British insurer Aviva has reported an 18% hike in general insurance (GI) premiums to £14.1 billion for the full year of 2025 compared to £12.2 billion for FY’24, with an improved undiscounted combined ratio of 94.6%.
2025 was a strong year for Aviva, with the company delivering continued profitable growth momentum, as Group operating profit increased by 25% year-on-year to £2.2 billion, with strong premium growth achieved in the general insurance business.
For FY’25, UK & Ireland GI premiums rose by 27% to £9.8 billion from £7.7 billion, with personal lines rising 50%, supported by the acquisition of Direct Line, and growth in Intermediated. Commercial lines premiums were up 7%, supported by growth in GCS, including Probitas.
In Canada, GI premiums were up 2% to £4.4 billion, as personal lines grew by 6%, driven by pricing actions across auto and property. Commercial lines premiums dipped 5%, driven by reduced GCS volumes, where Aviva said it exited some unprofitable accounts to maintain discipline.
Meanwhile, UK&I posted an improved combined ratio of 90.6% for FY’25, compared to 92.2% for FY’24, while Canada reported a COR of 95.6% for 2025.
Aviva’s wealth net flows were up 6% to £10.9 billion, compared to £10.3 billion in 2024, as assets under management rose by 18% to £234 billion, compared to £198 billion in 2024, with contributions from Workplace and continued momentum in Platform.
Health in-force premiums grew 12%, and have now reached £1.1 billion, with a low-90s COR. Protection sales dipped by 8%, as expected, due to the consolidation of propositions in the second half of 2024 following the AIG acquisition.
The insurer’s retirement sales were 30% lower at £6.6 billion, compared to £9.4 billion in 2024, reflecting a more typical year of BPA sales with £4.6 billion, compared to 2024’s £7.8 billion, in line with previous guidance. Lastly, individual annuity sales rose 19%, while equity release sales hiked by 32%.
Amanda Blanc, Group Chief Executive Officer, Aviva, commented, “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.”
She continued, “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.”
