Europe record biggest weekly decline in five

Insurers gained after Goldman, Sachs & Co raised its recommendations on Aegon NV and Assurances Generales de France SA.

Aegon, Europe's third-largest insurer, advanced 5.6 percent to 9.03 euros after Goldman boosted its rating to "outperform" from "inline," saying the share price doesn't reflect the profit the company can make as it cuts costs. The stock added 0.6 percent since last Friday.

AGF, the French unit of the German insurer Allianz AG, rose 0.5 percent to 35.86 euros. Goldman raised the company to "in-line" from "underperform." The stock is down 0.3 this week.

"Insurers will benefit from a general improvement in the economy and markets," said Age Bruinsma, who manages the equivalent of US$5.7 billion in global assets at the Hague, Netherland's-based ING Investment Management.

Royal & Sun Alliance Insurance Group Plc, a UK property and casualty insurer, jumped 3 percent to £1.3925, for a weekly advance of 2 percent.