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Aviva Life is one of the fastest growing life insurance groups in US.
Aviva (Aviva Life Insurance Company and Aviva Life Insurance Company of New York) have been changed to A.M. Best Financial Size Category IX ($250 million to $500 million in Capital and Surplus) from VIII. This change is based on Aviva's year-end 2003 results and is due in large part to strong support by Aviva's parent company, Aviva plc, and its capital contributions to Aviva in excess of $170 million in 2003.
A recent analysis by A.M. Best, published in Best's review, showed that of the 100 largest life insurance groups in the U.S., the U.S. operations of Aviva plc had the 9th-fastest growth rate in 2003. The combined assets of Aviva Life Insurance Company and Aviva Life Insurance Company of New York ("Aviva") grew by 24.7% from the prior year. In comparison, admitted assets of the entire industry grew by 12.7% during 2003. This is the third straight year in which A.M. Best's analysis has shown Aviva to be one of the 10 fastest-growing life insurance groups out of the 100 largest.
Aviva offers secured creditor protection as an option and its program includes a unique Capital Maintenance Agreement which provides that its assignee will receive sufficient contributions from its indirect parent, CGU International Insurance plc (CGUII), to meet structured settlement obligations. CGUII currently holds an Aa2 rating from Moodys and was upgraded to A+ (Superior) by A.M. Best in October 2004.
Aviva plc, one of the 10 largest insurance groups in the world, with diverse worldwide operations, is now ranked 42nd on Fortune's Global Fortune 500 and is one of the 10 most admired life insurance companies in the 2004 Fortune global survey.
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