Munich Re adjusts sovereign portfolio

Munich Re trimmed some government bond holdings in the year to end-June, cutting its exposure to US, UK, and Italian debt in particular.  

Government bonds comprised €106.2 billion ($123 billion) of the German reinsurer’s investment portfolio at end-June, down from €106.7 billion a year ago. Of this, US government debt, the company’s second largest sovereign holding after German debt, fell to 15.3%, from 16.1% at end-June 2017. UK holdings declined to 2.5%, from 3%, and Italian debt to 2.7%, fr