Aviva fetches £1.7bn in US life sale to Athene

Aviva has completed the sale of its US arm, Aviva USA, to Athene Holdings Ltd for $2.6bn (£1.7bn).

The deal is $800m (£492m) higher than announced on December 21 2012 due to an increase in estimated earnings and other improvements between June 2012 and September this year.

Group chief executive officer Mark Wilson said: “This is a solid outcome with transaction proceeds of $2.6bn.

“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.”