Credit investors

Aviva plc and General Accident plc preference shares

Launch of goodwill payment scheme - 31 July 2018

Our goodwill payment scheme for eligible investors who sold our preference shares between 8 and 22 March 2018 (inclusive) is now open for claims. Read the full announcement which includes details of how to make a claim.

The full terms and conditions of the Scheme and instructions for making a claim, together with updated frequently asked questions, are available on the KPMG website at: www.kpmg.co.uk/aviva-scheme.

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Update 1 June 2018

To help brokers and preference shareholders prepare for the launch of our goodwill payment scheme by 31 July 2018 (as announced on 30 April 2018), we published the terms and conditions of the scheme on 1 June 2018. Read the full terms and conditions of the scheme.

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Announcement of goodwill payment - 30 April 2018

Read the announcement we made on 30 April 2018 regarding a discretionary goodwill payment to shareholders who sold our preference shares* in the period from 8 to 22 March 2018 (inclusive).

See our questions and answers on the discretionary goodwill payment.

_{*Preference shares issued by Aviva plc and General Accident plc (a member of the Aviva Group)}

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Statement regarding our preference shares – 23 March 2018

On 23 March 2018 we made a statement confirming that we would take no action to cancel our preference shares. You can read the announcement in our Newsroom.

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Statement on preference shares - 15 March 2018

Please note that our statement on 15 March 2018 regarding our preference shares was superceded by our statement on 23 March 2018 which confirmed that we would take no action to cancel our preference shares.

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)	-	-	-
Aviva Re Ltd	A+ (Positive)	-	-	-
Friends Life Ltd	A+ (Positive)	Aa3 (Stable)	-	AA- (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

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	€350m	0.100%	2016	Final Terms	-	Dec 2018	A2/A-/A	XS1490131056
Senior	€500m	0.625%	2016	Final Terms	-	Oct 2023	A2/A-/A	XS1509003361
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

*Moody's/S&P/Fitch

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
Subordinated	$575m	7.875%	2012	Prospectus	Nov 2018	Perpetual	-/A-/A-	XS0851688860

*Moody's/S&P/Fitch

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 19 July 2018 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.