Aviva Plc U/Adr (AVVIY) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

I would now like to hand the conference over to Aviva's Group CEO, Amanda Blanc. Thank you very much. Good morning, everyone, and welcome to Aviva's first quarter update. Usual, I'll give a short overview and then hand over to Charlotte to give you the details before we move questions. Aviva has delivered another quarter of strong trading and profitable growth across the group, once again demonstrating the benefits of our diversified capital light model against the backdrop of global market volatility. Let me just share a few highlights. In General Insurance, premiums are up 19% with an improved combined operating ratio. This shows our ability to effectively manage through the cycle and get ahead of emerging inflationary impact. In UK General Insurance, strong premium growth has been driven by the addition of Direct Line and underlying performance in UK Personal Lines. In Canada, our new management team is building momentum with growth across Personal Lines and Commercial Lines. And in Wealth, where we are the number one player, we secured £3,300,000,000 of net flows, up 49% year on year, and flows have continued to be strong since the end of Q1. On strategic delivery, we are making excellent progress on the Direct Line integration and remain firmly on track to meet our synergy targets. And the improvements we are making to underwriting and pricing are paying off, with better profitability and Direct Line branded PCW policies nearly doubling since the full year. Looking ahead, our continued strong trading momentum, real progress on the Direct Line integration and market leading businesses give us confidence in our 2026 outlook, including the guidance that we've given around combined operating ratio. And we are equally confident in delivering on our medium term group ...