Credit investors

Credit investor presentations

21 March 16:  Tom Stoddard webcast slides  (PDF 2.3 MB)

Credit ratings and outlooks

Insurer Financial Strength Ratings are assigned to operating companies and represent an insurer's ability to pay obligations to policyholders.  Issuer Credit Ratings represent an issuer's ability to meet its overall financial commitments as they fall due.

Rating typeEntityS&PMoody’sA.M.BestFitch
Insurer Financial Strength Rating Aviva Insurance Ltd (AIL) A+ (Stable) A1 (Stable) A (Stable) AA- (Stable)
Aviva International Insurance Ltd (AIIL) A+ (Stable) A1 (Stable) A (Stable) AA- (Stable)
Aviva Life & Pensions UK Ltd A+ (Stable) A1 (Stable) - AA- (Stable)
Aviva Insurance Company of Canada+ A+ (Stable) - A (Stable) AA- (Stable)
Aviva Assurances S.A. A+ (Stable) - - AA- (Stable)
Aviva Vie S.A. A+ (Stable) - - AA- (Stable)
Aviva Re Ltd A+ (Stable) - - -
Friends Life Ltd A+ (Stable) A1 (Stable) - AA- (Stable)
Issuer Credit Rating Aviva plc A- (Stable) A3 (Stable) a- (Stable) A+ (Stable)
Friends Life Holdings plc A- (Stable) - - A+ (Stable)

+S&P and A.M. Best also rate the Canadian operating entities Elite Insurance Company, Pilot Insurance Company, Traders General Insurance Company,  Scottish & York Insurance Company Ltd, S&Y Insurance Company

Long term external debt and preference shares

Debt ratings are assigned to specific instruments and represent the issuer's ability to meet financial commitments in accordance with the terms of that instrument. Subordinated debt, the Fixed rate tier 1 note, the Direct Capital Instrument and the Step up tier 1 insurance capital securities (STICS) have equity-like characteristics and are therefore eligible to be recognised as capital by regulators and rating agencies. The lower ratings reflect this subordination.

Aviva plc

InstrumentNominalCouponIssuedCallableMaturityRating*ISIN
Senior €350m 0.100% 2016 - Dec 2018 A3/A-/- XS1490131056
Subordinated £700m 6.125% 2001 Nov 2026 Nov 2036 Baa1/BBB/- XS0138717441
Subordinated £800m 6.125% 2003 Sep 2022 Perpetual Baa1/BBB/- XS0177447983
Subordinated €500m 6.875% 2008 May 2018 May 2038 Baa1/BBB/- XS0364908375
Subordinated £600m 6.875% 2008 May 2038 May 2058 Baa1/BBB/- XS0364880186
Subordinated $400m 8.250% 2011 Dec 2016 Dec 2041 Baa1/BBB/- US05382A2033
Subordinated £450m 6.625% 2011 Jun 2021 Jun 2041 Baa1/BBB/- XS0631092581
Subordinated €650m 6.125% 2013 Jul 2023 Jul 2043 Baa1/BBB/- XS0951553592
Subordinated €700m 3.875% 2014 Jul 2024 Jul 2044 Baa1/BBB/- XS1083986718
Subordinated €900m 3.375% 2015 Dec 2025 Dec 2045 Baa1/BBB/- XS1242413679
Subordinated £400m 5.125% 2015 Jun 2030 Jun 2050 Baa1/BBB/- XS1242413166
Subordinated C$450m 4.500% 2016 - May 2021 Baa1/BBB/BBB+ CAG0683QC318
Subordinated £400m 4.375% 2016 Sep 2029 Sep 2049 Baa1/BBB/- XS1488459485
Fixed rate tier 1 notes $650m 8.250% 2012 Nov 2017 Perpetual Baa2/BBB/- XS0778476340
Direct Capital Instrument £500m 5.9021% 2004 Jul 2020 Perpetual Baa2/BBB/- XS0206511486
STICS £210m 6.875% 2003 Nov 2019 Perpetual Baa1/A-/BBB+ XS0181161380
Preference shares £100m 8.375% 1992 - Perpetual -/-/- GB0002114154
Preference shares £100m 8.750% 1992 - Perpetual -/-/- GB0002124963

*Moody's/S&P/Fitch

Friends Life Holdings plc

InstrumentNominalCouponIssuedCallableMaturityRating*ISIN
Subordinated £162m 12.000% 2009 - May 2021 -/A/A XS0430178961
Subordinated £500m 8.250% 2011 - Apr 2022 A3/A-/A- XS0620022128
Subordinated $575m 7.875% 2012 Nov 2018 Perpetual -/A-/A- XS0851688860

*Moody's/S&P/Fitch

Short term commercial paper

IssuerInstrumentS&PMoody’s
Aviva plc Commercial paper (guaranteed by AIL) A-1+ P-1
Aviva plc Commercial paper A-2 P-2

The contents of this web page are as at 14 September 2016 and are publically published by the relevant ratings agencies – we have replicated the ratings here for information purposes only, and are not providing investment advice. Professional advice from an authorised independent adviser should always be sought before acting or relying on any of the information, and we accept no responsibility for any loss which may arise from reliance on the information on this web page, or any web page(s) to which we may have provided a link.

For details on IFRS carrying values and totals please refer to Aviva plc's annual report and accounts.

Nothing in this website is intended to constitute a financial promotion for the purposes of section 21 of the Financial Services and Markets Act 2000.