Aviva

Aviva is best known globally as a UK-based insurance group, but its U.S. chapter is especially relevant to the retirement and annuity market. In the years after the 2008 financial crisis, many international insurers reassessed capital needs and the fit of overseas businesses. Aviva chose to exit the U.S. platform it had built, culminating in a sale to a specialist annuity writer.

In 2013, Aviva announced the completion of the sale of Aviva USA to Athene, confirming the transfer of ownership and closing a major strategic repositioning for Aviva in the United States.[1] Athene's announcement of the agreement described the transaction as a $1.55 billion deal and emphasized the scale it would add in the fixed annuity market.[2]

For policyholders and advisors, the practical takeaway is that life and annuity obligations often outlast corporate owners. Brand names may change, but state-regulated insurance entities continue administering contracts, managing reserves, and paying claims. The Aviva-to-Athene transition is a clear example of how legacy U.S. insurance blocks can move to new owners with dedicated long-duration asset-liability expertise.

Corporate Overview

• Company Name: Aviva USA (Defunct / Rebranded)
• Parent Organization: Aviva plc (London Stock Exchange: AV.L)
  • Status: A massive global insurer headquartered in London, but with no retail U.S. presence today.
• Headquarters (Historic): West Des Moines, Iowa (Now the Athene HQ).
• Founding Date: 1696 (UK Parent); 1896 (US roots via AmerUs).
• Primary Focus: Formerly Indexed Universal Life (IUL) and Fixed Annuities.
• Current Status: Closed Block (Run-off).
• Financial Strength: Aviva plc (UK) is rated A+ (Superior), but U.S. policies rely on the strength of Global Atlantic (A) or Athene (A+).

10 Key Highlights

1. The Great Exit (2013): In 2013, Aviva plc sold its entire U.S. operation to Athene for $1.55 billion. This ended the "Aviva" brand in America.
2. The "Split" (Crucial for Service): Athene wanted the annuities but not the life insurance. Immediately after the purchase, Athene sold the life insurance division to Global Atlantic.
   • Result: This split the customer base in half.
3. Accordia Life is the Successor: Global Atlantic created a new brand, Accordia Life, specifically to house the millions of life insurance policies acquired from Aviva.
4. AmerUs Heritage: Aviva USA was built primarily by acquiring AmerUs Group in 2006. AmerUs was a dominant player in the Indexed Universal Life (IUL) market, which is why so many IUL owners have "Aviva" paperwork.
5. Indianapolis Life: The "chassis" for many Aviva life policies was actually Indianapolis Life, which AmerUs had acquired earlier. These policies traveled from Indianapolis Life $\rightarrow$ AmerUs $\rightarrow$ Aviva $\rightarrow$ Accordia.
6. The Canada Trap: Aviva is still a massive, active brand in Canada. Users often land on aviva.ca looking for U.S. service. You must add a warning: "If you are a U.S. resident, Aviva Canada cannot help you."
7. No New Sales: You cannot buy a new Aviva life insurance policy in the U.S. today. Any agent offering "Aviva" is likely selling an Accordia product or is misinformed.
8. Indexed Life Pioneer: Through the AmerUs acquisition, Aviva USA was one of the first carriers to popularize IUL (Indexed Universal Life), meaning many orphan policies have complex "index crediting" strategies that require active management.
9. Athene HQ: The massive corporate campus Aviva built in West Des Moines, Iowa, is now the global headquarters for Athene.
10. AIG UK Reversal: Ironically, while Aviva sold its U.S. business to focus on the UK, it recently bought AIG’s UK life business (2024), effectively doing the reverse of its 2013 strategy.

Corporate History (The U.S. Chapter)

2006: The Entry (Buying AmerUs)

Aviva plc, looking to expand beyond Europe, purchased the Des Moines-based AmerUs Group for $2.9 billion.

• Rebrand: AmerUs was rebranded as Aviva USA.
• Assets: This deal included major subsidiaries like Indianapolis Life and Bankers Life of New York.

2006–2012: The Financial Crisis Era

Aviva USA struggled during the 2008 financial crisis. Its heavy exposure to annuities and the U.S. housing market weighed down the British parent company's stock price.

2013: The Departure

Under pressure from shareholders to simplify, Aviva plc sold the U.S. unit.

• The Buyer: Athene Holding (backed by Apollo Global Management).
• The Side Deal: Athene kept the annuity assets (to invest the "float") but reinsured/sold the life insurance policies to Global Atlantic Financial Group.
• The Aftermath: Global Atlantic rebranded the life division as Accordia Life and Annuity Company on May 1, 2014.

‍

Sources: [1] Aviva plc press release - Completion of sale of Aviva USA to Athene (2013): https://www.aviva.com/newsroom/news-releases/2013/10/completion-of-sale-of-aviva-usa-to-athene-12607/. [2] Athene - Investor Relations press release announcing agreement to acquire Aviva USA (2013): https://ir.athene.com/news-releases/news-release-details/athene-holding-ltd-announces-agreement-acquire-aviva-usa.