Allianz Life halves index CDS book in Q4

Counterparty Radar: Move by US market behemoth pushes life insurers’ notional down by almost 40%


Allianz Life Insurance Company of North America, the US subsidiary of the German financial services conglomerate, slashed more than 50% of its index credit default swaps book in the fourth quarter of last year. This led to a significant contraction in the US life insurance market’s notional, as the Minneapolis-based firm is the sector’s largest user of the instruments.

The company removed approximately $30 billion in notional from its positions to bring its portfolio down from $53.9 billion in

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