Aviva announces that it is making an immediate allocation of 500 million to invest in UK infrastructure projects. This commitment is a direct result of the recent agreement on Solvency II, the European wide insurance regulation, which provides greater regulatory and political certainty for insurers to invest in infrastructure assets. Aviva's allocation today is the first tranche of the wider insurance industry's commitment to invest 25 billion in UK infrastructure in the next five years. Aviva expects to allocate new funding for debt financing of UK infrastructure projects in a range of sectors including transport, utilities, hospitals and schools. The funds to support this investment are available immediately, are in addition to Aviva's existing level of infrastructure investments, and Aviva is already evaluating a number of potential investment opportunities. Aviva has an established track record of investing in infrastructure and currently has 5 billion invested in a range of UK infrastructure assets including PFI loans for social infrastructure such as schools, universities and hospitals and investments in corporate bonds of utility, airport and rail companies. Aviva makes long term investments in a number of asset classes, including infrastructure, which are low risk and provide an appropriate return to meet the long term commitments we have to annuity customers in the UK . Speaking at the launch of the UK Insurance Growth Action Plan, Mark Wilson , Group Chief Executive Officer, said: "As a UK business with long term customer commitments we cannot just focus on today; we must be a good ancestor. Aviva is contributing the building blocks of the UK's future, making an additional 500 million available immediately to invest in the country's schools, hospitals and transport. We'll focus on investments which are good for our policyholders, good for society and good for the UK economy. "As a direct consequence of the recent agreement on Solvency II, we now have the political and regulatory foundations to invest in the country's infrastructure. The Government recognises we cannot build on shifting sands and it is essential that the Government, the regulators and the EU act together." Sajid Javid MP, Financial Secretary to the Treasury, said: "The insurance sector is a leading example of the UK's position as a centre for global finance and we intend to keep it that way. That is why we are launching a UK insurance growth action plan today, to further strengthen the sector's contribution to economic growth and set out how we will work with industry to enhance the UK's position as a global leader in a truly global industry. "This is already bearing fruit, just two weeks ago six major insurers announced their intention to invest at least 25 billion in infrastructure projects, and I am very happy to see Aviva has already allocated 500 million for growth boosting projects across the UK and look forward to working with them to support this investment." - Ends - Enquiries: Media Nigel Prideaux +44 (0)20 7662 0215 Andrew Reid +44 (0)20 7662 3131 Notes to editors: * We are the UK's largest insurer and one of Europe's leading providers of life and general insurance. * Aviva's invests in a wide range of UK infrastructure including investment in debt financing and providing long term commercial mortgages in the health care and education sectors and in emergency services. We have helped finance half of the 10,000 doctors premises in the UK ; in 2013 we agreed a deal for 43m to fund Birmingham's new dental school and hospital; lent over 28 million on a York student accommodation project and provided a 32.2 million loan to Kier and Calderpeel Partnership Ltd to build 11 new fire stations for the Staffordshire Fire and Rescue Service. * In 2012 the Aviva Investors REaLM Infrastructure Fund completed the largest UK residential renewables transaction ever seen in the UK -- a 100 million portfolio of solar panels built on 7000 UK homes. In July 2013 Aviva Investors announced that it has acquired a 12.3MW portfolio of solar panels systems built on 4,000 UK homes. * Aviva provides 34 million customers with insurance, savings and investment products. * We combine strong life insurance, general insurance and asset management businesses under one powerful brand. * We are committed to serving our customers well in order to build a stronger, sustainable business, which makes a positive contribution to society, and for which our people are proud to work. * The Aviva media centre at www.aviva.com/media/ includes images, company and product information and a news release archive * For an interactive introduction to what we do and how we do it, please click here http://www.aviva.com/library/reports/this-is-aviva-2013/ * For broadcast-standard video, please visit http://www.aviva.com/media/video/ * Follow us on twitter: www.twitter.com/avivaplc/ (( M2 Communications disclaims all liability for information provided within M2 PressWIRE. Data supplied by named party/parties. Further information on M2 PressWIRE can be obtained at http://www.presswire.com on the world wide web. Inquiries to email@example.com )).
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