Aviva 2025 Results Announcement

Excellent performance with operating profits up 25% — extending multi-year track-record of delivery Group targets delivered one year early

Confident in our trajectory and built for long-term success

	2025	2024	Change
Operating profit1	£2,203m	£1,767m	+25%
Operating earnings per share1	56.0p	48.0p	+17%
IFRS return on equity1	17.5%	15.7%	+1.8pp
Cash remittances	£2,077m	£1,992m	+4%
Total dividend per share	39.3p	35.7p	+10%

Amanda Blanc, Group Chief Executive Officer, said:

“Aviva delivered an outstanding performance in 2025, our fifth consecutive year of strong, profitable growth. Operating profit was up a significant 25% and we increased cash and capital generation and IFRS return on equity. We have achieved our 2026 financial targets one year early, highlighting the rapid and sustained progress we are making. We are highly committed to growing our dividend and today we are announcing a final dividend of 26.² pence per share, an increase of 10%, and we are commencing a £350 million buyback.

Results have been excellent right across Aviva. For example, in general insurance we grew premiums by 18% and secured strong levels of profitability in the UK, Ireland and Canada. In wealth we cemented our position as the number one player with over

£230 billion of assets; we attracted record net inflows of almost £11 billion and won over 500 new workplace pension schemes.We have transformed Aviva over the last five years and whilst we have made significant progress, there is so much more to come. Aviva has many in-built advantages which set us up well for future success, including our unrivalled scale with almost 22 million UK customers, our diversified model and market-leading technology. We have clear strengths in artificial intelligence which are creating major opportunities to transform claims, underwriting and customer experience. We are in a very strong position to deliver long-term growth, especially in the capital-light markets of wealth and insurance, and unlock even more benefits for our customers and shareholders.”

Strong performance with continued profitable growth momentum

• Group operating profit up 25% to £2,203m (2024: £1,767m).
• Operating earnings per share up 17% to 56.0p (2024: 48.0p).
• IFRS return on equity of 17.5% (2024: 15.7%).
• Cash remittances up 4% to £2,077m (2024: £1,992m).
• IFRS profit for the year up 50% to £1,054m (2024: £705m).
• Solvency II shareholder cover ratio1 of 180% (2024: 203%) in-line with previous guidance. Centre liquidity (Feb 26) of £1.5bn (Jan 25: £1.7bn).
• Solvency II debt leverage ratio of 30.1% (2024: 28.9%).
• Final dividend per share up 10% to 26.2p (2024: 23.8p). Total dividend per share up 10% to 39.3p (2024: 35.7p).

Achieved 2026 Group targets one year early

• Group operating profit, up 25% to £2,203m (2024: £1,767m) including £174m contribution from Direct Line, delivering our £2bn operating profit target one year early. Excluding Direct Line, Group operating profit increased by 15%. 68% of the Group’s operating profit is now from capital-light businesses.
• SII operating own funds generation (Solvency II OFG) up 40% to £2,317m (2024: £1,655m), including £182m from Direct Line, delivering £1.8bn target one year early with £1.8bn of underlying Solvency II OFG. Excluding Direct Line, Solvency II OFG increased by 29%.
• Cumulative cash remittances since 2024 is £4.1bn and comfortably on track to achieve the >£5.8bn cumulative cash remittances three-year target (2024-26).
• As outlined in November, we have set new three-year Group targets: operating EPS of 11% CAGR (2025-28), IFRS RoE >20% (by 2028) and cash remittances of >£7bn (2026-28 cumulative).

Continued growth momentum across the Group

• General Insurance premiums² up 18%³ to £14,145m (2024: 12,204m). Group undiscounted COR of 94.6% (2024: 96.3%) and discounted COR of 90.6% (2024: 92.2%).
• UK&I General Insurance premiums up 27% to £9,787m (2024: £7,699m) and undiscounted COR of 94.1% (2024: 94.9%). UK personal lines premiums grew by 50% supported by the acquisition of Direct Line as well as growth in Intermediated. UK commercial lines premiums up 7% supported by growth in GCS, including Probitas.
• Canada General Insurance premiums up 2% to £4,358m (2024: £4,505m) and undiscounted COR of 95.6% (2024: 98.5%). We saw continued growth of 6% in personal lines driven by pricing actions across auto and property. Commercial lines premiums were lower by 5% driven by reduced GCS volumes, where we exited some unprofitable accounts to maintain discipline.
• Wealth net flows up 6% to £10.9bn (2024: £10.3bn) supported by growing regular contributions in Workplace and continued momentum in Platform. AUM grew 18% to £234bn (2024: £198bn).
• Health saw 12% growth in in-force premiums, which have now reached £1.1bn, with low-90s COR. Protection sales² were 8% lower, as expected, due to the consolidation of propositions in the second half of 2024 following the acquisition from AIG.
• Retirement sales² of £6.6bn (2024: £9.4bn) were 30% lower, reflecting a more typical year of BPA sales with £4.6bn (2024:£7.8bn), in-line with previous guidance. Individual Annuity sales were up 19% and Equity Release sales were up 32%.
• Aviva Investors, a core enabler of growth for the Group, originated £3.5bn of real assets for our annuities business, and c.65% of Workplace net flows went into Aviva Investors funds. External net flows increased to £0.9bn (2024: £0.2bn).

	2025	2024	Change
IFRS profit for the year	£1,054m	£705m	+50%
Solvency II cover ratio	180%	203%	(23)pp
Solvency II debt leverage ratio	30.1%	28.9%	+1.2pp
Centre liquidity	£1,498m	£1,695m	(12)%
Share buyback	£350m

Building on the unique advantages of Aviva’s model and supporting over 25 million customers

With our 2026 operating profit and Solvency II OFG targets achieved one year early, we have continued to demonstrate the power of our diversified model and ability to navigate through the cycle.

We now have over 25 million customers, and we’re serving more of their needs than ever before, with over seven million multi-product holders. In Wealth, a key area of growth, customer numbers increased by ~200,000 to 5.7 million.

We are well positioned to win over the long-term capturing growth opportunities across our businesses and transforming with artificial intelligence.

We have extensive data assets and a unique advantage through our single customer view. We are set to benefit from the investment we have made to modernise our IT estate, with the foundations in place to benefit from AI. We have already delivered significant claims indemnity benefits and pricing sophistication through AI models, and are seeing early success with claims summarisation and medical underwriting tools.

We have a diversified portfolio with leading positions across our markets and headroom to grow. The scale of our customer franchise, our ability to invest in our business and leverage data, and our strong technology and digital foundations, position us to continue delivering for our customers, our people and our shareholders.

Confident outlook for 2026 and beyond

Today, we’re already majority capital light and we’re continuing to accelerate by investing in our business and through M&A. Our momentum has continued in 2025 and in November we set out new three year targets:

• Operating EPS of 11% CAGR (2025-2028).
• IFRS Return on Equity of >20% (by 2028).
• Cash remittances of >£7bn (2026-2028 cumulative).

Looking ahead to 2026, we expect growth and earnings momentum supported by our diversified business model and the addition of Direct Line.

In General Insurance we are well placed to navigate the cycle, leveraging our increased scale and expertise, while maintaining pricing discipline. For full year 2026 we expect the UK&I GI business to achieve a COR of <94%, while in Canada we expect a COR approaching 94%, subject to normal weather conditions.

In our fee-based Wealth business we anticipate continued momentum in workplace and platform with further investment to capture this significant opportunity, including in Direct Wealth. We are well placed to benefit from continued demand in Health and Protection, and will remain active in a competitive Retirement market.