Credit ratings and debt

Key information about Aviva for debt investors including a summary of our credit ratings and documentation for outstanding bond issues.

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 
Fitch 
AM Best
Aviva Insurance Ltd (AIL)
AA- (Stable)
Aa3 (Stable)
AA- (Stable)
A+ (Stable)
Aviva International Insurance Ltd (AIIL)
- Aa3 (Stable)
AA- (Stable)
-
Aviva Life & Pensions UK Ltd
AA- (Stable) Aa3 (Stable)
AA- (Stable)
-
Aviva Insurance Company of Canada*
AA- (Stable) - AA- (Stable)
-
Aviva Insurance Ireland DAC (AIIDAC) AA- (Stable) - - -

*S&P also rates 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 Fitch
Aviva plc A (Stable) A2 (Stable) 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 has equity-like characteristics and is 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 €464m 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
£600m
6.875%
2008
Final Terms May 2038
May 2058
A3/BBB+/BBB+
XS0364880186
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
£400m
4.375%
2016
Final Terms
Sep 2029
Sep 2049
A3/BBB+/BBB+
XS1488459485
Subordinated £500m 4.000% 2020 Final Terms
Mar 2035 Jun 2055 A3/-/BBB+ XS2181348405
Subordinated C$450m 4.000% 2020 Final Terms - Oct 2030 A3/-/BBB+ CAG06871AA82
Subordinated £500m 6.875% 2022 Prospectus Dec 2031 Perpetual Baa2/-/BBB XS2485268150
Subordinated £500m 6.875% 2023 Final Terms May 2033 Nov 2035 A3/-/BBB+ XS2692259398
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

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

Debt issuance programmes

We have a £7 billion Medium Term Note programme and a £2 billion Commercial Paper programme.

          Prospectus / Deed
Medium Term Note Prospectus (updated June 2023) Prospectus
Medium Term Note Supplemental Prospectus (updated September 2023) Prospectus
Medium Term Note Supplemental Prospectus (updated November 2023) Prospectus
Medium Term Note Prospectus (updated May 2020) Prospectus
Medium Term Note Supplemental Prospectus (updated May 2020) Prospectus
Medium Term Note Supplemental Prospectus (updated September 2020) Prospectus
Medium Term Note Prospectus (updated May 2019) Prospectus
Trust Deed (updated June 2023) Deed
Trust Deed (updated May 2020) Deed
the Terms and Conditions of the Dated Tier 2 Notes contained in the Prospectus dated 22 April 2016 (as amended by way of a Supplemental Prospectus dated 30 August 2016) Prospectus
the Terms and Conditions of the Senior Notes contained in the Prospectus dated 16 July 2018 (as amended by way of a Supplemental Prospectus dated 12 September 2018) Prospectus

Short term commercial paper

Issuer 
Instrument 
S&P 
Moody’s 
Aviva plc
Commercial paper
A-1
P-1

The contents of this web page are as at 27 November 2023 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.