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+ u** (Developing) |
| 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) | - | - | - |
| UK Insurance Limited | - | Aa3 (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
**Denotes under review
Issuer Credit Rating
| Entity | S&P | Moody’s | Fitch |
|---|---|---|---|
| Aviva plc | A (Stable) | A2 (Stable) | A+ (Stable) |
| Direct Line Insurance Group plc (DLG) | - | A2 (Stable) | - |
Long term external debt
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.
| Instrument | Nominal | Coupon | Issued | Prospectus / Terms | Callable | Maturity | Rating* | ISIN |
|---|---|---|---|---|---|---|---|---|
| Senior | €464m | 1.875% | 2018 | Final Terms | - | Nov 2027 | A2/-/A | XS1908273219 |
| Subordinated | £200m | 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 | €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 | £260m | 4.000% | 2020 | Prospectus | - | June 2032 | A3/-/- | XS2183817407 |
| 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 2053 | A3/-/BBB+ | XS2692259398 |
| Subordinated | £500m | 6.125% | 2024 | Final Terms | Mar 2034 | Sep 2054 | A3/-/BBB+ | XS2866204691 |
| Subordinated | £500m | 7.750% | 2025 | Prospectus | Sep 2032 | Perpetual | Baa2/-/BBB+ | XS3025344386 |
| Subordinated | €600m | 4.625% | 2025 | Final Terms | Feb 2036 | Aug 2056 | A3/-/BBB+ | XS3034073752 |
Direct Line insurance Group plc
| Instrument | Nominal | Coupon | Issued | Prospectus / Terms | Callable | Maturity | Rating* | ISIN |
|---|---|---|---|---|---|---|---|---|
| Subordinated | £350m | 4.750% | 2017 | Prospectus | Dec 2027 | Perpetual | Baa1/-/- | XS1728036366 |
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 March 2025) | Prospectus | ||||
| Medium Term Note Supplemental Prospectus (updated May 2025) | Prospectus | ||||
| Medium Term Note Prospectus (updated June 2024) | Prospectus | ||||
| Medium Term Note Supplemental Prospectus (updated August 2024) | Prospectus | ||||
| 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 | ||||
| Trust Deed (updated March 2025) | Deed | ||||
| Trust Deed (updated June 2024) | Deed | ||||
| 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 | ||||
Standalone trust deeds
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 10 July 2025 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.