Aviva (LON: AV.) shares recovered all of their initial early losses on Wednesday after the insurance giant reported robust first-quarter trading, with investors ultimately encouraged by strong growth across its general insurance and wealth divisions.
The FTSE 100 insurer reported general insurance premiums of £3.4 billion for the first three months of 2026, a 19% increase on the same period last year, driven largely by the ongoing integration of Direct Line.
The acquisition helped UK personal lines premiums surge 62% to £1.5 billion, while the group’s combined operating ratio improved 2.5 percentage points to 94.1%, reflecting better weather conditions and strong rate adequacy across the UK, Ireland and Canada.
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Aviva’s wealth business delivered equally impressive numbers, with net flows jumping 49% to £3.3 billion. Workplace pensions led the charge, with net flows rising 71% to £2.0 billion, while the adviser platform benefited from strong tax year-end inflows.
The one soft spot came from the Solvency II cover ratio, which declined nine percentage points to 171%, primarily reflecting an £800 million final dividend payment and a £350 million share buyback programme.
Management said the ratio remains comfortably above its 160-180% target range and expects it to move above that band once Direct Line capital synergies of more than £350 million are delivered by year end.
Chief Executive Amanda Blanc said the results demonstrated “the advantages of our market-leading positions and diverse business model,” adding that Aviva remains on track for its medium-term targets, including operating earnings per share growth of 11% annually through to 2028.
Shares were last trading down just 0.1% at 616.4p.
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