UK-headquartered composite multinational insurer Aviva has substantially reduced its exposure to Italian sovereign debt from EUR6bn to EUR5bn, which analysts said was a "big step forward".
Newly appointed executive chairman John MacFarlane told analysts and investors today (5 July) that Aviva reduced its Italian sovereign bond holdings by just under EUR2bn to EUR4.6bn in June.
However, this figure is the reduction in shareholder exposure in participating and shareholder funds. Net of minority interests and market movements, the reduction is just...
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