Aviva PLC (LSE:AV.) backed its full-year outlook as solid trading momentum continued into 2026, with strong growth across general insurance and wealth businesses, but lower bulk annuity sales.
The FTSE 100 insurer said general insurance premiums rose 19% to £3.4 billion, while its group undiscounted combined operating ratio improved to 94.1% from 96.6% a year earlier.
UK and Ireland general insurance premiums were helped by the integration of Direct Line and growth in personal lines. Commercial lines premiums fell 7% as pricing conditions remained competitive.
Retirement sales fell to £1.1 billion from £1.8 billion a year earlier as bulk purchase annuity volumes dropped in a competitive market, though individual annuity sales increased 10%.
Wealth net flows swelled 49% to £3.3 billion and assets under management 18% to £233 billion. Workplace pension inflows increased 71% during the quarter.
Chief executive Amanda Blanc called it an "excellent start" and said the company was "building momentum in 2026".
She said the integration of Direct Line was on track, "with stronger profitability and policies sold through price comparison websites have nearly doubled since the start of the year". The group’s Solvency II shareholder cover ratio fell to 171% from 180% at the end of 2025 after the impact of dividends, buybacks and debt changes.
Black said Aviva was "well placed" to meet targets this year and for the medium term. For 2026 this includes a UK and Ireland general insurance combined operating ratio below 94% and a Canada ratio approaching 94%, while continuing to target more than £7 billion of cumulative cash remittances between 2026 and 2028.