Fitch rates Aviva A+, raises Friends Life

Fitch Ratings said it assigned Aviva plc's core insurance subsidiaries insurer financial strength ratings of AA- and a long-term issuer default rating of A+.

At the same time, the agency upgraded Friends Life Holdings plc' core insurance subsidiary, Friends Life Ltd., to an insurer financial strength rating to AA- from A+. This reflects Friends Life's status as a "core" subsidiary of the Aviva group, following the completion of Aviva's acquisition of Friends Life earlier in 2015.

The outlooks on the group's long-term issuer default ratings and insurer financial strength ratings are stable.

Fitch said the ratings reflect Aviva's strong position in the group's key markets, diversification by business line, robust capital position and operational scale. Aviva's ratings also benefit from the group's geographical diversification across the United Kingdom, Europe, Canada and Asia.

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