Aviva disposes of US operations in £1.1bn deal

Insurer Aviva today said it had agreed to sell its US operations for $1.8bn (£1.1bn).

Britain’s number two insurer, which will dispose of its US operations to Athene Holding, will retain its US asset management operations.

The sale forms part of an overhaul launched by Aviva in July to offload 16 businesses aimed at bolstering its finances and reinvigorating its flagging share price.

"The sale of Aviva USA is an important step forward in the delivery of our strategic plan. It considerably strengthens Aviva's financial position, increases group liquidity and improves our economic capital surplus whilst also reducing its volatility," John McFarlane, chairman of Aviva, said today.