Aviva Plc sold its US unit to Athene Holding for USD 2.6 billion, fetching USD 800 million more than the initial price tag. In December, the British insurance company said the selling price of its life and annuities business in the US was USD 1.8 billion. Earnings and surpluses gained from June 30, 2010 to September 30, 2013 accounted for the USD 800 million surplus, Aviva said.
Aviva netted USD 2.3 billion in cash from the sale since it had to repay and external loan of Aviva USA Corp. Aviva announced the agreement to sell its US unit to Athene in December last year. Private equity firm Apollo holds a majority stake in Athene Holding.
Aviva provides long-term general insurance, insurance and savings and fund management services. It has more than 43 million customers in the UK, Europe, North America and Asia Pacific. In January of last year, Aviva also sold Aviva Czech Life, Aviva Hungary Life and Aviva Romania Life & Pensions to MetLife Inc.
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