British insurer Aviva reported General Insurance premiums of £10 billion in the first nine months of 2025, up 12% from £9.1 billion in the same period a year earlier.
By region, UK & Ireland General Insurance premiums increased 17% to £6.7 billion from £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.
In Canada, General Insurance premiums rose 3% in constant currency to £3.3 billion, with Personal Lines up 7% supported by favourable pricing increases, while Commercial Lines were 4% lower following the exit of unprofitable accounts in H1.
Aviva’s group undiscounted combined operating ratio improved to 94.4%, from 96.8% in 9M’24, benefiting from strong price adequacy and lower weather-related losses, following severe weather in Canada in Q3’24.
In 9M’25, the UK & Ireland undiscounted combined ratio stood at 93.8%, while Canada’s was 95.4%.
Wealth net flows totalled £8.3 billion, up from £7.7 billion, representing 6% of opening assets under management, with strong growth in Platform and Workplace net flows.
Protection and Health sales were £384 million, a 5% decrease from £403 million, reflecting the consolidation of propositions following the AIG acquisition, while margins continued to improve. Health in-force premiums rose 14%, supported by new business growth and pricing actions. Retirement sales declined 27% to £5.3 billion from £7.3 billion.
Aviva said it is on track to deliver an estimated operating profit of around £2.2 billion in 2025, driven by continued momentum across the Group, with UK General Insurance expected to contribute approximately £1 billion including Direct Line.
Amanda Blanc, Group Chief Executive Officer, said, “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.
“The integration of Direct Line is well underway and we are increasingly confident of reaping the full benefits of this acquisition, contributing materially to Aviva’s future growth and shareholder returns. We now expect to achieve £225 million in cost synergies, nearly twice our original estimate; unlock at least £500 million of capital synergies, and we expect to resume share buybacks next year, at a higher level in response to the increased share count.
“Our third quarter numbers show that once again we are growing profitably right across the group. In general insurance, premiums are up 12% to £10 billion, and in Wealth, we secured net flows of £8.3 billion, and now have £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.
“The outlook for Aviva has never been better. The advantages of our diversified business, 25 million strong customer base, and majority capital-light earnings, mean we expect to deliver more and more for our shareholders and customers. And so today we are also setting new financial targets, raising our ambitions yet again, and reflecting the strength of our confidence in the continuing growth potential of Aviva.”
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