British insurer Aviva has reported general insurance (GI) premium growth of 19%, to £3.4 billion, and an improved Group undiscounted combined ratio of 94.1% for the first quarter of 2026.
Comparably, in Q1 2025, the insurer reported £2.9 billion in GI premiums, and a combined ratio of 96.6%.
Country-wise UK&I GI premiums were up 26% to £2.5 billion, compared to the £2.0 billion reported for Q1 2025.
Personal Lines contributed 59% in growth, supported by both the acquisition of Direct Line and growth in the intermediated channel. Commercial Lines were 7% lower reflecting the impact of the rating environment partly offset by strong retention.
At £0.9 billion, Canada GI premiums saw a year on year increase of 3%, with Personal Lines up 4% supported by rate actions, and Commercial Lines up 1% reflecting scheme wins in GCS partly offset by the rating environment.
Group undiscounted combined operating ratio (COR) improved 2.5pp in Q1 2026, down from the 96.6% reported for Q1 2025. This result included improvements across all markets supported by strong rate adequacy and better weather experience.
Discounted COR stood at 90.0%, down from Q1 2025’s 92.9%.
Amanda Blanc, Group Chief Executive Officer, said: “We have delivered another quarter of strong trading, building momentum in 2026. We delivered profitable growth across Aviva despite global market volatility, demonstrating yet again the advantages of our market-leading positions and diverse business model.”
She continued: “We made excellent progress in General Insurance, growing premiums by 19% and improving profitability significantly in the UK, Ireland, and Canada. The integration of Direct Line is firmly on track with stronger profitability and policies sold through price comparison websites have nearly doubled since the start of the year. In Wealth, where we are the number one player, we delivered another very positive performance, increasing net flows by 49% to £3.3bn.
“Our workplace pensions business performed particularly well, increasing net flows by 71%, and the tax-year end was another success, with strong inflows in our adviser platform and direct wealth business.”
Aviva also reported an estimated Solvency II shareholder cover ratio of 171%, compared to 180% for the first quarter of 2025.
The firm’s retirement sales were up 4% at £1.8 billion in Q1’25, compared to £1.7 billion in Q1’24, driven by higher volumes in Individual Annuities and Equity Release. BPA volumes of £1.3 billion were broadly consistent with Q1 2024.
These results reinforce the insurer’s confidence in meeting its 2028 Group targets, which include an Operating EPS of 11% CAGR, and IFRS Return on Equity of >20%; and cumulative Cash remittances exceeding £7billion.
Blanc concluded: “We have made an excellent start to 2026. Our continued strong trading performance, high quality balance sheet, and diverse set of leading businesses, gives us confidence that we are well placed to meet our group targets, and deliver even more for our customers and shareholders this year.”
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