Filed Under:Annuities, Fixed Indexed

Aviva PLC nears sale of U.S. unit

The Royal Exchange in London. Photo credit: Matt Banks
The Royal Exchange in London. Photo credit: Matt Banks

In its just released Q3 management statement, Aviva PLC said it is close to selling its U.S. life and annuity business. However, the company also stated the sale will most likely come at a “substantial discount” to book value.

In the statement co-signed by chairman John McFarlane and CFO Patrick Regan, the company noted that even a discounted sale would produce a capital surplus. “We are hopeful of a satisfactory resolution reasonably soon,” they wrote. A report from Bloomberg Businessweek put the book value of the U.S. unit at £2.4 billion, or $3.8 billion.

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