Slide 1: Aviva plc Half Year Results 2026
Aviva plc Half Year Results 2026 14 August 2026
Slide 2: Cautionary statement and important information
Cautionary statement and important information Cautionary statement This presentation should be read in conjunction with the documents distributed by Aviva plc (the ‘Company’ or ‘Aviva’) through The Regulatory News Service (RNS).This presentation contains, and we may make other verbal or written ‘fo
Slide 3: Agenda
Agenda Amanda Blanc Highlights Group CEO Charlotte Jones Half Year 2026 Results Group CFO Amanda Blanc Group CEO Update Group CEO Q&A 3
Slide 4: Key messages
Key messages Strong H1 2026 results, extending performance track record Driving towards 75% capital-light by 2028 with excellent progress on Direct Line and Wealth Confident in 3-year targets and longer-term growth trajectory Well positioned for longer-term success with diversified model 4
Slide 5: Strong H1 2026 results
Strong H1 2026 results Operating profit Operating EPS 25.3m +24% +10% Global customers £1.3bn 31.8p 7.2m UK customers with IFRS RoE Interim DPS 2+ Aviva policies1 20.3% 14.0p +2.1pp +7% +53.7 TNPS Driven by contributions from all businesses & excellent progress on Direct Line 5 1. Measures number of
Slide 6: Confident in 3-year targets and longer-term growth trajectory
Confident in 3-year targets and longer-term growth trajectory Extending performance track record with H1 2026 results Confident in 3-year targets… GI premiums Operating EPS1 Operating 11% +13% +12% EPS 2025-2028 (CAGR) CAGR £14.1bn CAGR 56.0p £9.7bn 39.9p £8.1bn 31.8p IFRS Return >20% 2022 2023 2024
Slide 7: Well positioned for longer-term success with diversified model
Well positioned for longer-term success with diversified model Diverse business portfolio Insurance Leading positions, growth options, shifting towards capital-light UK&I GI #1 #1 Canada GI #2 #2 Protection #1 #1 Health #3 Unique customer opportunity Leading UK FS franchise, #1 trusted brand & lifet
Slide 8: Agenda
Agenda Amanda Blanc Highlights Group CEO Charlotte Jones Half Year 2026 Results Group CFO Amanda Blanc Group CEO Update Group CEO Q&A 8
Slide 9: Half year 2026 – delivering another set of strong results
Half year 2026 – delivering another set of strong results Operating profit IFRS Return on Equity Underlying OCG2 GI undiscounted COR £1,326m 20.3% £812m 93.3% +24% +2.1pp1 +14% 1.3pp improvement Operating EPS Cash remittances Solvency cover ratio3 Wealth net flows +10% £1.5bn 176% £7.6bn 31.8p +47%
Slide 10: UK & Ireland General Insurance
UK & Ireland General Insurance Premiums UK GI • Personal lines premiums up 98% because of the addition of Direct Line – and with growth from £5.9bn Intermediated, including the home partnership with Nationwide • Personal lines COR of 93.1% (HY25 93.9%). Strong progress on Direct Line – integration o
Slide 11: Canada General Insurance
Canada General Insurance Premiums Personal lines • Premiums up 4% driven by pricing actions across auto and property, more than offsetting lower £2.2bn volumes due to underwriting actions. We continue to make good progress across key partnerships, including President’s Choice Insurance +3% • COR of
Slide 12: On track for full-year COR guidance
On track for full-year COR guidance Our GI business is managed with a Confidence in COR outlook focus on headline undiscounted COR Group GI undiscounted COR Benefit of scale and diversification, strong rate adequacy, and Direct Line progress 2.1pp improvement 95.4% 94.6% 93.3% Favourable Prior Year
Slide 13: IWR - Wealth
IWR - Wealth Net flows Workplace and Adviser Platform £7.6bn • Workplace AUM up 12% YTD to £172bn with net flows up 36% driven by regular contributions, new scheme wins, and the first schemes onboarded with Mercer Master Trust contributing c.£1.5bn. Number of customers increased by 220k to 5.1 milli
Slide 14: IWR - Insurance
IWR - Insurance Health in-force premiums Health £1.1bn • In-force premiums up 5% to £1.1bn driven by continued rating ahead of inflation. Sales were lower as we continue to see slowing market growth in consumer and SME channels +5% • Operating profit up 28% to £37m with a continued low-90s combined
Slide 15: IWR - Retirement
IWR - Retirement BPA sales BPA £1.1bn • Sales of £1.1bn, reflecting success across small- and mid-sized schemes despite heightened competition driven by lower volumes of larger schemes – YTD sales now at £1.9bn2 IRR of 18%1 • IRR of 18% above our low-teens hurdles as we remain focused on pricing dis
Slide 16: Driving efficiency gains as we grow the business
Driving efficiency gains as we grow the business UK&I GI Canada IWR Distribution ratio 1 Distribution ratio Cost asset ratio (1.4)pp (0.8)pp (4.5)bps 33.9% 32.5% 33.0% 32.2% 43.5bps 39.0bps HY25 HY26 HY25 HY26 HY25 HY26 Improvement driven by shift in distribution Improvement driven by lower Signific
Slide 17: Consistently strong grip on capital allocation and performance
Consistently strong grip on capital allocation and performance Sustainable growth Maintain balance Growing Investing in Returning capital in earnings & cash sheet strength regular dividend the business to shareholders +24% 176% +7% c.£450m £350m Operating profit SII cover ratio DPS growth BAU change
Slide 18: On track for solvency ratio in high-180s by end of 2026
On track for solvency ratio in high-180s by end of 2026 Before impact of market movements 9pp 3pp High >7pp 180s (3)pp 180% Incl. c.£120m c.8pp (9)pp of I&R costs 176% (4)pp (5)pp Incl. similar I&R costs to H1 H1 actual H2 outlook FY25 OCG Non-OCG Debt Final Share HY26 Interim Est. capital DL capita
Slide 19: Investing in the business with increased focus on AI and data
Investing in the business with increased focus on AI and data Single BAU change portfolio AI investment & usage to grow over time… £450m BAU change investment p.a. Prioritising Unlocking change spend benefits quickly Growth Customer Efficiency continuously Driving in focus areas value from AI Incl.
Slide 20: Confident in outlook for 2026 and beyond
Confident in outlook for 2026 and beyond Business units Confident in delivering ambitious Group targets • In General Insurance, on track for full-year guidance of <94% COR in UK&I, and approaching 94% COR in Canada Continued momentum on Direct Line integration and business improvement, with both Ope
Slide 21: Agenda
Agenda Amanda Blanc Highlights Group CEO Charlotte Jones Half Year 2026 Results Group CFO Amanda Blanc Group CEO Update Group CEO Q&A 21
Slide 22: Clear trajectory to unlock Aviva’s full potential
Clear trajectory to unlock Aviva’s full potential Focus for today Longer-term Confidence in growth trajectory Transformed Aviva 3-year targets over last 6 years Serving the most customer needs Delivering benefits from Direct Line Consistent strategy Transforming with AI Organic growth Multi-year tra
Slide 23: Excellent progress on Direct Line integration
Excellent progress on Direct Line integration Confidence in 3-yr targets Business Driving improvement integration and integration & performance at pace Well on track for financial synergies Maintained excellent service with >50 TNPS Progress so far Ambition Maintained strong NPS, best motor claims p
Slide 24: Transformed Direct Line Motor performance
Transformed Direct Line Motor performance Confidence in 3-yr targets Improving profitability Rapid roll-out & scaling Highest ever PCW NB with targeted action Direct Line brand on PCWs market share achieved Motor written COR – all DL brands PCW motor policies – Direct Line brand only PCW NB share –
Slide 25: Organic growth engine in Wealth
Organic growth engine in Wealth Confidence in 3-yr targets Well on track for £280m ambition Strong progress across all our businesses with significant upside beyond H1 2026, YoY On track +36% >£8bn Workplace Wealth Operating profit Net flows Mercer Master £5.1bn Trust partnership £280m 2x £175m Advi
Slide 26: Shifting to 75% capital-light by 2028
Shifting to 75% capital-light by 2028 Confidence in 3-yr targets FY 2028 HY 2026 Heritage HY 2022 Retirement UK&I GI £0.7bn £1.3bn 11% Op. profit1 Op. profit1 EPS CAGR 2025 - 28 Wealth & Aviva investors Health & GCS Capital- light on Protection Canada GI chart: Of which Capital-light2 c.55% c.70% c.
Slide 27: Confident in sustained growth beyond 2028
Confident in sustained growth beyond 2028 Longer-term growth trajectory Serving the most customer needs with a powerful brand & life-long relationships Transforming with AI across value chain with benefit of scale & proprietary data Unlocking full potential Accelerating in capital-light with materia
Slide 28: Building on unique customer advantage
Building on unique customer advantage Longer-term growth trajectory Leading UK FS customer franchise Breadth of products to meet lifetime customer needs and the #1 trusted brand Junior ISA 25.3m 21.8m Car Insurance Rescue Workplace Pension Global UK customers customers #2 in UK FS Health Insurance P
Slide 29: Making strong progress unlocking customer opportunity
Making strong progress unlocking customer opportunity Longer-term growth trajectory Step-change on MPH customers Deepening relationships with existing customers Sales to existing 40% 41% 46% UK Motor c.40% MPH discounts on PCWs, customers & Home Sales to existing soon rolling out to Direct Line cust
Slide 30: Serving more customer needs
Serving more customer needs Longer-term growth trajectory Meeting customers Targeting & predicting Leveraging MyAviva as where & when they want needs of our customers portal for everything Aviva Starting Income E2E digital Personalised, LLM a family protection servicing AI-powered VA Car broken Gree
Slide 31: Aviva scale and model create significant AI opportunity
Aviva scale and model create significant AI opportunity Longer-term growth trajectory Leading customer franchise & brand, multi-channel distribution >25m Global customers Scale of our businesses with capacity to invest & re-deploy >15 Business lines Unmatched proprietary customer data & product brea
Slide 32: Transforming Aviva with AI across our value chain
Transforming Aviva with AI across our value chain Longer-term growth trajectory Customer Claims & IT Operations, Engagement Underwriting Delivery Outsourcing & Offshoring Leading MyAviva App >250 ML models in PL Simplified & modernised Platform consolidation, Where we are today & 95% retail sales th
Slide 33: Delivering at pace, driving value & early benefits
Delivering at pace, driving value & early benefits Longer-term growth trajectory AI Virtual >15m Quality assurance in Wealth Personalised, conversational AI support, Assistant UK customer chats, resolving more customer queries Launching in 2026 emails & calls p.a. Real-time error identification acro
Slide 34: Confidence in future UK market growth
Confidence in future UK market growth Longer-term growth trajectory Growth underpinned by structural trends Supported by strong regulatory tailwinds c.9m UK adults retiring in next decade, 40% under-saving Pensions Schemes Act & pensions dashboard Helping close retirement income gap £7tn Inter-gener
Slide 35: Material growth platforms in our portfolio
Material growth platforms in our portfolio Longer-term growth trajectory Playing into growing market profit pools… … with long-term growth platforms Est. 10-year market profit pool 2025 2025-35 mkt. size mkt. growth FY25 profit pool FY35 profit pool UK Wealth Extending leadership with #1 position co
Slide 36: Extending leadership in UK Wealth
Extending leadership in UK Wealth Longer-term growth trajectory Wealth the fastest growing UK FS market Extending leadership with lifetime offering c.£2.7tn Mass affluent opportunity Growing Workplace - accelerating Master Trust Market size £1.3tn within Aviva’s customer base1 Market growing at >25%
Slide 37: Growing UK General Insurance
Growing UK General Insurance Longer-term growth trajectory Market leader with benefit of Direct Line Growth opportunities across diversified portfolio Market size1 Personal – scaling Specialty businesses to top 3 c.£62bn c.£9bn Scaling Pet, Rescue and SME Direct, tapping into Aviva opportunity & exp
Slide 38: Material opportunity in GCS
Material opportunity in GCS Longer-term growth trajectory Large market with significant growth headroom Scaling with highly synergistic model London Company c.£64bn market (incl. Lloyd’s) Delivering on Lloyd’s growth opportunity £500bn+ Growing in 9 newly-launched Lloyd’s lines & in Canada with Vola
Slide 39: Scaling advantaged national position in Canada
Scaling advantaged national position in Canada Longer-term growth trajectory Advantaged position in attractive market Clear growth priorities across the portfolio c.£50bn £4.4bn Building multi-channel distribution in Personal Lines Maximising value from RBC & PCI partnerships, targeting new Market s
Slide 40: Compelling investment case – the UK’s only diversified insurer
Compelling investment case – the UK’s only diversified insurer Multi-year performance Delivering on Direct Line integration track record Unrivalled customer reach Confidence in 3-year targets Significant scale & AI opportunity Material capital-light growth platforms Sustaining strong EPS growth High
Slide 41: Agenda
Agenda Amanda Blanc Performance highlights Group CEO Charlotte Jones Half Year 2026 Results Group CFO Amanda Blanc Group CEO update Group CEO Q&A 41
Slide 42: Appendices
Appendices MI AVIVA
Slide 43: Growing dividends with regular and sustainable capital returns
Growing dividends with regular and sustainable capital returns Clear track record of strong dividend growth Final dividend Interim dividend +7% Interim DPS growth +8% Mid-single CAGR digit growth 39.3p 31.0p 33.4p 35.7p £350m Share buyback complete 26.2p Guidance of mid-single digit 13.1p 14.0p grow
Slide 44: Reinsurance cover levels
Reinsurance cover levels Per event (excess of loss) UK Ireland Rest of World Canada 2026 retention £200m €30m £50m C$125m 2025 retention £200m €30m £75m C$125m Maximum Cover £5.3bn (£3.4bn in 2025) £0.3bn C$4.65bn 44
Slide 45: BPA IRR metric – rationale and methodology
BPA IRR metric – rationale and methodology • Retirement VNB includes prudent Solvency II assumptions, which do not capture lifetime value generated • IRR1 is a better measure of long-term cash generation – BPA IRRs at HY26 were 18% on the following basis: • Buffer of 145% SCR derived from our Group
Slide 46: Solvency II
Solvency II
Slide 47: Capital position
Capital position Solvency II shareholder cover ratio 9pp 3pp (3)pp 180% (9)pp 176% (4)pp £bn 31 Dec 2025 OCG Non-OCG Debt Dividends Share Buyback 30 Jun 2026 Own funds 16,021 1,007 (447) 290 (800) (350) 15,721 SCR (8,883) (96) 24 - - - (8,955) Surplus 7,138 911 (423) 290 (800) (350) 6,766 47
Slide 48: Solvency II regulatory own funds tiering and debt leverage
Solvency II regulatory own funds tiering and debt leverage 30 Jun 2026 31 Dec 2025 % of own % of own 30 Jun 2026 31 Dec 2025 Regulatory view £m % of SCR £m % of SCR Regulatory view funds funds £m £m Unrestricted Tier 1 12,245 70% 115% 12,887 72% 121% Solvency II regulatory debt2 5,083 4,805 Restrict
Slide 49: Solvency II sensitivities (Group shareholder view)
Solvency II sensitivities (Group shareholder view) 30 Jun 2026 31 Dec 2025 Sensitivity Impact on surplus Impact on cover ratio Impact on surplus Impact on cover ratio £bn pp £bn pp Changes in economic assumptions 50 bps increase in interest rate 0.2 4 pp 0.1 3 pp 50 bps decrease in interest rate (0.
Slide 50: Debt call/redemption profile
Debt call/redemption profile Restricted Tier 1 Tier 2 Senior £760m £644m £260m 4.000% £600m £523m £500m £500m £500m £500m £501m £400m £400m 5.125% £354m 6.875% £500m €600m €575m 7.750% 6.875% 6.125% 4.000% 4.625% 4.750% 6.875% €393m 4.375% £342m 1.875% C$450m £244m 4.000% £12m1 4.750% 2027 2029 2030
Slide 51: IFRS
MIAVIVA
Slide 52: Operating profit and operating value added
Operating profit and operating value added Operating profit Operating change in CSM Operating value added HY 2026 HY 2025 HY 2026 HY 2025 HY 2026 HY 2025 (£m) (£m) (£m) (£m) (£m) (£m) UK&I General Insurance 643 430 Canada General Insurance 262 218 IWR1 582 575 (21) (59) 561 516 - o/w Wealth 102 76 -
Slide 53: Contractual service margin development
Contractual service margin development Contractual service margin (CSM) Analysis of change £29m £101m £127m £(403)m £155m £7,703m £7,707m £(30)m £25m Operating change in CSM1: £9m 31-Dec-25 New business Interest Experience Assumption CSM release Heritage Non-operating 30-Jun-26 accretion & variances
Slide 54: Protection & Health – operating value added drivers
Protection & Health – operating value added drivers 6 months 2026 6 months 2025 12 months 2025 Operating Operating Operating Operating Operating Operating Operating Operating Operating change in value change in value change in value profit profit profit £m CSM added CSM added CSM added New business
Slide 55: Retirement – operating value added drivers
Retirement – operating value added drivers 6 months 2026 6 months 2025 12 months 2025 Operating Operating Operating Operating Operating Operating Operating Operating Operating change in value change in value change in value profit profit profit £m CSM added CSM added CSM added New business - 60 60 -
Slide 56: Heritage – operating value added drivers
Heritage – operating value added drivers 6 months 2026 6 months 2025 12 months 2025 Operating Operating Operating Operating Operating Operating Operating Operating Operating change in value change in value change in value profit profit profit £m CSM added CSM added CSM added Releases from stock of f
Slide 57: Ireland – operating value added drivers
Ireland – operating value added drivers 6 months 2026 6 months 2025 12 months 2025 Operating Operating Operating Operating Operating Operating Operating Operating Operating change in value change in value change in value profit profit profit £m CSM added CSM added CSM added New business - 9 9 - 10 1
Slide 58: IWR Contractual service margin – analysis of change
IWR Contractual service margin – analysis of change 6 months 2026 31 December New Interest Experience Assumption CSM Non- 30 June £m 2025 business accretion2 variance changes release operating 2026 Protection 1,015 86 18 (4) 14 (114) (8) 1,007 Retirement 5,315 60 111 87 15 (269) (10) 5,309 Heritage
Slide 59: Operating earnings per share
Operating earnings per share 6 months 2026 6 months 2025 Change £m £m % Group adjusted operating profit 1,326 1,068 24% Operating tax (317) (257) (23)% Amounts attributable to non-controlling interests (9) (12) 25% Coupon payments in respect of tier 1 notes (37) (17) (118)% Preference shares - (9) 1
Slide 60: Assets
MI AVIVA
Slide 61: Total managed assets
Total managed assets Assets by type of liabilities covered (£m) Shareholder assets by type (£m) 357,893 91,792 341,240 13,247 89,293 14,117 29,173 31,673 External assets Participating funds 68,784 66,877 Annuity & non-profit 226,180 GI, Health & other 203,658 Policyholder funds Shareholder funds 91,
Slide 62: Corporate bonds and government debt
Corporate bonds and government debt Shareholder assets (£bn) £89.3bn Corporate bonds Corporate bonds Government debt by rating by industry by rating £25.4bn 0% 7% 1% 6% 11% 0% 12% 5% 22% 25% 5% 13% £24.1bn 18% 8% 5% 13% 8% 48% 9% 69% 15% AAA BBB Financials - banks Financials - other AAA BBB 30-Jun-2
Slide 63: Commercial mortgages
Commercial mortgages Shareholder assets (£bn) Commercial mortgages Loan interest cover • Low average LTV of 42% on a fair value basis and £89.3bn value by geography 47% on a nominal basis 2.8x 2.7x 2.8x 2.6x 2.6x 2.6x 19% • Strong loan interest cover leaving borrowers London significant headroom to
Slide 64: Equity release mortgages
Equity release mortgages Shareholder assets (£bn) £89.3bn • Securitised mortgage loan and equity release portfolio of £8.9bn is mostly internally securitised with low average LTV of 28.6% • c.81% of equity release loans have an LTV <50%2 • c.£8.6m of losses arising from ‘no negative equity guarantee
Slide 65: Other shareholder assets
Other shareholder assets Shareholder assets (£bn) £89.3bn • Healthcare, Infrastructure & PFI: Loans and mortgages that are largely secured against infrastructure projects and education, social housing, healthcare and emergency services related facilities. Many of these benefit from government-contro