(Bloomberg) -- Europe’s life insurers are faced with an “unsustainable business model” after interest rates slumped across the continent, International Monetary Fund economists said.

Low yields on government bonds mean euro-area life insurance firms are suffering from more severe stress than they incurred in recent tests by regulatory authorities, when almost a quarter were unable to meet requirements, analysts including Reinout De Bock and Andrea Maechler said in a report dated Tuesday.

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