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, with synergy targets on track and policies sold via price comparison websites nearly doubling since the start of the year.

• Group remains on track to meet 2026 targets, supported by a high-quality balance sheet and diversified business model.

• Wealth net flows increased 49% year-over-year to GBP 3.3 billion, maintaining market leadership.

Financial highlights

• General insurance premiums up 19% year-over-year to GBP 3.4 billion across the U.K., Ireland, and Canada.

• U.K. personal lines premiums up 62% to GBP 1.5 billion, driven by Direct Line addition and portfolio growth.

• Wealth net flows up 49% 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 2026 outlook and medium-term group targets, including sub-94% COR guidance for U.K. & Ireland GI and Canada approaching 94%.

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

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

• Expect further COR improvement as pricing actions on Direct Line book earn through.

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