING Bank, BBL in Belgium and a 40 per cent stake in German bank BHF - tend to be focused on small to medium-sized businesses in the major European markets. It also has an international investment arm operated through ING Barings.

Allianz is Europe's biggest insurance company. Most of its profits are earned in the German market. It has operations in France, Italy and the US. Its share price is very sensitive to equity market movements because of the size of its German equity portfolio. AGF is the French insurance arm of Allianz and has a stake in Irish Life.

Munich Re is the world's largest reinsurance company and has a 25 per cent cross shareholding with Allianz in a number of its subsidiaries.

Generali is Italy's largest insurer. It purchased Germany's third largest direct insurer, AMB last year which contributes more than 30 per cent of its earnings. It also has operations in Israel, and in Latin America.