Slide 1: Aviva plc Results 2025
Aviva plc Results 2025 5 March 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 2025 Highlights & Strategic Update Group CEO Charlotte Jones FY 2025 Results Group CFO Amanda Blanc Summary Group CEO Q&A 3 Aviva: Confidential
Slide 4: Key messages
Key messages Another strong set of results in 2025, extending multi-year track record of delivery Driving the next Achieved 2026 targets one year early – chapters raised ambitions with new 3-year targets of Aviva’s growth Unlocking Aviva’s full potential – capital-light growth in General Insurance a
Slide 5: Another strong set of results in 2025
Another strong set of results in 2025 Strong performance momentum in 2025 Delivering for our shareholders Growing £2.2bn 17.5% 56.0p +17% profitably Operating profit IFRS RoE1 Operating EPS +25% +1.8pp Driving capital & £2.3bn £2.1bn 26.2p +10% cash generation Own funds generation 2 Cash remittances
Slide 6: All businesses contributing
All businesses contributing General Protection Wealth Retirement Insurance & Health +18% £234bn +0.9pp £4.6bn GI premiums1 Wealth AUM Protection NB margin BPA sales 94.6% £10.9bn +12% £3.5bn GI undiscounted COR Wealth net flows Health in-force premiums Aviva Investors real 6% of opening AUM assets o
Slide 7: Raised ambition with new targets
Raised ambition with new targets Delivered on 2026 targets one year early Launched new 3-year targets… Operating IFRS Return Cash Operating profit £2bn Achieved one EPS on Equity remittances by 2026 year early SII OFG £1.8bn 11% >20% >£7bn Achieved one 2025-2028 By 2028 2026-2028 by 2026 year early
Slide 8: Driving the next chapters of Aviva's growth
Driving the next chapters of Aviva’s growth Material opportunity beyond Confidence in new 3-year targets Strong progress to date Unlocking Aviva’s Delivering on full potential Transformed our promises performance Long-term growth platforms Continued growth from diversified model Consistent strategy
Slide 9: Unlocking Aviva's full potential beyond targets
Unlocking Aviva’s full potential beyond targets General Artificial Wealth Insurance Intelligence Outperforming Capturing long-term Setting up to through the cycle growth opportunity transform Aviva Customer 9 Unlocking advantage from leading UK customer franchise & brand Aviva: Confidential
Slide 10: Well positioned with strong, diversified GI portfolio
Well positioned with strong, diversified GI portfolio General Insurance Canada CL Leading market positions UK PL Standout #1 player in the UK, Top 2 in Canada, Top 3 in Ireland (Motor) Advantage of diversification Canada PL £14.1bn Geography, PL vs. CL mix & strength in SME, distribution breadth GI
Slide 11: Track record of navigating cycle in UK Personal Lines
Track record of navigating cycle in UK Personal Lines General Insurance Track record of market outperformance Uniquely placed to maximise profit over cycle Undiscounted COR Aviva UK PL Personal Motor market1 Leading scale Distribution breadth Pricing practices High inflation Standout #1 player, #1 D
Slide 12: Staying disciplined in UK Commercial Lines
Staying disciplined in UK Commercial Lines General Insurance Successfully navigating rate cycle Capitalising on competitive advantages with strong underwriting discipline Strength in more resilient Leading segment – #1 in Small & SME position Micro, Top 3 in Mid-market Track record Pricing above Dee
Slide 13: Well positioned for material growth opportunity in Wealth
Well positioned for material growth opportunity in Wealth Wealth Material & growing Scaling capabilities Benefitting from clear advantages Adviser Succession Direct Workplace ~22m Aviva UK customer base Platform Wealth Wealth #1 player #2 player Ability to access & engage >£5bn >70% ~5m Workplace cu
Slide 14: Unlocking scale benefits and driving profitable growth
Unlocking scale benefits and driving profitable growth Wealth Driving operating leverage as we scale On track for £280m profit ambition… Leading Aviva Wealth #1 UK Wealth £234bn operating profit +18% CAGR player by scale Wealth AUM £280m £175m Consistently outgrowing +17% £88m £124m Wealth AUM CAGR
Slide 15: Workplace central to wealth and customer ambitions
Workplace central to wealth and customer ambitions Wealth Uniquely attractive market - strong & resilient growth Aviva well positioned for continued success ~£4tn Workplace market AUM1 Future net contributions Historical AUM growth & 2x ~1,500 ~99% future investment return Scheme wins Scheme since 2
Slide 16: Well positioned to win over long term with holistic offering
Well positioned to win over long term with holistic offering Wealth Investing in advice & support at scale Starting out Accumulation Retirement Delivering in 2026: Investment advice Ongoing advice Early Retirement planning First Aviva Targeted Advice Equity release investment advice Ongoing advice S
Slide 17: Well set up to transform Aviva with AI
Well set up to transform Aviva with AI Artificial Intelligence Aviva opportunity with AI is bigger than most… True scale & breadth, with ability to redeploy capabilities Simplified 55% in >15 business lines across the UK, Canada & Ireland IT estate Reduction in UK IT applications since 2018 Customer
Slide 18: Clear focus areas to reimagine Aviva with AI
Clear focus areas to reimagine Aviva with AI Artificial Intelligence Already driving strong momentum today Pursuing E2E transformation opportunities Secure in-house Award-winning Virtual Assistant & targeted support Oasis platform – AI development model agnostic with Customer Advice platform reusabl
Slide 19: Building on unique advantages of Aviva's model
Building on unique advantages of Aviva’s model Insurance1 Diversified capital-light portfolio, with market- UK GI #1 leading positions & growth headroom Canada GI #2 Ireland GI #3 Protection #1 Health #3 Customer advantage with leading UK FS >25m Wealth1 franchise & brand, serving lifetime needs Wor
Slide 20: Agenda
Agenda Amanda Blanc 2025 Highlights & Strategic Update Group CEO Charlotte Jones FY 2025 Results Group CFO Amanda Blanc Summary Group CEO Q&A 20 Aviva: Confidential
Slide 21: Another year of strong delivery in 2025
Another year of strong delivery in 2025 Operating profit Operating profit Operating Cash profit remittances Own funds generation1 £2,203m £2,077m £2,317m +25% +4% +40% Operating profit Operating EPS IFRS Return on Equity2 Operating Solvency coverprofit ratio3 56.0p 17.5% 180% +17% +1.8pp FY24: 203%
Slide 22: Delivered 2026 Group targets one year early
Delivered 2026 Group targets one year early Target: £2bn operating profit by 2026 Target: £1.8bn Solvency II OFG by 2026 £2,203m +16% £2,317m +23% £174m £182m £1,767m £1,729m +15% £1,655m £1,467m +29% £2,029m £2,135m ~£1.6bn Underlying OFG 2023 2024 2025 2023 2024 2025 On track for 2024-26 cumulativ
Slide 23: Attractive profit growth supplemented by capital returns
Attractive profit growth supplemented by capital returns 2025-28 EPS target reiterated 11% 1 2025 operating EPS of 56.0p ahead of previous guidance for 55p baseline in November ~2pp Share count benefit from regular and sustainable capital returns2 Outperformance largely driven by better Q4 weather t
Slide 24: Growing in General Insurance with improving margins
Growing in General Insurance with improving margins Strong top-line growth… ...with margin improvement... ...generating more profit Premiums Undiscounted COR Operating profit +14% CAGR (1.6)pp +32% CAGR £14.1bn £1,485m £12.2bn 96.2% 96.3% £10.9bn 56% of 94.6% £996m business unit £851m total 2023 202
Slide 25: UK & Ireland General Insurance
UK & Ireland General Insurance Premiums Overall £9.8bn • Operating profit up 52% reflecting the inclusion of Direct Line, strong underwriting results and improved investment returns (28% excl. Direct Line) +27% UK GI • Personal lines premiums up 50% supported by the addition of Direct Line and growt
Slide 26: Canada General Insurance
Canada General Insurance 1 Premiums Overall £4.4bn • Operating profit up 49% and COR of 95.6% reflecting an improved underwriting result and normal CAT experience +2% Operating profit Personal lines £408m • Premiums up 6% driven by disciplined rate adequacy across auto and property • COR of 94.7% (F
Slide 27: IWR – Insurance
IWR – Insurance Health in-force premiums Health £1.1bn • In-force premiums up 12% to £1.1bn reflecting strong new business volumes and pricing actions +12% • Operating profit of £72m up 9%, with low-90s COR, reflecting portfolio growth and pricing discipline • On track for our ambition of £100m oper
Slide 28: IWR – Wealth
IWR – Wealth Net flows Workplace and Adviser Platform £10.9bn • Workplace net flows up 6% reflecting strong new business and growing regular member contributions, with £1bn of regular inflows per month from our 5m customers +6% • Adviser Platform net flows up 11% with an 11% increase in customer num
Slide 29: IWR – Retirement
IWR – Retirement BPA sales BPA £4.6bn • Sales of £4.6bn, a more typical year compared to the elevated volumes in 2024, with returns above our low-teens IRR guidance, continued low capital strain and real asset origination of (41)% £3.5bn by Aviva Investors Individual annuities Individual annuity sal
Slide 30: Stable efficiency as we continue to invest in the business
Stable efficiency as we continue to invest in the business General Insurance IWR Aviva Investors Distribution ratio Cost asset ratio Cost income ratio +0.6pp (0.6)bps (1)pp 31.8% 32.4% 43.3bps 42.7bps 89% 88% 20241 2025 2024 2025 2024 2025 • Temporary uplift driven by acquisitions • 0.6bps improveme
Slide 31: Consistently strong grip on capital allocation & performance
Consistently strong grip on capital allocation & performance The same capital allocation framework – discipline, agility, and keeping our commitments Sustainable growth Maintain balance Growing Investing in Returning capital in earnings & cash sheet strength regular dividend the business to sharehol
Slide 32: Proactive balance sheet management
Proactive balance sheet management Solvency ratio built to top of working range Proactive actions on top of strong after funding Direct Line acquisition and replacing legacy pref shares underlying capital generation 203% • Underlying OCG (£1.7bn, 19pp): 11pp – 16pp organic OCG and 3pp from accelerat
Slide 33: Strong progress on Direct Line
Strong progress on Direct Line Business improvement and integration Delivering material financial benefits £225m Successful implementation of pricing models – Cost synergies with costs-to-achieve of ~£350m – improved written CORs in Q4 full run-rate savings expected to be delivered in 20281 Strong p
Slide 34: Dividend uplift promised on completion of Direct Line delivered
Dividend uplift promised on completion of Direct Line delivered Dividends per share 39.3p 5% 10% growth in 2025 DPS in line with previous guidance for additional uplift post-completion of 5% Direct Line 35.7p 26.2p Final dividend Mid-single digit growth in the cash cost of the dividend guidance rema
Slide 35: Confident outlook for 2026 and beyond
Confident outlook for 2026 and beyond Group targets Outlook Confident that we will deliver our • Continued growth and earnings momentum supported by diversified business model ambitious new Group targets and addition of Direct Line • Well placed with increased scale and quality of our General Insura
Slide 36: Agenda
Agenda Amanda Blanc 2025 Highlights & Strategic Update Group CEO Charlotte Jones FY 2025 Results Group CFO Amanda Blanc Summary Group CEO Q&A 36 Aviva: Confidential
Slide 37: Confidence in new targets with track record of performance
Confidence in new targets with track record of performance Delivering top- … driving stronger Confidence in line growth… earnings growth new 3-year targets GI premiums Operating EPS1 +13% +12% Operating 11% CAGR £14.1bn CAGR 56.0p EPS 2025-2028 (CAGR) £9.7bn 39.9p 2022 2023 2024 2025 2022 2023 2024
Slide 38: Unlocking Aviva's full potential
Aviva’s compelling investment case The UK’s only diversified insurer Market-leading positions across the UK, Canada & Ireland Accelerating capital-light growth Driving towards 75% capital-light with >20% IFRS RoE Unlocking Consistent customer-centric strategy Aviva’s Leading UK franchise & brand, li
Slide 39: Agenda
Agenda Amanda Blanc 2025 Highlights & Strategic Update Group CEO Charlotte Jones FY 2025 Results Group CFO Amanda Blanc Summary Group CEO Q&A 39 Aviva: Confidential
Slide 40: Appendices
Appendices MI AVIVA
Slide 41: Accelerating earnings mix beyond 75% capital-light
Accelerating earnings mix beyond 75% capital-light Greater than 75% Over two-thirds capital-light in 2028 Below 50% capital-light today capital-light in 2022 <25% >75% 32% 68% 53% 47% FY 2025 UK&I GI 2028 FY 2022 Operating profit 1 Operating profit1 Operating profit1 9.4% 17.5% IFRS RoE 2 IFRS RoE2
Slide 42: Huge opportunity with leading UK customer franchise
Huge opportunity with leading UK customer franchise Leading UK FS customer franchise & brand Breadth of products to meet lifetime needs… Number of UK customers1 Junior ISA Car Insurance Rescue LBG 28m Workplace Pension 21.7m #1 Health Insurance Protection Aviva Brand Trust Micro-SME Direct Pet Insur
Slide 43: Well positioned for shift to autonomous vehicles
Well positioned for shift to autonomous vehicles General Insurance Widespread adoption expected from 2040s… Well positioned for long-term change Global new car sales by vehicle autonomy level1 1% <1% Benefit of unrivalled scale & diversification 4% <5% ~25% Stand-out #1 in UK PL – leading Retail bus
Slide 44: Wealth is a highly attractive growth opportunity
Wealth is a highly attractive growth opportunity Wealth Material & fast-growing wealth market… Clear structural & regulatory tailwinds UK Wealth 4.5 CAGR Shift from DB to DC & auto-enrolment market AUM (£tn)1 9 in 10 eligible UK employees saving into workplace pension 1.1 +10% 2.7 Growing need for g
Slide 45: 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 45 Aviva: Confidential
Slide 46: General Insurance discounting
General Insurance discounting • We anticipate a discounting impact of ~3.5pts for 2026 Group COR 3 months 6 months 9 months 12 months 2025 2025 2025 2025 Group discounted COR 92.9% 90.4% 90.4% 90.6% • The yield curve used to determine the discounted COR is Group undiscounted COR 96.6% 94.6% 94.4% 94
Slide 47: Solvency II
Solvency II Aviva: Confidential
Slide 48: Capital position
Capital position Solvency II shareholder cover ratio 203% 11pp 19pp (4)pp 180% (13)pp (31)pp (5)pp Management £bn 31 Dec 2024 M&A Debt & Prefs Underlying OCG Non-OCG Dividends 30 Dec 2025 actions Own funds 15,639 64 (445) 1,755 562 (500) (1,054) 16,021 SCR (7,718) (1,369) - (36) 171 69 - (8,883) Sur
Slide 49: Solvency II regulatory own funds tiering and debt leverage
Solvency II regulatory own funds tiering and debt leverage 2025 2024 % of own % of own 31 Dec 2025 31 Dec 2024 Regulatory view £m % of SCR £m % of SCR Regulatory view funds funds £m £m Unrestricted Tier 1 12,887 72% 121% 12,492 72% 133% Solvency II regulatory debt2 4,805 4,697 Restricted Tier 1 992
Slide 50: Solvency II sensitivities (Group shareholder view)
Solvency II sensitivities (Group shareholder view) 31 December 2025 31 December 2024 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 0.1 3pp 0.1 5pp 100 bps increase in interest
Slide 51: Debt call/redemption profile
Debt call/redemption profile Restricted Tier 1 Tier 2 Senior £755m £760m £644m £260m2 4.000% £600m €464m £405m 1.875% £500m £500m £500m £500m £523m £400m £400m 5.125% 6.875% £500m €600m 7.750% 6.875% 6.125% 4.000% 4.625% 6.875% £200m £350m1 4.375% 4.750% C$450m £244m 6.125% 4.000% 2026 2027 2029 203
Slide 52: IFRS
IFRS Aviva: Confidential
Slide 53: Operating profit and operating value added
Operating profit and operating value added Operating profit Operating change in CSM Operating value added 2025 2024 2025 2024 2025 2024 (£m) (£m) (£m) (£m) (£m) (£m) UK&I General Insurance 1,077 708 Canada General Insurance 408 288 IWR1 1,078 1,071 (204) 197 874 1,268 - o/w Wealth 175 129 - o/w Prot
Slide 54: Contractual service margin development
Contractual service margin development Contractual service margin (CSM) Analysis of change £7m £(11)m £264m £(744)m £423m £7,768m £7,703m £(143)m £139m Operating change in CSM1: £(61)m 31-Dec-24 New business Interest Experience Assumption CSM release Heritage Non-operating 31-Dec-25 accretion & vari
Slide 55: Protection & Health – operating value added drivers
Protection & Health – operating value added drivers 2025 2024 Operating Operating Operating Operating Operating Operating profit change in CSM value added profit change in CSM value added £m New business – 172 172 – 167 167 Releases from stock of future profit 205 (196) 9 203 (192) 11 Operating assu
Slide 56: Retirement – operating value added drivers
Retirement – operating value added drivers 2025 2024 Operating Operating Operating Operating Operating Operating profit change in CSM value added profit change in CSM value added £m New business - 224 224 46 406 452 Releases from stock of future profit 558 (517) 41 527 (481) 46 Operating assumption
Slide 57: Heritage – operating value added drivers
Heritage – operating value added drivers 2025 2024 Operating Operating Operating Operating Operating Operating profit change in CSM value added profit change in CSM value added £m Releases from stock of future profit 153 (144) 9 178 (173) 5 Operating assumption changes (23) 7 (16) (4) 14 10 Experien
Slide 58: Ireland – operating value added drivers
Ireland – operating value added drivers 2025 2024 Operating Operating Operating Operating Operating Operating profit change in CSM value added profit change in CSM value added £m New business - 27 27 - 16 16 Releases from stock of future profit 50 (39) 11 36 (30) 6 Operating assumption changes (3) 1
Slide 59: IWR Contractual service margin – analysis of change
IWR Contractual service margin – analysis of change 31 December New Interest Experience Assumption CSM Non- 31 December £m 2024 business accretion2 variance changes release operating 2025 Protection 975 172 38 56 (37) (196) 7 1,015 Annuities 5,406 224 230 (65) 16 (517) 21 5,315 Heritage 1,289 - 62 (
Slide 60: Operating earnings per share
Operating earnings per share 2025 2024 Change £m £m % Group adjusted operating profit 2,203 1,767 25% Operating tax (519) (407) (28)% Amounts attributable to non-controlling interests (21) (21) - Coupon payments in respect of tier 1 notes (54) (34) (59)% Preference shares (9) (17) 47% Profit attribu
Slide 61: Assets
Assets Aviva: Confidential
Slide 62: Total managed assets
Total managed assets Assets by type of liabilities covered (£m) Shareholder assets by type (£m) 341,240 91,792 14,117 83,068 300,845 31,673 12,373 28,589 External assets 68,784 Annuity & non-profit Participating funds 203,658 Policyholder funds 66,602 GI, Health & other 176,815 Shareholder funds 83,
Slide 63: Corporate bonds and government debt
Corporate bonds and government debt Shareholder assets (£bn) Corporate bonds Corporate bonds Government debt £91.8bn by rating by industry by rating £26.0bn 0% 6% 5% 0% 13% 5% 12% 9% 1% 24% 3% 26% 7% 16% £24.0bn 6% 9% 15% 8% 47% 15% 73% AAA BBB Financials - banks Financials - other AAA BBB 31-Dec-25
Slide 64: Commercial mortgages
Commercial mortgages Shareholder assets (£bn) Commercial mortgages value by Loan interest cover • Low average LTV of 38% on a fair value basis and geography 47% on a nominal basis £91.8bn 2.8x 2.7x 2.6x 2.6x 2.6x 2.2x • Strong loan interest cover leaving borrowers 27% London significant headroom to
Slide 65: Equity release mortgages
Equity release mortgages Shareholder assets (£bn) • Securitised mortgage loan and equity release portfolio of £9.1bn is mostly internally securitised £91.8bn with low average LTV of 28.2% • ~84% of equity release loans have an LTV <50%2 • ~£8.5m of losses arising from ‘no negative equity guarantees’
Slide 66: Other shareholder assets
Other shareholder assets Shareholder assets (£bn) £91.8bn • Healthcare, Infra & PFI loans (incl. mortgage loans) are largely secured against infrastructure, healthcare, education, social housing and emergency services related facilities which receive government support and are at low risk of default