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Daily Insurance Industry News
Sunday 25th of February 2018
December 5, 2011

Aviva considers offloading UK pension assets

by Gill Montia

Story link: Aviva considers offloading UK pension assets

Aviva considers offloading UK pension assets

Aviva is reported to be considering selling some of its UK pension assets in efforts to boost its capital position.

According to The Sunday Telegraph, the insurer could auction off part of its back-book of annuities to consolidators such as Pension Corporation and Rothesay Life.

Last month, the insurer bolstered its capital position with a public offering of $400 million of 8.25% capital securities in the US market.

The move followed September’s completion of the sale of Aviva’s UK roadside rescue business, RAC, to Carlyle Group, for £1 billion.

Accounting profit on disposal was expected to be in the region of £0.6 billion.

 

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