A change is as good as a rest, they say. But too much change is just hard work - ask Allianz. The German insurance group is attempting several difficult transitions at once. While it is coping admirably so far, some wonder whether or when it might run out of levers to pull.

Like all European insurers, Allianz must be ready for new capital rules starting in January and deal with the pain of ultra-low yields on its vast portfolio of bond investments.