January 29, 2018 / 1:39 PM / a year ago

Cattolica to cut exposure to Italian sovereign debt to 50 pct

MILAN, Jan 29 (Reuters) - Italy’s Cattolica Assicurazione is looking to cut its exposure to Italian sovereign debt to 50 percent of its overall bond portfolio from the current 60 percent, the insurer’s Chief Financial Officer said on Monday.

Cattolica wanted to reallocate the resources to non-Italian sovereign debt, real estate and infrastructure, Enrico Mattioli said, presenting the group’s business plan to 2020.

Cattolica Chief Executive Officer Alberto Minali also said the insurer did not intend to buy any shares in Italian lender Banco BPM.

Cattolica has a bancassurance agreement with Banco BPM.

Reporting by Andrea Mandala, writing by Elisa Anzolin

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