UK watchdog fines Aviva unit $14 million over solvency miscalculation

LONDON, March ​11 (Reuters) - Britain's banking stability watchdog has ​fined ‌U K Insurance Ltd, now ⁠part of Aviva, 10.6 million ⁠pounds ($14.2 million) ​over a miscalculation in its Solvency II balance sheet for 2023 ​and ‌2024.

The Prudential Regulation Authority (PRA), part of the Bank of England, said on Wednesday ​that U K Insurance is ‌a subsidiary and principal underwriter of Direct Line ‌Group (DLG), which is now part of Aviva.

Aviva said in a statement ​that the miscalculation happened before its acquisition ‌of DLG in July 2025, adding that it had taken extensive ⁠action ⁠to enhance financial ‌reporting controls in the part of the ​business ​identified.

Aviva