Annual Report 2025

Aviva delivered an outstanding performance in 2025 and we have achieved our 2026 financial targets one year early. Today, we are the UK's only diversified insurer, a national champion with a deserved reputation for delivery. We are strongly positioned for the future, with raised three-year targets and investment in long-term opportunities in growth, customer and AI.

Our results in 2025 were strong across the board. Operating profit rose 25%, IFRS return on equity increased and we grew capital and cash generation strongly.

We now have over 25 million customers and an opportunity to serve even more of their needs with over seven million multi-product holders.

We achieved 17% growth in operating EPS growth and declared a final dividend of 26.2 pence per share, which is up 10% year-on-year. In line with our previous commitments, we are also resuming the share buyback, now at a higher level of £350 million.

Importantly, every business contributed to these results. In General Insurance, premiums are up 18% with very healthy levels of profitability. In Wealth, we extended our number one position, with over £230 billion of assets, and achieved record net flows of almost £11 billion. In Protection, we’ve improved margins and completed the integration of AIG’s UK Protection business, and in Health, we’ve grown in-force premiums by double digits which have now reached £1.1billion. And in Retirement, we’ve written £4.6 billion of bulk annuities at attractive returns, supported by real asset origination in Aviva Investors.

Raised ambition

Achieving our 2026 financial targets a full year ahead of schedule is a fantastic achievement and I’m really proud of what the whole Aviva team has accomplished. I want to thank all my colleagues across the UK, Canada and Ireland for their hard work and their commitment to our customers. It is entirely thanks to their efforts that we are in such a strong position from which to raise our game even higher.

Our performance gave us the confidence to set new three-year targets in November, across operating EPS, IFRS return on equity, and cash remittances. These better reflect our trajectory as a diversified, capital-light business, and include the contribution from Direct Line.

Looking ahead, our focus is now on hitting the new targets, accelerating the capital‑light mix of our business, and realising the full benefit of the Direct Line acquisition. But this is just the next step in our journey. There is more, longer-term, potential to unlock beyond this three-year horizon.

We are well set up to capitalise on a range of opportunities, not least in how we outperform through the cycle in insurance, why we are uniquely positioned to lead in wealth, and how we will use AI to shape the future Aviva. One constant element runs through all of these, and will underpin our success, namely our unrelenting focus on the customer.

General Insurance outperformance

Insurance will always be a cyclical market. But after more than 325 years in this industry, we know how to navigate cycles. Aviva has the scale, discipline, technical expertise, proprietary data, brand strength and diversified Group model to grow profitably. Indeed we have demonstrated that strength over the past 5 years. And there’s plenty of room to grow – unlocking value from Direct Line, expanding partnerships, growing our SME business in Canada and building our Lloyd’s presence are just a few examples.

The market will continue to evolve and that’s exactly why we invest in innovation. We’re ahead on EVs, telematics, automation, and AI – and we’ll stay ahead with a portfolio built to deliver performance for years and decades to come.

In UK Personal Lines we are still writing at target margins, even though the market is challenging. Our scale is unrivalled, with breadth across retail and non-retail distribution and game-changing amounts of proprietary data. We have the only owned repair network in the UK, which saves us an average of £500 per repair. We also have huge potential with Direct Line, not just with the cost synergies, but significant headroom to grow further with leading brands, and new products across Pet, Rescue and Micro-SME.

In Commercial Lines, it’s similar. We’re successfully navigating tougher conditions and benefit from unique strengths, including being a leader in the resilient SME and mid-market segments. With access to Lloyd’s through Probitas, we can now tap into a wider range of attractive lines, having launched eight since the acquisition.

Capturing wealth opportunity

Wealth is another huge opportunity for Aviva. There’s £2.7 trillion worth of assets today, growing at double-digits and set to surpass £4 trillion by 2030, underpinned by clear structural trends and regulatory tailwinds.

We have leading Workplace and Adviser Platform businesses and we are expanding quickly in advice with Succession Wealth and in Direct Wealth. We have numerous competitive advantages which position us very well in this market. We have a unique customer franchise and our integrated offering and trusted brand means that we can support customers throughout their lifetime. We have always invested in our platform, which is ranked by Defaqto as the best in the market, and we have distinctive investment solutions with Aviva Investors.

These strengths shine through in the performance of our Wealth business. Since 2022, we have grown assets faster than the market. And we’ve improved margins at the same time. In Workplace, our profit margin is up by two points over the last two years, making this business a key driver of growth, and a growing contributor to our profits.

We are on track for our £280 million profit ambition in 2027. And the importance of Wealth within our portfolio is growing. It will soon account for nearly 10% of Group earnings, further increasing our share of attractive fee-based income.

But the longer-term wealth opportunity here is even more exciting, and workplace pensions is a great example. It is a highly attractive market, which has grown four-fold over the past decade. And with the constant flow of employer and employee contributions, it’s expected to reach £4 trillion over the next two decades.

Aviva already has an incredible track record here, and we’re accelerating. The business is a genuine growth engine, with 1,500 scheme wins over the last three years and near 100% retention.

The strength of our proposition is powered by leading Aviva Investors default funds. For example, we recently launched our My Future Vision fund, which gives our customers access to private markets and further demonstrates our commitment to the Mansion House Compact.

When you bring together our Workplace, Direct Wealth and Advice businesses, you get a truly unique wealth offering. We’re able to retain and serve customers from their very first job all the way through to retirement, and support 4.5 million affluent customers who hold well over £1 trillion worth of assets. We are also maximising the benefits of technology and innovation to deliver advice and guidance at scale.

Set to transform Aviva with AI

Nowhere is innovation happening faster than with AI. We recognise the huge potential here across financial services and we believe that Aviva has a greater opportunity than most.

The key enablers of this transformative technology are scale, access to millions of customers, balance sheet strength, capacity to invest, and, most importantly, propriety data. Aviva has all of these in spades.

We have built an in-house AI platform to deliver use cases at speed, while keeping customer data safe. We have already developed AI tools, including claims summarisation, call-wrap, a commercial insurance knowledge base, and medical underwriting.

Our focus now is on bigger opportunities where agentic AI can transform core areas like customer service, underwriting, and operations. This is the kind of change that will shape Aviva’s future.

Building on unique advantages of Aviva's model

Aviva’s powerful, unique model is ultimately what ties all these possibilities and opportunities together. We have a diversification and growth advantage with market-leading positions. We have a customer advantage, with a leading powerful brand. And we have a scale, technology and data advantage, including the opportunity AI brings.

We’ve achieved a lot over the last few years. We have real momentum and are in a stronger position than ever. I’m deeply confident that this isn’t just a strong position for the next few years. Aviva is uniquely positioned for long-term success well into the future.