3rd Oct 2013 05:55
LONDON (Alliance News) - Aviva PLC Wednesday said it completed the sale of its US operations to Athene Holding Ltd in deal worth USD2.6 billion, some USD800 million more than previously announced.
The extra money for the sale of Aviva USA Corporation, its US life and annuities business, represents estimated earnings and "other improvements in statutory surplus over the three months to September 30.
"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," Mark Wilson, chief executive, said in a statement.
The cash proceeds from the deal amounted to USD2.3 billion following the repayment of an external loan of Aviva USA.
Athene is a life insurance holding company focused primarily on the retirement market.
Aviva originally announced the sale on December 31.
Aviva shares Wednesday closed at 407.5 pence, down 0.6 pence, or 0.2%.
By Samuel Agini; [email protected]; @samuelagini
Copyright 2013 Alliance News Limited. All Rights Reserved.
Related Shares:
Aviva