Aviva receives offers for US life insurance division

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According to Bloomberg, Aviva has received offers of more than 1bn dollars from Apollo Global Management, Harbinger Capital Partners and Guggenheim Partners for a US life insurance divison.

Bloomberg's anonymous sources for this news revealed that the bidders have held talks with other investors about forming groups to share the cost of the purchase.

These firms have been buying unwanted operations from life insurers since 2009, partly to access stable funds for their investment-management operations.

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Aviva, with a market cap of approximately 9.4bn pounds, has been selling and closing businesses in an effort to exist less profitable markets and increase its capital reserves.

CM