UK-listed South African insurer Old Mutual has written down $135m (Ј76m) of Fannie Mae and Freddie Mac preferred stock held by its US life business.
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However, it said chief executive Jim Sutcliffe was resigning with immediate effect, to be replaced by Julian Roberts, ex-head of its Skandia unit.
Roberts said Old Mutual would "tackle very hard" the "isolated issue" in the US and "make sure it is behind us".
Old Mutual also announced a strengthening of its reserves by $155m in the US life business.
And it said it would be putting aside a further $250m of capital to support the ongoing capital needs of its Bermuda business.
Shares in Old Mutual were down 3.27% at 0915 BST to 97.60 pence.
(BBC)
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