Shares in AXA and Fortis fell sharply this morning as European markets sagged.
Insurance stocks that have been plunging to 52-week low positions over the last few days dropped still further as investors continued to withdraw from financial services.
In Paris, AXA dropped 16% in mid morning trading. By 11am London time, it was clawing back some of its losses to trade at Euros 9.79, a 52-week-low value.
The stock has been in almost steady decline for the last four months and over the last three days of trading lost 7.5%, 10.9% and 6.6% respectively.
Fortis was buffeted as it announced its third profit warning in eight months.
The share fell to Euros 12.5 in mid-morning trading in Amsterdam but like AXA showed signs of recovering.
Today's fall follows three dismal days for Fortis, with the share losing at least 8% a day.
The Belgo-Dutch group said operating profits could suffer if its equity holdings stayed lower than the price it had paid for them.
Dutch life insurer Aegon warned on Monday its profits would be hit by bond defaults, prompting an investors' flight from the insurance sector.
The pan-European FTSE 100 Eurotop was showing signs of recovery after sharp early falls. By mid morning in London it was down 2.7%.
