Aviva U.S. unit fetches $800 million more than deal price
(Reuters) - British insurance group Aviva Plc (AV.L) on Tuesday said the sale of its U.S. life and annuities business to Athene Holding Ltd had fetched $2.6 billion, above the $1.8 billion price announced in December.
The additional $800 million represented estimated earnings and other improvements in statutory surplus from June 30, 2012 to September 30, 2013, the company said.
Cash proceeds to Aviva totaled $2.3 billion, following the repayment of an external loan of Aviva USA Corp.
The insurer in December 2012 said it had agreed on a deal to sell its U.S. operations to Athene Holding, an insurance holding company majority owned by private equity firm Apollo.
(Reporting by Karen Rebelo in Bangalore)