Aviva chief executive Andrew Moss says the insurer is ‘comfortable’ with its exposure to sovereign debt of troubled European economies Greece, Italy, Ireland, Portugal and Spain.

Aviva holds £900m in Italian bonds and £500m with the rest of the peripheral countries of Ireland's, Portugal, Greece and Spain, Bloomberg reports.

“We’ve reduced exposures over the last couple of years as we’ve seen some of these problems coming down the track,” Moss said.

“All of our exposures are within risk appetite,” he said. “We’ve done lots of contingency planning around any potential outcome, and we feel comfortable with our ability to withstand any of that given the very strong capital position that we have.”