Aviva nets £1.7bn after improving terms of US disposal

Aviva has completed the sale of its US life and annuities business for £500m more than it originally announced.

The group has disposed of Aviva USA to Athene Holding for $2.6bn (£1.7bn), $800m (£500m) higher than the figure outlined at the announcement of the sale in December 2012. The higher proceeds represent estimated earnings and other improvements over the period from 30 June 2012 to 30 September 2013, the company said. But the latest figure is still below both the business' book value and the £2.2bn Aviva paid for the business and its debt in 2006. Nonetheless, the disposal is the most significant yet made by the group as it seeks to focus on core assets and boosting solvency. "The ...