Credit investor presentations
21 March 16: Tom Stoddard webcast slides ( )
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.
|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.
|Subordinated||£700m||6.125%||2001||Nov 2026||Nov 2036||Baa1/BBB/BBB+||XS0138717441|
|Subordinated||€500m||6.875%||2008||May 2018||May 2038||Baa1/BBB/BBB+||XS0364908375|
|Subordinated||£600m||6.875%||2008||May 2038||May 2058||Baa1/BBB/BBB+||XS0364880186|
|Subordinated||$400m||8.250%||2011||Dec 2016||Dec 2041||Baa1/BBB/BBB+||US05382A2033|
|Subordinated||£450m||6.625%||2011||Jun 2021||Jun 2041||Baa1/BBB/BBB+||XS0631092581|
|Subordinated||€650m||6.125%||2013||Jul 2023||Jul 2043||Baa1/BBB/BBB+||XS0951553592|
|Subordinated||€700m||3.875%||2014||Jul 2024||Jul 2044||Baa1/BBB/BBB+||XS1083986718|
|Subordinated||€900m||3.375%||2015||Dec 2025||Dec 2045||Baa1/BBB/BBB+||XS1242413679|
|Subordinated||£400m||5.125%||2015||Jun 2030||Jun 2050||Baa1/BBB/BBB+||XS1242413166|
|Subordinated||£400m||4.375%||2016||Sep 2029||Sep 2049||Baa1/BBB/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|
Friends Life Holdings plc
Short term commercial paper
|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 27 October 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.
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