Aviva (AV) Q1 2026 TU earnings summary

Executive summary

• Delivered strong trading and profitable growth in Q1 2026, leveraging a diversified, capital-light model amid global market volatility.

• Integration of Direct Line progressing well, nearly doubling policies sold via price comparison websites since the start of the year.

• Group remains on track to meet 2026 outlook and medium-term group targets, supported by a high-quality balance sheet.

Financial highlights

• General insurance premiums up 19% year-over-year to GBP 3.4 billion; UK & Ireland up 26%, Canada up 3% in constant currency.

• UK general insurance premiums grew 28% to GBP 2.4 billion; personal lines up 62% to GBP 1.5 billion.

• Wealth net flows increased 49% year-over-year to GBP 3.3 billion, representing 6% of opening AUM; AUM up 18% to GBP 233 billion.

• Combined operating ratio (COR) improved by 2.5 points to 94.1% (undiscounted); discounted COR at 90.0%.

• Solvency II cover ratio at 171% after dividend and buyback; total capital generation added 6 points in Q1.

Outlook and guidance

• Confident in achieving sub-94% COR guidance for the full year in the UK and Canada.

• On track to deliver GBP 280 million operating profit in Wealth by 2027 and GBP 100 million in Health for 2026.

• Direct Line integration expected to deliver at least GBP 350 million of capital synergies by year-end, adding over 7 points to solvency ratio.

• Solvency expected to reach mid-180s by year-end, excluding market impacts.

• BPA market remains competitive; discipline maintained with GBP 1.1 billion written year-to-date.