UPDATE 2-Vienna Insurance demotes executive after Italy loss


* Q3 pretax profit 110 mln eur vs Reuters poll avg 104 mln * Premiums fall to 2.02 bln vs poll avg 2.15 bln * Says will be unable to avoid earnings volatility this year * CEO sees Italy loss in high double-digit million euros * Shares down 0.9 percent, biggest losers in European sector (Adds CEO comments from news conference, writes through) By Angelika Gruber VIENNA, Nov 28 (Reuters) - Vienna ...


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