Welcome

Today we’re announcing three key things.

First, that we have delivered another strong set of results in Q3, growing across the group. From General Insurance in the UK, Canada and Ireland…right through to our leading Wealth business.

This means we’re on track to meet our current 2026 Group financial targets at the end of 2025, a full year ahead of schedule.

We are set to exceed £2bn of operating profit and £1.8bn of own funds generation this year.

And, to be clear, these targets will be achieved before any contribution from Direct Line - a huge testament to the strength of the underlying Aviva business. I am incredibly proud of the team for such a fantastic achievement.

Second, the integration of Direct Line is already well underway, reinforcing our belief in the full potential of this deal.

So, we’re raising our expectations on the benefits that we will realise, increasing cost synergies to £225m - and confirming significant capital benefits of at least £500m.

The acquisition also accelerates our capital-light earnings strategy and we’re set to surpass 75% by the end of 2028. This is highly attractive for our shareholders – because it means that we are delivering stronger growth and better returns, using less capital.

And finally, but perhaps most importantly, we are raising our ambitions yet again with new three-year targets:

• We have a new operating EPS target of 11% through 2028.

• We are aiming to deliver a return on equity of greater than 20% by 2028.

• And we’re refreshing cash remittances, now with bigger ambitions of over £7bn.

So, to sum up:

Over the past five years, we have transformed Aviva and we are in a stronger position than ever today.

We are the UK’s leading diversified insurer, delivering a clear strategy and consistently strong performance for our customers and shareholders.

We’ve achieved a huge amount but as we enter this new chapter, we know there’s still much more to come from Aviva.