Aviva completes sale of US business

Aviva has completed the sale of its US life and annuities business, Aviva USA, to Athene Holding Limited.

The transaction proceeds are US$2.6 billion (£1.7 billion) and are subject to customary completion adjustments.

Cash proceeds to Aviva are US$0.8 billion higher than announced on 21 December 2012, at US$2.3 billion (£1.5 billion), following repayment of an external loan of Aviva USA.

Mark Wilson, group chief executive officer at Aviva, 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.”