“A quarterly filing by the insurer in the US shows that the firm is working to slash its exposure to both European sovereign debt and the eurozone’s banks, a further indication that companies are losing confidence in the single currency.  Its reduction in exposure to German sovereign debt was the most marked, falling 16pc over six months, from $1.85bn (£1.2bn) to $1.37bn, indicating that Europe’s largest economy is not insulated from the capital flight gripping the eurozone’s southern and heavily indebted members.”