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Aviva reported a 24% increase in first-half operating profit, beating market expectations as its Direct Line acquisition and strong general insurance demand strengthened the UK insurer’s performance.
Operating profit reached £1.33 billion for the six months ended June 30, up from £1.07 billion a year earlier and above the company-compiled consensus estimate of £1.26 billion. Operating earnings per share increased 10% to 31.8p, leaving Aviva on course to achieve its target of 11% compound annual EPS growth through 2028.
The insurer’s IFRS return on equity improved to 20.3% from 18.2%, meeting its goal of maintaining returns above 20%. Cash remittances surged 47% to £1.5 billion, supporting Aviva’s target of generating more than £7 billion in cumulative remittances between 2026 and 2028.
Aviva’s Solvency II shareholder cover ratio stood at 176%, while its debt leverage ratio was 30.8%, highlighting the group’s solid capital position.
The company also reported significant progress integrating Direct Line following its £3.7 billion takeover. All Direct Line employees have been transferred, while nearly £5 billion of assets have moved to Aviva Investors. The acquisition has also helped strengthen sales through price comparison websites.
Aviva has already achieved £100 million in annualized cost synergies toward its £225 million target. It also expects to generate more than £350 million in capital synergies by the end of the year.
CEO Amanda Blanc said Direct Line’s profitability has improved quickly while customer service standards have remained strong, adding that Aviva is on track to capture the planned financial benefits of the acquisition.
Looking ahead, Aviva maintained its three-year financial targets, including 11% operating EPS growth and IFRS return on equity above 20% by 2028. For 2026, operating EPS growth is expected to broadly match the 11% target, while approximately £0.8 billion in additional cash remittances is anticipated during the second half.
Aviva also expects its solvency cover ratio to rise into the high-180% range by year-end, subject to market conditions.
