Credit investors
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
| Entity |
S&P |
Moody’s |
A.M.Best |
Fitch |
|---|---|---|---|---|
| Aviva Insurance Ltd (AIL) |
A+ (Positive) |
Aa3 (Stable) |
A (Stable) |
AA- (Stable) |
| Aviva International Insurance Ltd (AIIL) |
A+ (Positive) |
Aa3 (Stable) |
A (Stable) |
AA- (Stable) |
| Aviva Life & Pensions UK Ltd |
A+ (Positive) |
Aa3 (Stable) |
- | AA- (Stable) |
| Aviva Insurance Company of Canada* |
A+ (Positive) |
- | A (Stable) |
AA- (Stable) |
| Aviva Assurances S.A. |
A+ (Positive) |
- | - | AA- (Stable) |
| Aviva Vie S.A. |
A+ (Positive) |
- | - | AA- (Stable) |
| Aviva Insurance Ireland DAC (AIIDAC) | A+ (Positive) | - | - | - |
Issuer Credit Rating
| Entity | S&P | Moody’s | A.M.Best | Fitch |
|---|---|---|---|---|
| Aviva plc | A- (Positive) | A2 (Stable) | a- (Stable) | A+ (Stable) |
| Friends Life Holdings plc | - | - | - | A+ (Stable) |
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 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
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| Instrument |
Nominal |
Coupon |
Issued |
Prospectus / Terms |
Callable |
Maturity |
Rating* |
ISIN |
|---|---|---|---|---|---|---|---|---|
| Senior |
€500m |
0.625% |
2016 |
Final Terms |
- | Oct 2023 |
A2/A-/A |
XS1509003361 |
| Senior | €750m | 1.875% | 2018 | Final Terms | - | Nov 2027 | A2/-/A | XS1908273219 |
| Subordinated |
£700m |
6.125% |
2001 |
Prospectus |
Nov 2026 |
Nov 2036 |
A3/BBB/BBB+ |
XS0138717441 |
| Subordinated |
£800m |
6.125% |
2003 |
Prospectus |
Sep 2022 |
Perpetual |
A3/BBB/BBB+ |
XS0177447983 |
| Subordinated |
£600m |
6.875% |
2008 |
Final Terms | May 2038 |
May 2058 |
A3/BBB/BBB+ |
XS0364880186 |
| Subordinated |
£450m |
6.625% |
2011 |
Final Terms |
Jun 2021 |
Jun 2041 |
A3/BBB/BBB+ |
XS0631092581 |
| Subordinated |
€650m |
6.125% |
2013 |
Final Terms |
Jul 2023 |
Jul 2043 |
A3/BBB/BBB+ |
XS0951553592 |
| Subordinated |
€700m |
3.875% |
2014 |
Final Terms |
Jul 2024 |
Jul 2044 |
A3/BBB/BBB+ |
XS1083986718 |
| Subordinated |
€900m |
3.375% |
2015 |
Final Terms |
Dec 2025 |
Dec 2045 |
A3/BBB/BBB+ |
XS1242413679 |
| Subordinated |
£400m |
5.125% |
2015 |
Final Terms |
Jun 2030 |
Jun 2050 |
A3/BBB/BBB+ |
XS1242413166 |
| Subordinated |
C$450m |
4.500% |
2016 |
Final Terms |
- | May 2021 |
A3/BBB/BBB+ |
CAG0683QC318 |
| Subordinated |
£400m |
4.375% |
2016 |
Final Terms |
Sep 2029 |
Sep 2049 |
A3/BBB/BBB+ |
XS1488459485 |
| Direct Capital Instrument |
£500m |
5.9021% |
2004 | Prospectus |
Jul 2020 |
Perpetual |
Baa1/BBB/BBB+ |
XS0206511486 |
| STICS |
£210m |
6.875% |
2003 |
Prospectus |
Nov 2019 |
Perpetual |
A3/A-/BBB+ |
XS0181161380 |
| Preference shares |
£100m |
8.375% |
1992 |
Final Terms |
- | Perpetual |
-/-/- |
GB0002114154 |
| Preference shares |
£100m |
8.750% |
1992 |
Final Terms |
- | Perpetual |
-/-/- |
GB0002124963 |
Friends Life Holdings plc
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| Instrument | Nominal |
Coupon |
Issued |
Prospectus / Terms |
Callable |
Maturity |
Rating* |
ISIN |
|---|---|---|---|---|---|---|---|---|
| Subordinated |
£162m |
12.000% |
2009 |
Prospectus |
- | May 2021 |
-/A/A |
XS0430178961 |
| Subordinated |
£500m |
8.250% |
2011 |
Prospectus |
- | Apr 2022 |
A2/A-/A- |
XS0620022128 |
General Accident plc
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| Instrument | Nominal | Coupon | Issued | Prospectus / Terms |
Callable | Maturity | Rating | ISIN |
|---|---|---|---|---|---|---|---|---|
| Preference shares | 140 | 8.875% | 1992 | Final Terms |
- | Perpetual | - | GB0003692737 |
| Preference shares |
110 | 7.875% | 1993 | Final Terms |
- | Perpetual |
- | GB0003692513 |
Short term commercial paper
| Issuer |
Instrument |
S&P |
Moody’s |
|---|---|---|---|
| Aviva plc | Commercial paper (guaranteed by AIL) |
A-1+ |
P-1 |
| Aviva plc |
Commercial paper |
A-2 |
P-1 |
The contents of this web page are as at 15 March 2019 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.