Aviva PLC Moody's upgrades Aviva plc's credit rating (2993U)

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RNS Number : 2993U

Aviva PLC

23 October 2017

23 October 2017

Moody's upgrades Aviva plc's credit rating

Aviva plc ("Aviva") acknowledges that Moody's has upgraded its rating by one notch to Aa3.

Aviva welcomes this action by Moody's. Over the past five years, Aviva has significantly improved the strength and resilience of its capital position and has simplified its business structure to focus on those markets where it has the strongest franchises and sustainable earnings and cash-flow.

Tom Stoddard, Aviva plc Chief Financial Officer, said:

"This upgrade by Moody's to Aa3 is an important milestone for Aviva. It recognises the significant progress in recent years to strengthen Aviva's balance sheet, which resulted in an increase to our Solvency II capital surplus to GBP11.4 billion at 30 June 2017. We remain focused on extending our track record of growth in operating EPS and the significant levels of surplus cash building at group centre provide scope for us to continue to reduce debt and invest in growing our businesses".

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Enquiries:

Media

Sarah Swailes [phone]

Analysts

Chris Esson [phone]

Notes to editors:

-- Aviva provides life insurance, general insurance, health insurance and asset management to 33 million customers.

-- In the UK we are the leading insurer serving one in every four households and have strong businesses in selected markets in Europe, Asia and Canada. Our shares are listed on the London Stock Exchange and we are a member of the FTSE100 index.

-- Aviva's asset management business, Aviva Investors, provides asset management services to both Aviva and external clients, and currently manages over GBP340 billion in assets. Total group assets under management at Aviva group are GBP450 billion.

-- Aviva helps people save for the future and manage the risks of everyday life; we paid out GBP34.4 billion in benefits and claims in 2016.

-- By serving our customers well, we are building a business which is strong and sustainable, which our people are proud to work for, and which makes a positive contribution to society.

-- The Aviva media centre at http://www.aviva.com/media/ includes company information, images, and a news release archive.

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This information is provided by RNS

The company news service from the London Stock Exchange

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October 23, 2017 02:09 ET (06:09 GMT)