Aviva reports General Insurance growth and improved Wealth performance

(Alliance News) - Aviva PLC on Thursday reiterated guidance as it delivered growth in General Insurance premiums and said cost savings from its purchase of Direct Line were on track.

The London-based insurer said GI premiums rose 19% year-on-year to GBP3.43 billion in the three months to March from GBP2.89 billion the year prior.

UK & Ireland GI premiums increased 26% to GBP2.52 billion from GBP1.99 billion a year ago, with 59% growth in Personal Lines, supported by both the acquisition of Direct Line and growth in the intermediated channel. Commercial Lines were 7% lower reflecting the impact of the rating environment partly offset by strong retention.

Canada GI premiums grew 3% in constant currency but were flat overall at GBP907 million versus GBP904 million, with Personal Lines up 4% and Commercial Lines up 1%.

The group undiscounted combined operating ratio moved to 94.1% from 96.6%, with improvements across all markets.

Wealth net flows totalled GBP3.3 billion, up 49% from GBP2.3 billion a year ago, with strong growth in Platform and Workplace net flows.

The estimated solvency II shareholder cover ratio of 171% compared to 180% last year.

Aviva said it is on track to deliver Direct Line capital synergies of more than GBP350 million by the end of the year, which will add more than 7 percentage points to the shareholder cover ratio, Aviva said.

Following achievement of these synergies, Aviva expects solvency to be above its target range of 160% to 180% by full year 2026.

Aviva said it is on track to meet group targets, with operating EPS compound annual growth of 11% between 2025 to 2028, IFRS return on equity of more than 20% by 2028 and cash remittances of over GBP7 billion between 2026 to 2028.

In General Insurance, Aviva said it "carefully managing through the cycle", trading with discipline.

For 2026, it said it is firmly on track to meet guidance in the UK&I GI business to achieve a COR of more than 94%, and for the COR in Canada to be approaching 94%.

Shares in Aviva were down 0.9% at 611.80 pence in London on Thursday.

By Jeremy Cutler, Alliance News reporter

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