UK based insurance firm Aviva is planning to pull down its life assurance business in the US, and could even consider offers for the division.
Aviva chief executive Andrew Moss comments at a meeting with investment managers come at a time when insurers are bracing themselves for the introduction of Europe’s capital requirements Solvency II, as reported by Financial Times.
Aviva US business, majority of which was bought for about £2bn including debt in 2006, accounted for about 8% of the group’s £2.5bn operating profits last year.
Despite improved profits of 13%, Aviva USA sales declined by 17% in the last completed fiscal.
Aviva USA offers fixed indexed annuities, which provides customers guaranteed returns.