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Aviva Backs 2026 Guidance After Premium Growth

Aviva's nine-month General Insurance premiums rose 19% in constant currency, but the Direct Line acquisition drives most of that growth, and the third quarter alone grew 1%. Management still backs its 2026 earnings guidance.

Aviva (LON: AV.), the UK insurer, reported nine-month General Insurance premiums up 19% in constant currency to £11.8bn and reiterated its 2026 earnings guidance. The shares rose about 1.0% in early trade today after the update, which came out at 7am.

Aviva traded at 747.2p in a delayed quote at 8.02am, up 7.6p from yesterday’s 739.6p close. It opened at 747p within minutes of the release. That is still below last Thursday’s 752.6p close, the highest since the 10th of August, and above the intraday low of 668.6p on the 8th of October.

AV.LSE

Premiums for the nine months to the end of September were £11.8bn, against £10.0bn a year earlier. That is 18% growth at reported exchange rates. The combined operating ratio, which measures claims plus costs as a share of premiums, improved 0.6 percentage points to 93.8%. Below 100% means an underwriting profit.

The comparison flatters the growth. Aviva acquired Direct Line, the UK motor and home insurer, on the 1st of July 2025, so the nine months to September 2025 hold only three months of it and this year’s figures hold all nine. UK personal lines premiums rose 57% to £5,256m. Discrete third-quarter premiums were £3,707m, up just 1% from £3,682m, and the third-quarter Canada combined ratio worsened to 101.5% from 96.8% on weather.

Line chart of Aviva's share price falling to a low in October then rising to a high in early November
Aviva shares rose from an October low to an early November high (daily closes to 12 November)

Other divisions were mixed. Wealth net flows, money in minus money out, rose 31% to £10.9bn. Retirement sales fell 34% to £3.5bn, with bulk annuities, which insure pension schemes’ liabilities, down 50%. Health sales fell 31% to £81m.

Aviva’s estimated solvency cover, capital held relative to the regulatory requirement, was 179% against 176% at the half-year, and it expects the high-180s by the end of 2026, subject to markets. Cash remittances for 2026 are expected at about £2.3bn. Group Chief Executive Officer Amanda Blanc said:

We are confident about the remainder of 2026 and expect earnings per share to grow broadly in line with our target of 11% this year.

Amanda Blanc, Aviva

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