UK&I GI premiums were up 17% to GBP 6.7 billion (9M24: GBP 5.7 billion) with 24% growth in Personal Lines, reflecting the acquisition of Direct Line as well as growth in partnerships, and 10% growth in Commercial Lines driven by Probitas and new business growth. Canada GI premiums were up 3% in constant currency to GBP 3.3 billion (9M24: GBP 3.4 billion) with Personal Lines up 7% supported by favorable pricing increases, and Commercial Lines 4% lower following the exit of some unprofitable accounts in H1.
According to the report, the Group recorded undiscounted combined operating ratio (COR) of 94.4% (9M24: 96.8%), benefitting from strong price adequacy and improved weather-related losses, reflecting the severe weather in Q324 in Canada. Discounted COR was 90.4% (9M24: 92.8%).
Estimated Solvency II shareholder cover ratio was 177% (HY25: 206%), in-line with the Group’s previous guidance, following the completion of the Direct Line acquisition, and excludes >GBP 0.5 billion of capital synergies expected around the end of 2026. Aviva expects the FY25 Solvency II shareholder cover ratio to be broadly consistent with Q325, subject to market movements. Solvency II debt leverage ratio was 31.4%, pro forma for the announced call of the EUR 900 million Tier 2 instrument in December 2025 (HY25 Solvency II debt leverage ratio of 32.3%). Centre liquidity as at the end of October 2025 was GBP 2.2 billion (July 2025: GBP 2.1 billion).
Aviva expects full year 2025 Group operating profit to be ~GBP 2.2 billion, which includes six months of Direct Line operating profit of ~GBP 0.15 billion. In General Insurance, the Group has observed areas of rate softening in the first nine months but remains focused on pricing appropriately to maintain strong pricing adequacy across the portfolio. Aviva continues to monitor the market conditions and flex its trading approach to maintain profitability.
In Wealth, Aviva expects strong growth momentum underpinned by its Workplace business which continues to see GBP 1 billion of inflows from regular member contributions each month. The Group remains on track to meet its ambition for GBP 280 million operating profit by 2027. In its Health business, Aviva anticipates further growth towards our 2026 ambition of GBP 100 million operating profit. In Protection the Group expects the sales decline observed in the first nine months to further moderate as the consolidation of propositions occurred in August 2024.
“Over the last five years we have transformed Aviva, delivering again and again for our customers and shareholders. We continue to make excellent progress and now expect to achieve our financial targets in 2025, one year early. Crucially, we have achieved this significant milestone thanks to the consistently strong performance of Aviva, before any impacts of the Direct Line acquisition are included”, said Amanda Blanc, Group Chief Executive Officer. “Our third quarter numbers show that once again we are growing profitably right across the group. In general insurance, premiums are up 12% to GBP 10 billion, and in Wealth, we secured net flows of GBP 8.3 billion, and now have GBP 224 billion of assets. We are accelerating our growth in capital-light areas, in line with our strategy, and now expect our business to be over 75% capital-light by the end of 2028. This is good news for shareholders, as we deliver stronger growth and better returns, using less capital”, Amanda Blanc commented.
The full report can be found here.
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