Articles - Aviva completes sale of Aviva USA

 Aviva has announced that it has completed the sale of Aviva USA Corporation, its US life and annuities business, to Athene Holding Ltd.

 The transaction proceeds are US$2.6bn1 (£1.7bn) and are subject to customary completion adjustments. The proceeds are US$0.8bn higher than announced on 21 December 2012, and represent estimated earnings and other improvements in statutory surplus over the period from 30 June 2012 to 30 September 2013. Cash proceeds to Aviva are US$0.8 billion higher than announced on 21 December 2012, at US$2.3bn (£1.5bn), following repayment of an external loan of Aviva USA.

 Mark Wilson, Group Chief Executive Officer, said: “This is a solid outcome with transaction proceeds of US$2.6 billion. The sale of the US business is another milestone for Aviva: it simplifies the business, strengthens the capital position and is a step towards our goal of creating a business focused on cash flow and growth.”