Bloomberg News

Aviva to Sell U.S. Life Insurance Unit, Sunday Telegraph Says

July 29, 2012

Aviva Plc (AV/) is preparing to sell its U.S. life-insurance unit after receiving offers from financial companies and private-equity buyers, the Sunday Telegraph reported, without saying where it got the information.

The division, which Aviva bought in 2006 for 1.8 billion pounds ($2.8 billion), is now valued at 1 billion pounds, the newspaper said. Pat Regan, the company’s chief financial officer, has been spending time in the unit’s headquarters in Des Moines, Iowa, to prepare for the sale, which Goldman Sachs Group Inc. (GS:US) may oversee, according to the report.

Aviva spokesman Nigel Prideaux declined to comment when reached by phone today.

To contact the reporter on this story: Erik Larson in London at elarson4@bloomberg.net; Stephen Morris in London at smorris39@bloomberg.net

To contact the editor responsible for this story: Anthony Aarons at aaarons@bloomberg.net


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