A varistor comprises a varistor element body, first and second inner
electrodes opposing each other, a first outer electrode connected to the
first inner electrode physically and electrically, a second outer
electrode connected to the second inner electrode physically and
electrically, and an electrically insulating layer. The first and second
inner electrodes are arranged within the varistor element body so as to
have end portions exposed at two outer surfaces of the varistor element
body. The first outer electrode is arranged on one of the two outer
surfaces so as to cover a portion of the end portion of the first inner
electrode exposed at the one outer surface. The second outer electrode is
arranged on the one outer surface so as to cover a portion of the end
portion of the second inner electrode exposed at the one outer surface.
The electrically insulating layer is arranged on the one outer surface so
as to cover a portion exposed from the first outer electrode in the end
portion of the first inner electrode and a portion exposed from the
second outer electrode in the end portion of the second inner electrode.