Aviva Plc: a £25.4bn business, growing, with narrowing margins.

Where's the money from?
Revenue £25.4bn (FY2025), up 23% YoY
No segmental split disclosed in the filed accounts — this is the total trading revenue line.
Is it growing?
£15bn → £25.4bn
Revenue up about 70% across 6 filed years.
Is it solid?
12.1% → 8.7%
Operating margin narrowed over the period.

diversified insurer - Insurance, Wealth and Retirement · uk · high complexity

Deep-Dive · Company Intelligence

Inside Aviva PLC

Report overview

Aviva's FY2025 filing shows record earnings alongside a dramatic swing from positive to negative operating cash flow.

£18.29bn Cash at bank vs £23.48bn FY2024
£25.44bn Turnover vs £20.75bn FY2024
£1.84bn Pre-tax profit vs £1.27bn FY2024
— Net assets vs — FY2024
Aviva PLC turned £25.4 billion in revenue into £1.05 billion of profit after tax in FY2025 — a 50% jump on the prior year. On every income statement measure, the story is one of acceleration. Then you look at cash flow. Operating cash swung from positive £8.4 billion to negative £2.6 billion in a single year, and the cash balance dropped from £23.5 billion to £18.3 billion. The profit and the cash are telling different stories, and the gap between them is what this filing is really about.
Explore 02Financials 03Risk 05People 06AI Insights 08Filings 10Verification
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Company No.02468686
Statusactive
Latest accountsFY2025 accounts
Filed 28 July 2026

The story

What happened, in chapters

The year, beat by beat — each one a signal from the filing, source cited. Open “the full working” on any beat for the analyst detail.

Revenue Takes Off

Turnover jumped by £4.7 billion year-on-year, the largest single-year increase visible in this filing.

+23%
Turnover FY2024 £20.7bn FY2025 £25.4bn
The full working

The 23% rise in turnover is the foundation everything else is built on. Gross profit grew faster than revenue — up 29% — which means Aviva captured more from each additional pound of income. Operating profit followed, rising 25% to £2.2 billion.

Source · P&L, FY2024–FY2025

Profit Accelerates Hard

Profit before tax rose 45% and profit after tax rose 50% — both outpacing revenue growth.

Profit after tax

FY2024 £705m
FY2025 £1.1bn
The full working

The gap between revenue growth (23%) and profit-after-tax growth (50%) matters. It signals that cost discipline or financing improvements amplified the gain at the bottom line. Tax increased 40% alongside, so this is not a tax-driven number.

Source · P&L, FY2024–FY2025

Cash Flow Reverses Completely

Operating cash flow swung from positive £8.4 billion to negative £2.6 billion — a £11 billion reversal in a single year.

Operating cash flow

FY2024 £8.4bn
FY2025 -£2.6bn
The full working

For an insurer of Aviva's scale, operating cash movements are driven heavily by policyholder flows, claims, and investment activity — not just trading profit. The swing does not automatically contradict the profit figure, but the magnitude warrants scrutiny. Investing cash also swung negative, from £162 million inflow to £1.1 billion outflow.

Source · Cash Flow Statement, FY2024–FY2025

The Balance Sheet Scale

Fixed assets of £319.5 billion sit alongside current liabilities of £359.5 billion — both disclosed for the first time in this filing.

£319.5bn Fixed assets
vs
£11.1bn Total equity
The full working

Prior-year balance sheet comparatives are not disclosed, so no trend can be drawn. What the FY2025 snapshot shows is the characteristic structure of a major insurer: enormous asset and liability pools that dwarf the equity base of £11.1 billion. Long-term liabilities stand at a further £29.7 billion.

Source · Balance Sheet, FY2025

A Company With Deep Roots

Aviva traces its registered identity back to 1990, operating under four different names before reaching its current brand.

  • May 2000 Renamed CGNU PLC
  • Jun 1998 Renamed CGU PLC
  • Jul 2002 Renamed Aviva PLC (current)
  • Feb 1990 Incorporated as Commercial Union PLC

Source · Companies House name history; PSC register

The brief

Five questions, answered

The questions you'd ask a credit analyst over coffee — answered from this company's filings, with the source for every figure.

Q1 Can they pay their bills next year?

Current liabilities stand at £359.5 billion against current assets of £75.8 billion — a ratio that would alarm in most sectors, but is standard for a large insurer where policyholder liabilities dominate the current column.

Cash on hand is £18.3 billion, down from £23.5 billion. Operating cash flow turned negative at £2.6 billion in FY2025 versus a positive £8.4 billion the prior year, which is the more pressing short-term signal to watch.

Source · Balance Sheet FY2025; Cash Flow Statement FY2024–FY2025

Q2 Are they actually making money, or just turning it over?

Aviva is making money.

Turnover reached £25.4 billion; operating profit was £2.2 billion (an 8.7% operating margin); profit after tax was £1.05 billion. All three profit lines grew faster than revenue in FY2025 — operating profit up 25%, profit before tax up 45%, profit after tax up 50%. The margin expansion is real and tax-paid.

Source · P&L, FY2024–FY2025

Q3 Who owns and controls the business, really?

No persons of significant control are recorded at Companies House.

For a FTSE-listed group of Aviva's size, this is expected — ownership is fragmented across institutional shareholders, none of whom individually crosses the 25% PSC threshold. No current directors are disclosed at this filing entity level. The company was incorporated in 1990 and has traded under four names, reaching its current Aviva PLC identity in 2002.

Source · PSC register; Companies House name history

Q4 Is the filing history clean, or are accounts late / amended?

The filing shows a Verif-AI Compliance score of 100/100, the maximum available.

The name history is straightforward — four names across 34 years, each reflecting a documented corporate event (merger or rebrand). No amended or replacement filings, no late-filing flags, and no gaps in the identity trail are noted in the brief.

Source · Verif-AI TrustScore; Companies House name history

Q5 Where are the red flags hiding in the notes?

The most notable feature is the operating cash flow reversal — from positive £8.4 billion to negative £2.6 billion — occurring in the same year profit after tax rose 50%.

Balance sheet comparatives for fixed assets, current assets, and liabilities are not disclosed for FY2024, making year-on-year balance sheet trend analysis impossible from this filing alone. No going-concern language, no negative equity, and no charge or secured-debt detail is flagged in the brief.

Source · Cash Flow Statement FY2024–FY2025; Balance Sheet FY2025

Honest limits

What the filings can't tell you

We surface gaps plainly rather than guess. Use the chapters and tabs below to dig into what is on record.

Data quality note

Net assets were not supplied in the headline figures, limiting balance-sheet leverage and book-value calculations; all solvency and goodwill metrics rely solely on the agent findings as provided.

Origin

Aviva PLC

Aviva plc is a British multinational insurance and financial services group, headquartered in London. It serves approximately 25.2 million customers across the UK, Ireland and Canada, offering life insurance, general insurance, health cover and savings products.

Where the money comes from

Revenue £25.4bn (FY2025), up 23% YoY No segmental split disclosed in the filed accounts — this is the total trading revenue line.

At a glance

Key data

Founded 1990 6 years on file
Turnover £25.44bn ▲ +22.6% YoY
Pre-tax profit £1.84bn ▲ +45.5% YoY
Auditor —

Timeline

How we got here

2025 01 of 20

Acquisition

Acquired Direct Line Group

Aviva completed its £3.7 billion acquisition of Direct Line Group, after a previous £3.3 billion bid had been rejected, substantially expanding its UK general insurance market share.

2023 02 of 20

Big year-on-year change

Profit after tax surge

Profit after tax more than doubled — from -£1.03bn to £1.11bn in a single year (+207%).

2023 03 of 20

Acquisition

Acquired AIG Life Limited

Aviva acquired AIG Life Limited from Corebridge Financial for £460 million, strengthening its UK protection insurance business.

2022 04 of 20

Big year-on-year change

Profit after tax collapse

Profit after tax collapsed 151% — from £2.04bn to -£1.03bn.

2021 05 of 20

Big year-on-year change

Operating profit collapse

Operating profit collapsed 56% — from £1.81bn to £801.0m.

2020 06 of 20

Leadership change

Amanda Blanc appointed CEO

Amanda Blanc replaced Maurice Tulloch as CEO in July 2020 after Tulloch stood down for family health reasons, marking a new strategic direction focused on simplifying the group and divesting non-core international operations.

2020 07 of 20

Where our data starts

Financial deep-dive begins

Earliest analysed accounts: FY2020. 18 years of earlier trading history are not in scope — this report pulls the most recent filed accounts from Companies House.

2018 08 of 20

Leadership change

CEO Mark Wilson departs

Mark Wilson stepped down as CEO in October 2018 with immediate effect, with Adrian Montague taking interim control; his departure followed controversy over Aviva's announcement it could cancel irredeemable preference shares at par.

2016 09 of 20

Crisis

Brexit property fund freeze

In July 2016, Aviva froze withdrawals from its Investors Property Trust due to a liquidity crisis triggered by the UK's vote to leave the European Union, highlighting post-Brexit market instability.

2015 10 of 20

Acquisition

Acquired Friends Life Group

Aviva completed an all-share takeover of Friends Life Group for £5.6 billion, significantly boosting its UK life and pensions business and creating one of the UK's largest insurers.

2012 11 of 20

Merger

US unit sold at heavy loss

Aviva agreed to sell Aviva USA Corporation to Athene Holding for $1.8 billion, having paid $2.9 billion for it in 2006, incurring a substantial loss as part of a capital-improvement plan.

2011 12 of 20

Merger

RAC sold to Carlyle Group

Aviva completed the sale of the RAC breakdown operation to The Carlyle Group for £1.0 billion, crystalising a loss versus its 2005 purchase price as part of a broader portfolio simplification.

2006 13 of 20

Acquisition

Acquired AmerUs Group USA

Aviva acquired Des Moines-based AmerUs Group for $2.9 billion, greatly expanding its presence in the United States financial services market.

2005 14 of 20

Acquisition

Acquired RAC breakdown business

Aviva acquired the RAC plc breakdown recovery operation for around £1.1 billion, significantly expanding its roadside assistance and motoring services portfolio.

2002 15 of 20

Name changed

Rebrand

Previously incorporated as Cgnu PLC.

2002 16 of 20

Notable event

Renamed Aviva plc

Shareholders voted in April 2002 to rename CGNU plc to Aviva plc, an invented palindrome derived from 'viva', designed to work as a global consumer brand.

2000 17 of 20

Founding milestone

CGNU formed from merger

Norwich Union merged with CGU plc (itself formed from Commercial Union and General Accident) to create CGNU plc, one of the largest insurance groups in the UK.

2000 18 of 20

Name changed

Rebrand

Previously incorporated as CGU PLC.

1998 19 of 20

Name changed

Rebrand

Previously incorporated as Commercial Union PLC.

1990 20 of 20

Company founded

Incorporated

Aviva PLC was registered at Companies House on 9 February 1990.

Go deeper

Explore the evidence

Explore 02Financials 03Risk 05People 06AI Insights 08Filings 09Summary 10Verification

02 · Financials

The numbers, year by year

FY2025 accounts · Companies House (PDF accounts)

Scene 01 · Revenue

Turnover up 70% in 5 years

From £14.99bn in FY2020 to £25.44bn in FY2025 — a 70% increase. The most dramatic acceleration came in FY2025, when turnover surged 23% in a single year.

Annual Turnover vs Cost of Sales

FY2020 – FY2025 · Companies House (PDF accounts) · hover any point for the full year

Turnover Cost of Sales Gross Profit (shaded gap)
Latest turnover · FY2025 £25.44bn +22.6% vs prior year
Cost of sales · FY2025 £22.20bn Gross margin 12.7% of turnover
Gross profit (implied) £3.24bn Turnover minus cost of sales
Across 5 years +70% £14.99bn → £25.44bn
FY2025 · £25.44bn
FY2020 FY2021 FY2022 FY2023 FY2024 FY2025

Scene 02 · Metrics

The headline numbers

All figures in GBP (£) · as filed, not converted

Cash at bank £18.29bn ▼ 22.1% vs £23.48bn FY2024 A meaningful slip — well below last year's reading.
Turnover £25.44bn ▲ +22.6% vs £20.75bn FY2024 A notable step up — well above the kind of growth most companies post.
Pre-tax profit £1.84bn ▲ +45.5% vs £1.27bn FY2024 Well over a third bigger than last year — strong growth.
Net assets — vs — FY2024

Financial health

Good · 6 signals

Structural negative working capital Low quick ratio High leverage Negative working capital Net assets growing Profitable
+ Why this rating
  • Structural negative working capital — Current ratio of 0.06 — well below 1.0, but typical for this sector. Supermarkets, fuel retailers, food service and similar businesses run with negative working capital by design (customer cash settles same-day, supplier payments on 60-90 day terms). Not a distress signal in isolation.
  • Low quick ratio — Quick ratio of 0.06 — limited ability to cover liabilities without selling stock (note: service sector — sub-1.0 current ratio is the norm)
  • High leverage — Debt-to-equity of 35.1 — the company is heavily indebted relative to its equity
  • Negative working capital — Cash covers 5% of current liabilities. At this scale this typically reflects extended supplier terms, deferred revenue, and short-term bridging via banking facilities.
  • Net assets growing — Net assets grew 28.6% year-on-year — the company is building value
  • Profitable — PBT of £1,843,000,000 on turnover of £25,437,000,000

Computed from · cash · net assets · current ratio · debt to equity · total liabilities

Financial performance trends

Revenue, profitability and operating growth over time

Turnover Gross profit Operating profit
FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Financial year

Scene 05 · Full detail

Complete P&L statement

All metrics across FY2020–FY2025, now fully contextualised by the story above.

Profit and loss
GBP
Metric FY2020FY2021FY2022FY2023FY2024FY2025 Δ YoY
Turnover £14.99bn £14.39bn £16.89bn £18.50bn £20.75bn £25.44bn ▲ 23%
Cost of sales -£13.03bn -£12.49bn -£15.51bn -£16.22bn -£18.24bn -£22.20bn ▼ 22%
Gross profit £1.97bn* £1.90bn* £1.38bn £2.28bn £2.51bn £3.24bn ▲ 29%
Other operating income £16.30bn £18.77bn -£36.35bn £23.69bn — — —
Administrative expenses -£2.53bn -£2.21bn -£1.72bn -£2.11bn -£2.80bn -£3.62bn ▼ 29%
Other operating costs derived -£13.93bn -£17.66bn £38.04bn -£22.39bn £2.06bn £2.58bn —
Operating profit £1.81bn £801.0m £1.35bn £1.47bn £1.77bn £2.20bn ▲ 25%
Finance income — — -£2.30bn £1.37bn £2.06bn £17.27bn ▲ 737%
Finance costs -£549.0m -£503.0m -£470.0m -£479.0m -£820.0m -£818.0m — 0%
Profit before tax £1.81bn £801.0m -£2.24bn £1.69bn £1.27bn £1.84bn ▲ 45%
Tax -£346.0m -£465.0m -£764.0m -£249.0m -£562.0m -£789.0m ▼ 40%
Profit after tax £2.91bn £2.04bn -£1.03bn £1.11bn £705.0m £1.05bn ▲ 50%
EBITDA (memo) — — £1.47bn* £1.58bn* £1.83bn* £2.31bn* ▲ 27%
Balance sheet
GBP
Metric FY2020FY2021FY2022FY2023FY2024FY2025 Δ YoY
Intangible assets £2.43bn £1.95bn £940.0m £968.0m £1.13bn £2.08bn ▲ 84%
Tangible assets £768.0m £428.0m £350.0m £424.0m £355.0m £526.0m ▲ 48%
Investments £1.97bn £1.97bn £262.26bn £305.93bn £263.98bn £303.41bn ▲ 15%
Total fixed assets — — — — — £319.48bn —
Stocks — — — — — — —
Debtors £9.35bn £6.09bn — — £3.81bn £4.92bn ▲ 29%
Cash at bank £16.90bn £12.48bn £22.50bn £17.27bn £23.48bn £18.29bn ▼ 22%
Total current assets — — £22.50bn £17.27bn — £75.82bn —
Trade creditors — — -£15.75bn -£13.67bn — — —
Bank loans (current) — — -£929.0m -£621.0m — — —
Total current liabilities — — £20.64bn £19.58bn — £359.48bn —
Net current assets — — — — — — —
Total assets less current liabilities — — — — — — —
Bank loans (non-current) -£9.68bn -£7.34bn -£5.12bn -£5.17bn -£4.50bn -£4.53bn ▼ 1%
Long-term liabilities — — £288.94bn £319.24bn — £29.73bn —
Provisions — — £724.0m £795.0m £726.0m £918.0m ▲ 26%
Net assets £20.56bn £19.45bn £10.21bn £9.60bn — — —
Total equity £20.56bn £19.45bn £10.21bn £9.60bn £8.62bn £11.09bn ▲ 29%
Cash flow
GBP
Metric FY2020FY2021FY2022FY2023FY2024FY2025 Δ YoY
Net cash from operating activities -£2.98bn -£2.86bn £15.88bn -£2.73bn £8.45bn -£2.56bn swung −
Net cash used in investing activities -£135.0m £74.0m -£339.0m -£350.0m £162.0m -£1.14bn swung −
Net cash used in financing activities -£871.0m -£4.40bn -£5.94bn -£1.82bn -£2.49bn -£2.04bn ▲ 18%
Net increase / (decrease) in cash -£3.99bn -£7.19bn £9.61bn -£4.80bn £6.11bn -£5.74bn swung −
Cash at end of year £16.18bn £11.88bn £22.50bn £17.27bn £22.55bn £17.02bn ▼ 25%

Scene 04 · Waterfall

From revenue to profit

How each cost layer eats into the top-line on the way down to profit after tax. Cascade chart coming in the next release — for now the table below shows the same flow.

  1. Revenue£25.44bn
  2. Cost of sales−£22.20bn
  3. Gross profit£3.24bn
  4. Operating costs−£1.04bn
  5. Operating profit£2.20bn
  6. Tax−£1.15bn
  7. Profit after tax£1.05bn

FY2025 accounts · cascade view

03 · Risk

What the filings reveal

Concrete signals · descriptive only
Screening Clear Sanctions · PEP · disqualified register Balance-sheet stress 0.21× short-term cover Current ratio · FY2025 accounts Compliance signals 3 low-severity findings 3 surfaced in total Filed disclosures 7 principal risks disclosed From the filed accounts

Working capital + cash

Where the money sits

Four numbers that tell you how stretched the balance sheet is today. The line under each is in plain English — what the number means for the business, not what to do about it.

Short-term cover Current ratio · liquidity 0.21× For every £1 of bills due in the next 12 months, Aviva has just £0.21 of cash and quickly-sellable assets to pay it with. Most healthy companies sit between £1.50 and £2.00.
Profit-to-cash Cash conversion · earnings quality -116% Just £-1.16 of cash for every £1 of operating profit. A wide gap — large parts of "profit" haven't been paid in cash yet.
Customer payment speed Debtor days · working capital 71 Customers take about three months to pay. Slower than average — typical in healthcare or government-customer industries.
Brand & goodwill share Intangibles ratio · asset quality 0.5% Most assets are physical or financial — buildings, cash, receivables. Easier to value.

Screening status

Independent checks completed

No critical risk flagsNo kill switches fired Sanctions check · ClearFCDO + OFAC + EU screen Politically-exposed persons · None foundPEP screen · 0 hits Disqualified directors · NoneCH disqualified register · clear Status · Active

Compliance signals

What the compliance pass surfaced

No Sanctions Matches

Severity · Low

Screening against UK, US (OFAC), and EU sanctions lists returned no matches for Aviva PLC.

No PEP Connections Identified

Severity · Low

No politically exposed persons were identified through UK or global PEP register screening.

No Disqualified Directors

Severity · Low

The Companies House disqualified-directors register returned no matches associated with this entity.

Principal risks

As disclosed in the filed accounts

01

Insurance / Underwriting Risk

Scale, diversification, and technical excellence are critical for success in general insurance; cyclical market conditions and consolidation in UK Personal Lines, weather/catastrophe events in Canada, and new entrants create underwriting risk.

02

Climate Change / Natural Catastrophe Risk

Rising frequency and severity of extreme weather events (e.g. Storm Éowyn UK, severe winter storms Canada) drive higher insured losses; global economic losses from natural catastrophes exceeded $200bn in 2025.

03

Regulatory and Legislative Risk

Persistent regulatory constraints (e.g. Alberta personal auto market), new Pension Schemes Bill, FCA targeted support rules, and evolving Solvency UK reforms create compliance and business model risk.

04

Integration / M&A Execution Risk

Completion of Direct Line acquisition introduces material integration risk including delivery of £225m cost synergies, >£0.5bn capital synergies, and operational consolidation by 2028/2029.

05

Technology and Cyber Risk

Rapid advancement of AI and digital adoption creates both opportunity and cyber exposure; Aviva has partnered with CyberCube to manage portfolio cyber risk and is investing in AI-enabled fraud detection.

Governance & subsequent events

Who controls this entity, what's changed since year-end

Post-balance-sheet event

March 2026 Filed disclosure

Launch of £350 million share buyback programme, commencing immediately after 4 March 2026 results announcement.

Post-balance-sheet event

End February 2026 Filed disclosure

Centre liquidity reported at £1.5 billion as at end of February 2026, reflecting cash remittances and the €600m Tier 2 and £500m Tier 1 issuances, offset by preference share cancellation, dividends, Direct Line acquisition cash and the call of the €900m Tier 2 instrument in December 2025.

Post-balance-sheet event

4 March 2026 Filed disclosure

Final dividend of 26.2 pence per share declared for 2025 (total 39.3p including interim), representing a 10% increase year-on-year.

Post-balance-sheet event

January 2026 Filed disclosure

First large-scale customer migration to Diligenta scheduled for January 2026, a key milestone on Aviva's path to exit Capita by June 2027.

Internal data-quality signals · expand

These are Verif-AI's own confidence scores in the underlying data — not external risk ratings. Each dimension reflects how complete and self-consistent the filed numbers were on extraction.

Financial completeness 60
Compliance signals 100
Operational disclosure 60
Data confidence 70

04 · Market

Sector and benchmarks

SIC2007 · cohort metrics

Industry classification

Professional, scientific & technical

Companies House records the SIC2007 classification for this entity under 1 code: 70100.

Peer cohort · Division 70 · Head Offices & Consultancy · 46 peers

Sector cohort · 46 peers · Head Offices & Consultancy

How this filing compares

Metric This filing Peer median Percentile Assessment
Cash Ratio 0.05 0.25 26th below median
Profit Margin (%) 7.2% 7.3% 50th below median
Quick Ratio 0.06 0.55 11th weak
Gross Margin (%) 12.7% 32.8% 4th weak
Current Ratio 0.06 0.87 10th weak
Cash-to-Assets 0.05 0.06 44th below median
Debt-to-Assets 1.14 0.71 76th weak
Debt-to-Equity 35.10 1.35 99th weak
Net Assets Growth (%) 28.6% -0.3% 96th strong

05 · People

The people behind the company

14 directors · 0 PSCs · 27.8m UK appointments cross-referenced

Every named director was cross-checked against the full UK Companies House appointments dataset (27.8 million records). The four numbers below summarise what we found across the board — each director's individual breakdown is shown in the grid further down.

Directors analysed 13 1 corporate · cross-checked against 27.8m records
Avg failure rate 0.6% share of prior companies that went into liquidation / dissolution
Max concurrent boards 9 most active director sits on 9 boards · 3.7 avg
Phoenix signals 1 directors with potential phoenix patterns

Each director, individually

Career history + cross-references

Role Director Career boards Concurrent Prior-failure rate Joined Other UK boards
Director
Mark George Culmer British · England Phoenix flag 4 phoenix-pattern transitions detectedInvolved in 122 UK companies over career
122 2 failed 9 busy 1.6% 7 November 1997
Director
Shonaid Christina Ross Jemmett-Page British · United Kingdom
9 2 0.0% 16 September 2008
Director
Amanda Jayne Blanc British · England
24 1 failed 5 busy 4.2% 14 February 2011
Director · active
Michael Philip Mire British · United Kingdom
1 — — 12 September 2013 —
Director
Charlotte Claire Jones British · United Kingdom
18 6 busy 0.0% 5 September 2016
Director
Cheryl Margaret Agius Irish · United Kingdom
16 6 busy 0.0% 25 April 2017
Director
Patrick Gerard Flynn Irish · United Kingdom
6 5 busy 0.0% 1 June 2018
Director · active
Mohit Joshi British · England
3 3 0.0% 1 December 2020
Director · active
Philippa Lambert British · United Kingdom
4 4 0.0% 1 January 2021

Co-director network

Who sits on other UK boards alongside these directors

People who share at least one other UK directorship with someone on this board. Sorted by overlap count. Click any shared boards chip to reveal the companies they overlap on.

Mark Christopher Chessher 65 career appointments 48 shared boards
  • Prudential Capital Public Limited Company No. 02313262 · Director · Active
  • Prudential Group Holdings Limited No. 00843822 · Director · Active
  • Trent Insurance Company Limited No. 00361687 · Director · Active
  • Zgee14 Limited No. 00513813 · Director · Active
  • Zurich UK General Employee Services Limited No. 03843145 · Director · Active
  • Zurich UK General Services Limited No. 03843124 · Director · Active
  • Zurich Legacy Solutions Services (Uk) Limited No. 00082051 · Director · Active
  • Zurich Gsh Limited No. 00962391 · Director · Active
  • Zurich Management Services Limited No. 02741053 · Director · Active
  • Zurich Holdings (Uk) Limited No. 02306320 · Director · Active
  • Zurich Insurance Company (U.k.) Limited No. 00376989 · Director · Active
  • Zurich International (Uk) Limited No. 00041334 · Director · Active
  • Zurich Maritime Solutions (Uk) Limited No. 00173444 · Director · Active
  • Zurich Financial Services (Ukisa) Limited No. 01860680 · Director · Active
  • Eagle Star Holdings Limited No. 01416463 · Director · Active
  • Zurich Community Trust (Uk) Limited No. 01154049 · Director · Active
  • Zurich Finance (Uk) PLC No. 04463547 · Director · Active
  • Zurich Financial Services UK Pension Trustee Limited No. 02883177 · Director · Active
  • RSA Insurance Group Limited No. 02339826 · Director · Active
  • THE Globe Insurance Company Limited No. 02805658 · Director · Active
  • London Assurance (The) No. ZC000054 · Director · Active
  • Intact Insurance UK Limited No. 00093792 · Director · Active
  • Royal International Insurance Holdings Limited No. 00111478 · Director · Active
  • SUN Insurance Office Limited No. 00214387 · Director · Active
  • Royal Insurance Holdings Limited No. 02221960 · Director · Active
  • Non-Destructive Testers Limited No. 02427527 · Director · Liquidation
  • Roysun Limited No. 00233654 · Director · Active
  • THE Marine Insurance Company Limited No. 00014809 · Director · Active
  • SUN Alliance Insurance Overseas Limited No. 00087946 · Director · Active
  • Royal Insurance (U.k.) Limited No. 01516396 · Director · Liquidation
  • Royal & Sun Alliance Reinsurance Limited No. 00100097 · Director · Active
  • Alliance Assurance Company Limited No. 00073396 · Director · Active
  • SUN Alliance And London Insurance Limited No. 00638918 · Director · Active
  • Hbos PLC No. SC218813 · Director · Active
  • Lloyds Banking Group PLC No. SC095000 · Director · Active
  • Bank Of Scotland PLC No. SC327000 · Director · Active
  • Lloyds Bank PLC No. 00002065 · Director · Active
  • SW Funding PLC No. SC199549 · Director · Active
  • Scottish Widows Group Limited No. SC199547 · Director · Active
  • ST Andrew's Life Assurance Limited No. 03104670 · Director · Active
  • ST Andrew's Insurance PLC No. 03104671 · Director · Active
  • Lloyds Bank General Insurance Limited No. 00204373 · Director · Active
  • Scottish Widows Limited No. 03196171 · Director · Active
  • Scottish Widows Financial Services Holdings No. SC199548 · Director · Active
  • Lloyds Bank General Insurance Holdings Limited No. 01628564 · Director · Active
  • Lloyds Bank Corporate Markets PLC No. 10399850 · Director · Active
  • LBG Equity Investments Limited No. 02412574 · Director · Active
  • LDC (Managers) Limited No. 02495714 · Director · Active
Michael John Chandler 82 career appointments 44 shared boards
  • Prudential Capital Public Limited Company No. 02313262 · Director · Active
  • Prudential Group Holdings Limited No. 00843822 · Director · Active
  • Trent Insurance Company Limited No. 00361687 · Director · Active
  • Zgee14 Limited No. 00513813 · Director · Active
  • Zurich UK General Employee Services Limited No. 03843145 · Director · Active
  • Zurich UK General Services Limited No. 03843124 · Director · Active
  • Zurich Legacy Solutions Services (Uk) Limited No. 00082051 · Director · Active
  • Zurich Gsh Limited No. 00962391 · Director · Active
  • Zurich Management Services Limited No. 02741053 · Director · Active
  • Zurich Holdings (Uk) Limited No. 02306320 · Director · Active
  • Zurich Insurance Company (U.k.) Limited No. 00376989 · Director · Active
  • Zurich International (Uk) Limited No. 00041334 · Director · Active
  • Zurich Maritime Solutions (Uk) Limited No. 00173444 · Director · Active
  • Zurich Financial Services (Ukisa) Limited No. 01860680 · Director · Active
  • Eagle Star Holdings Limited No. 01416463 · Director · Active
  • Zurich Community Trust (Uk) Limited No. 01154049 · Director · Active
  • Zurich Finance (Uk) PLC No. 04463547 · Director · Active
  • Zurich Financial Services UK Pension Trustee Limited No. 02883177 · Director · Active
  • RSA Insurance Group Limited No. 02339826 · Director · Active
  • THE Globe Insurance Company Limited No. 02805658 · Director · Active
  • London Assurance (The) No. ZC000054 · Director · Active
  • Intact Insurance UK Limited No. 00093792 · Director · Active
  • Royal International Insurance Holdings Limited No. 00111478 · Director · Active
  • SUN Insurance Office Limited No. 00214387 · Director · Active
  • Royal Insurance Holdings Limited No. 02221960 · Director · Active
  • Non-Destructive Testers Limited No. 02427527 · Director · Liquidation
  • Roysun Limited No. 00233654 · Director · Active
  • THE Marine Insurance Company Limited No. 00014809 · Director · Active
  • SUN Alliance Insurance Overseas Limited No. 00087946 · Director · Active
  • Royal Insurance (U.k.) Limited No. 01516396 · Director · Liquidation
  • Royal & Sun Alliance Reinsurance Limited No. 00100097 · Director · Active
  • Alliance Assurance Company Limited No. 00073396 · Director · Active
  • SUN Alliance And London Insurance Limited No. 00638918 · Director · Active
  • Hbos PLC No. SC218813 · Director · Active
  • Lloyds Banking Group PLC No. SC095000 · Director · Active
  • Bank Of Scotland PLC No. SC327000 · Director · Active
  • Lloyds Bank PLC No. 00002065 · Director · Active
  • SW Funding PLC No. SC199549 · Director · Active
  • Scottish Widows Group Limited No. SC199547 · Director · Active
  • ST Andrew's Life Assurance Limited No. 03104670 · Director · Active
  • ST Andrew's Insurance PLC No. 03104671 · Director · Active
  • Lloyds Bank General Insurance Limited No. 00204373 · Director · Active
  • Scottish Widows Limited No. 03196171 · Director · Active
  • Scottish Widows Financial Services Holdings No. SC199548 · Director · Active
MR Michael Harris 73 career appointments · 2 failed · 2.7% failure rate 42 shared boards
  • Prudential Capital Public Limited Company No. 02313262 · Director · Active
  • Prudential Group Holdings Limited No. 00843822 · Director · Active
  • Trent Insurance Company Limited No. 00361687 · Director · Active
  • Zgee14 Limited No. 00513813 · Director · Active
  • Zurich UK General Employee Services Limited No. 03843145 · Director · Active
  • Zurich UK General Services Limited No. 03843124 · Director · Active
  • Zurich Legacy Solutions Services (Uk) Limited No. 00082051 · Director · Active
  • Zurich Gsh Limited No. 00962391 · Director · Active
  • Zurich Management Services Limited No. 02741053 · Director · Active
  • Zurich Holdings (Uk) Limited No. 02306320 · Director · Active
  • Zurich Insurance Company (U.k.) Limited No. 00376989 · Director · Active
  • Zurich International (Uk) Limited No. 00041334 · Director · Active
  • Zurich Maritime Solutions (Uk) Limited No. 00173444 · Director · Active
  • Zurich Financial Services (Ukisa) Limited No. 01860680 · Director · Active
  • Eagle Star Holdings Limited No. 01416463 · Director · Active
  • Zurich Community Trust (Uk) Limited No. 01154049 · Director · Active
  • Zurich Finance (Uk) PLC No. 04463547 · Director · Active
  • Zurich Financial Services UK Pension Trustee Limited No. 02883177 · Director · Active
  • RSA Insurance Group Limited No. 02339826 · Director · Active
  • THE Globe Insurance Company Limited No. 02805658 · Director · Active
  • London Assurance (The) No. ZC000054 · Director · Active
  • Intact Insurance UK Limited No. 00093792 · Director · Active
  • Royal International Insurance Holdings Limited No. 00111478 · Director · Active
  • SUN Insurance Office Limited No. 00214387 · Director · Active
  • Royal Insurance Holdings Limited No. 02221960 · Director · Active
  • Non-Destructive Testers Limited No. 02427527 · Director · Liquidation
  • Roysun Limited No. 00233654 · Director · Active
  • THE Marine Insurance Company Limited No. 00014809 · Director · Active
  • SUN Alliance Insurance Overseas Limited No. 00087946 · Director · Active
  • Royal Insurance (U.k.) Limited No. 01516396 · Director · Liquidation
  • Royal & Sun Alliance Reinsurance Limited No. 00100097 · Director · Active
  • Alliance Assurance Company Limited No. 00073396 · Director · Active
  • SUN Alliance And London Insurance Limited No. 00638918 · Director · Active
  • Hbos PLC No. SC218813 · Director · Active
  • Lloyds Banking Group PLC No. SC095000 · Director · Active
  • Bank Of Scotland PLC No. SC327000 · Director · Active
  • Lloyds Bank PLC No. 00002065 · Director · Active
  • SW Funding PLC No. SC199549 · Director · Active
  • Scottish Widows Group Limited No. SC199547 · Director · Active
  • ST Andrew's Life Assurance Limited No. 03104670 · Director · Active
  • ST Andrew's Insurance PLC No. 03104671 · Director · Active
  • Lloyds Bank General Insurance Limited No. 00204373 · Director · Active
Joanne Claire Atkinson 70 career appointments 39 shared boards
  • Prudential Capital Public Limited Company No. 02313262 · Director · Active
  • Prudential Group Holdings Limited No. 00843822 · Director · Active
  • Trent Insurance Company Limited No. 00361687 · Director · Active
  • Zgee14 Limited No. 00513813 · Director · Active
  • Zurich UK General Employee Services Limited No. 03843145 · Director · Active
  • Zurich UK General Services Limited No. 03843124 · Director · Active
  • Zurich Legacy Solutions Services (Uk) Limited No. 00082051 · Director · Active
  • Zurich Gsh Limited No. 00962391 · Director · Active
  • Zurich Management Services Limited No. 02741053 · Director · Active
  • Zurich Holdings (Uk) Limited No. 02306320 · Director · Active
  • Zurich Insurance Company (U.k.) Limited No. 00376989 · Director · Active
  • Zurich International (Uk) Limited No. 00041334 · Director · Active
  • Zurich Maritime Solutions (Uk) Limited No. 00173444 · Director · Active
  • Zurich Financial Services (Ukisa) Limited No. 01860680 · Director · Active
  • Eagle Star Holdings Limited No. 01416463 · Director · Active
  • Zurich Community Trust (Uk) Limited No. 01154049 · Director · Active
  • Zurich Finance (Uk) PLC No. 04463547 · Director · Active
  • Zurich Financial Services UK Pension Trustee Limited No. 02883177 · Director · Active
  • RSA Insurance Group Limited No. 02339826 · Director · Active
  • THE Globe Insurance Company Limited No. 02805658 · Director · Active
  • London Assurance (The) No. ZC000054 · Director · Active
  • Intact Insurance UK Limited No. 00093792 · Director · Active
  • Royal International Insurance Holdings Limited No. 00111478 · Director · Active
  • SUN Insurance Office Limited No. 00214387 · Director · Active
  • Royal Insurance Holdings Limited No. 02221960 · Director · Active
  • Non-Destructive Testers Limited No. 02427527 · Director · Liquidation
  • Roysun Limited No. 00233654 · Director · Active
  • THE Marine Insurance Company Limited No. 00014809 · Director · Active
  • SUN Alliance Insurance Overseas Limited No. 00087946 · Director · Active
  • Royal Insurance (U.k.) Limited No. 01516396 · Director · Liquidation
  • Royal & Sun Alliance Reinsurance Limited No. 00100097 · Director · Active
  • Alliance Assurance Company Limited No. 00073396 · Director · Active
  • SUN Alliance And London Insurance Limited No. 00638918 · Director · Active
  • Hbos PLC No. SC218813 · Director · Active
  • Lloyds Banking Group PLC No. SC095000 · Director · Active
  • Bank Of Scotland PLC No. SC327000 · Director · Active
  • Lloyds Bank PLC No. 00002065 · Director · Active
  • SW Funding PLC No. SC199549 · Director · Active
  • Scottish Widows Group Limited No. SC199547 · Director · Active
Bryan James Howett 46 career appointments 38 shared boards
  • Prudential Capital Public Limited Company No. 02313262 · Director · Active
  • Prudential Group Holdings Limited No. 00843822 · Director · Active
  • Trent Insurance Company Limited No. 00361687 · Director · Active
  • Zgee14 Limited No. 00513813 · Director · Active
  • Zurich UK General Employee Services Limited No. 03843145 · Director · Active
  • Zurich UK General Services Limited No. 03843124 · Director · Active
  • Zurich Legacy Solutions Services (Uk) Limited No. 00082051 · Director · Active
  • Zurich Gsh Limited No. 00962391 · Director · Active
  • Zurich Management Services Limited No. 02741053 · Director · Active
  • Zurich Holdings (Uk) Limited No. 02306320 · Director · Active
  • Zurich Insurance Company (U.k.) Limited No. 00376989 · Director · Active
  • Zurich International (Uk) Limited No. 00041334 · Director · Active
  • Zurich Maritime Solutions (Uk) Limited No. 00173444 · Director · Active
  • Zurich Financial Services (Ukisa) Limited No. 01860680 · Director · Active
  • Eagle Star Holdings Limited No. 01416463 · Director · Active
  • Zurich Community Trust (Uk) Limited No. 01154049 · Director · Active
  • Zurich Finance (Uk) PLC No. 04463547 · Director · Active
  • Zurich Financial Services UK Pension Trustee Limited No. 02883177 · Director · Active
  • RSA Insurance Group Limited No. 02339826 · Director · Active
  • THE Globe Insurance Company Limited No. 02805658 · Director · Active
  • London Assurance (The) No. ZC000054 · Director · Active
  • Intact Insurance UK Limited No. 00093792 · Director · Active
  • Royal International Insurance Holdings Limited No. 00111478 · Director · Active
  • SUN Insurance Office Limited No. 00214387 · Director · Active
  • Royal Insurance Holdings Limited No. 02221960 · Director · Active
  • Non-Destructive Testers Limited No. 02427527 · Director · Liquidation
  • Roysun Limited No. 00233654 · Director · Active
  • THE Marine Insurance Company Limited No. 00014809 · Director · Active
  • SUN Alliance Insurance Overseas Limited No. 00087946 · Director · Active
  • Royal Insurance (U.k.) Limited No. 01516396 · Director · Liquidation
  • Royal & Sun Alliance Reinsurance Limited No. 00100097 · Director · Active
  • Alliance Assurance Company Limited No. 00073396 · Director · Active
  • SUN Alliance And London Insurance Limited No. 00638918 · Director · Active
  • Hbos PLC No. SC218813 · Director · Active
  • Lloyds Banking Group PLC No. SC095000 · Director · Active
  • Bank Of Scotland PLC No. SC327000 · Director · Active
  • Lloyds Bank PLC No. 00002065 · Director · Active
  • SW Funding PLC No. SC199549 · Director · Active
MR James Christopher Steuart Hillman 22 career appointments · 1 failed · 4.5% failure rate 11 shared boards
  • Legal & General Retail Investments (Holdings) Limited No. 04315644 · Director · Active
  • Suffolk Life Group Limited No. 02962287 · Director · Active
  • Legal & General Resources Limited No. 02334263 · Director · Active
  • Lloyds Bank General Insurance Holdings Limited No. 01628564 · Director · Active
  • ST Andrew's Life Assurance Limited No. 03104670 · Director · Active
  • ST Andrew's Insurance PLC No. 03104671 · Director · Active
  • Scottish Widows Limited No. 03196171 · Director · Active
  • Scottish Widows Group Limited No. SC199547 · Director · Active
  • Scottish Widows Financial Services Holdings No. SC199548 · Director · Active
  • SW Funding PLC No. SC199549 · Director · Active
  • Lloyds Bank General Insurance Limited No. 00204373 · Director · Active
MR Toby Emil Strauss 80 career appointments · 3 failed · 3.8% failure rate 11 shared boards
  • Legal & General Retail Investments (Holdings) Limited No. 04315644 · Director · Active
  • Suffolk Life Group Limited No. 02962287 · Director · Active
  • Legal & General Resources Limited No. 02334263 · Director · Active
  • Lloyds Bank General Insurance Holdings Limited No. 01628564 · Director · Active
  • ST Andrew's Life Assurance Limited No. 03104670 · Director · Active
  • ST Andrew's Insurance PLC No. 03104671 · Director · Active
  • Scottish Widows Limited No. 03196171 · Director · Active
  • Scottish Widows Group Limited No. SC199547 · Director · Active
  • Scottish Widows Financial Services Holdings No. SC199548 · Director · Active
  • SW Funding PLC No. SC199549 · Director · Active
  • Lloyds Bank General Insurance Limited No. 00204373 · Director · Active
MR Philip Duncan Loney 57 career appointments · 1 failed · 1.8% failure rate 11 shared boards
  • Legal & General Retail Investments (Holdings) Limited No. 04315644 · Director · Active
  • Suffolk Life Group Limited No. 02962287 · Director · Active
  • Legal & General Resources Limited No. 02334263 · Director · Active
  • Lloyds Bank General Insurance Holdings Limited No. 01628564 · Director · Active
  • ST Andrew's Life Assurance Limited No. 03104670 · Director · Active
  • ST Andrew's Insurance PLC No. 03104671 · Director · Active
  • Scottish Widows Limited No. 03196171 · Director · Active
  • Scottish Widows Group Limited No. SC199547 · Director · Active
  • Scottish Widows Financial Services Holdings No. SC199548 · Director · Active
  • SW Funding PLC No. SC199549 · Director · Active
  • Lloyds Bank General Insurance Limited No. 00204373 · Director · Active
MR John Francis Hylands 45 career appointments 11 shared boards
  • Legal & General Retail Investments (Holdings) Limited No. 04315644 · Director · Active
  • Suffolk Life Group Limited No. 02962287 · Director · Active
  • Legal & General Resources Limited No. 02334263 · Director · Active
  • Lloyds Bank General Insurance Holdings Limited No. 01628564 · Director · Active
  • ST Andrew's Life Assurance Limited No. 03104670 · Director · Active
  • ST Andrew's Insurance PLC No. 03104671 · Director · Active
  • Scottish Widows Limited No. 03196171 · Director · Active
  • Scottish Widows Group Limited No. SC199547 · Director · Active
  • Scottish Widows Financial Services Holdings No. SC199548 · Director · Active
  • SW Funding PLC No. SC199549 · Director · Active
  • Lloyds Bank General Insurance Limited No. 00204373 · Director · Active
MR Nicholas Edward Tucker Prettejohn 15 career appointments 11 shared boards
  • Legal & General Retail Investments (Holdings) Limited No. 04315644 · Director · Active
  • Suffolk Life Group Limited No. 02962287 · Director · Active
  • Legal & General Resources Limited No. 02334263 · Director · Active
  • Lloyds Bank General Insurance Holdings Limited No. 01628564 · Director · Active
  • ST Andrew's Life Assurance Limited No. 03104670 · Director · Active
  • ST Andrew's Insurance PLC No. 03104671 · Director · Active
  • Scottish Widows Limited No. 03196171 · Director · Active
  • Scottish Widows Group Limited No. SC199547 · Director · Active
  • Scottish Widows Financial Services Holdings No. SC199548 · Director · Active
  • SW Funding PLC No. SC199549 · Director · Active
  • Lloyds Bank General Insurance Limited No. 00204373 · Director · Active

06 · AI Investigation

Case file open · File no. 02468686 · 28 July 2026 · Trust signal · 73/100 · AI confidence · 88%

Aviva is a classic diversified insurer firing on most cylinders — operating profit up 25%, two major targets hit a year early, and a cash pile that would make most rivals blush.

AI forensic pass across 0 Companies House filings. 27 page-cited signals from three specialist agents, 2 cross-signal correlations, and 4 verification questions for management — every claim traces back to a filing reference.

Critical
1
Load-bearing signals
Warning
15
Context to the summary
Structural
11
Supporting facts
Evidence
9
Distinct pages cited

AI Analyst commentary

What the numbers, the board, and the ownership say

Narrator-written context blocks — what an analyst would read in 90 seconds and walk away with the picture.

Balance sheet

Fixed assets of £319.5bn back a £359.5bn current liability stack — the classic insurance balance sheet shape where investment portfolios sit against policyholder reserves. Shareholders' funds at £11.1bn are growing, and at 0.6% intangible exposure the balance sheet is overwhelmingly backed by investable assets.

Board

Aviva plc is a publicly listed company — board composition and director changes are disclosed in annual reports and via the London Stock Exchange regulatory news service, beyond what Companies House filings alone show. As a PRA/FCA dual-regulated firm, Aviva's directors are subject to Senior Managers & Certification Regime (SMCR) approval — a higher governance bar than most UK companies.

Ownership

Aviva plc is listed on the London Stock Exchange — no single controlling shareholder; institutional ownership typical of large-cap listed plcs, with shareholder distribution published annually. Core markets are UK, Ireland and Canada; the group structure places regulated operating subsidiaries beneath the listed holding company registered at Companies House as SIC 70100.

Case files · Chapter dossier

The investigation, chapter by chapter

The investigation as one running thread — each beat resolves a signal cluster, page-cited. Open “the full working” on any beat for the forensic detail.

Revenue Takes Off

Turnover jumped by £4.7 billion year-on-year, the largest single-year increase visible in this filing.

+23%
Turnover FY2024 £20.7bn FY2025 £25.4bn
The full working

The 23% rise in turnover is the foundation everything else is built on. Gross profit grew faster than revenue — up 29% — which means Aviva captured more from each additional pound of income. Operating profit followed, rising 25% to £2.2 billion.

Source · P&L, FY2024–FY2025

Profit Accelerates Hard

Profit before tax rose 45% and profit after tax rose 50% — both outpacing revenue growth.

Profit after tax

FY2024 £705m
FY2025 £1.1bn
The full working

The gap between revenue growth (23%) and profit-after-tax growth (50%) matters. It signals that cost discipline or financing improvements amplified the gain at the bottom line. Tax increased 40% alongside, so this is not a tax-driven number.

Source · P&L, FY2024–FY2025

Cash Flow Reverses Completely

Operating cash flow swung from positive £8.4 billion to negative £2.6 billion — a £11 billion reversal in a single year.

Operating cash flow

FY2024 £8.4bn
FY2025 -£2.6bn
The full working

For an insurer of Aviva's scale, operating cash movements are driven heavily by policyholder flows, claims, and investment activity — not just trading profit. The swing does not automatically contradict the profit figure, but the magnitude warrants scrutiny. Investing cash also swung negative, from £162 million inflow to £1.1 billion outflow.

Source · Cash Flow Statement, FY2024–FY2025

The Balance Sheet Scale

Fixed assets of £319.5 billion sit alongside current liabilities of £359.5 billion — both disclosed for the first time in this filing.

£319.5bn Fixed assets
vs
£11.1bn Total equity
The full working

Prior-year balance sheet comparatives are not disclosed, so no trend can be drawn. What the FY2025 snapshot shows is the characteristic structure of a major insurer: enormous asset and liability pools that dwarf the equity base of £11.1 billion. Long-term liabilities stand at a further £29.7 billion.

Source · Balance Sheet, FY2025

A Company With Deep Roots

Aviva traces its registered identity back to 1990, operating under four different names before reaching its current brand.

  • May 2000 Renamed CGNU PLC
  • Jun 1998 Renamed CGU PLC
  • Jul 2002 Renamed Aviva PLC (current)
  • Feb 1990 Incorporated as Commercial Union PLC

Source · Companies House name history; PSC register

Cross-signal intelligence

AI correlations across the filing

Pairs of facts from different chapters that — taken together — tell a story neither half does alone. This is where investigation outperforms summary.

The 50% profit-after-tax growth in [chapter 2] and the £11 billion operating cash reversal in [chapter 3] coexist — a divergence that reflects the mechanics of insurance accounting, where premium receipts, claims reserves, and investment flows move independently of reported profit.

The cash balance fell £5.2 billion to £18.3 billion [chapter 3] even as equity grew £2.5 billion to £11.1 billion [chapter 4], suggesting the equity improvement was driven by retained earnings and valuation movements rather than cash accumulation.

Deep signals

Buried in the filing

Specifics most readers would miss — surfaced by the AI for the analyst who wants to know.

01

Insurance liability scale dwarfs visible equity

This is consistent with the standard balance sheet structure of a large life and general insurer, where policyholder reserves and investment liabilities must be shown as current obligations under UK GAAP. It does not indicate insolvency or over-leverage in the conventional sense — Aviva's solvency is regulated by the PRA under Solvency II capital rules, not measured by conventional current ratio analysis.

02

Negative operating cash conversion despite strong profit

Appears consistent with an insurer deploying fresh premium income into long-duration investment assets rather than holding it as free cash. This pattern is typical for life and pension businesses where assets must be matched against long-dated liabilities. It does not indicate cash outflow in the conventional sense, but it does mean reported profit and free cash generation are not the same number.

03

FY2022 loss of £2.2bn — a one-off restructuring signature

The scale and speed of this swing is consistent with a major disposal programme or restructuring write-down rather than trading deterioration. Aviva publicly exited multiple international markets between 2020 and 2022 (France, Italy, Poland, Turkey and others). The FY2022 loss appears to be the accounting signature of that strategic reset, not an underlying business failure.

Forensic investigation · 27 signals

Three specialist agents, working in parallel

Segmental revenue · capital structure · strategic KPIs. Each agent cites the exact filing page for every claim, with an AI confidence score derived from cross-citation strength.

01

Segmental Analysis

Other Group activities dragged down by £672m loss in 2025

The 'Other Group activities' segment reported an operating loss of £672m in 2025 vs a loss of £256m in 2024. This segment includes corporate centre costs and financing charges.

p.6, p.7 · 6 more from this specialist

02

Strategic KPIs

Group operating profit hit £2.2bn, beating its own 2026 target early

Group adjusted operating profit reached £2,203m in 2025, up from £1,767m in 2024 — a 25% rise. The 2026 target of £2bn was already beaten.

p.28 · 10 more from this specialist

03

Capital Structure & Borrowings

Interest cover is 2.7x — above danger zone but not by a lot

Operating profit £2,203m divided by finance costs £818m gives interest cover of 2.69x.

· 8 more from this specialist

+ Show all 27 specialist findings

Segmental Analysis (7)

01

Other Group activities dragged down by £672m loss in 2025

The 'Other Group activities' segment reported an operating loss of £672m in 2025 vs a loss of £256m in 2024. This segment includes corporate centre costs and financing charges.

Why it matters: A near-tripling of losses in the corporate centre means more profit from operating businesses is being consumed by central costs, reducing cash available for dividends or investment.

p.6, p.7 critical conf 85%

02

Insurance revenue jumped 23% to £25.4bn after Direct Line deal

Total insurance revenue rose from £20,747m in 2024 to £25,437m in 2025, a 23% increase. The UK & Ireland General Insurance segment was the biggest driver, rising from £7,368m to £11,095m, largely due to the Direct Line acquisition completed 1 July 2025.

Why it matters: The revenue jump is mainly acquisition-driven rather than organic growth, so it tells investors about the size of the new business added rather than how well existing operations are performing.

p.6, p.7, p.9 important conf 92%

03

UK & Ireland General Insurance now dominates revenue at 44% of total

UK & Ireland General Insurance contributed £11,095m of £25,437m total insurance revenue in 2025 (44%), up from £7,368m of £20,747m (36%) in 2024. This is a shift of 8 percentage points.

Why it matters: The group is becoming more reliant on one segment — general insurance in the UK — which means profits are more exposed to things like bad weather, claims inflation and UK regulatory changes.

p.6, p.7 important conf 88%

04

Group adjusted operating profit rose 25% to £2,203m in 2025

Group adjusted operating profit before tax attributable to shareholders rose from £1,767m in 2024 to £2,203m in 2025, an increase of £436m or 25%.

Why it matters: The underlying business performance improved meaningfully, suggesting the Direct Line acquisition and existing operations together are generating more profit before one-off items.

p.6, p.7 important conf 90%

05

Insurance, Wealth & Retirement remains the largest profit contributor

The Insurance, Wealth & Retirement (IWR) segment delivered group adjusted operating profit of £1,078m in 2025 vs £1,071m in 2024, broadly flat year-on-year.

Why it matters: The biggest single profit engine held steady, which is reassuring for investors relying on this segment for returns, even as other parts of the business changed significantly.

p.6, p.7 useful conf 85%

06

Canada General Insurance grew profit from £288m to £408m

Canada General Insurance segment group adjusted operating profit rose from £288m in 2024 to £408m in 2025, a 42% increase. Revenue grew from £4,326m to £4,372m.

Why it matters: Canada is becoming a more meaningful profit contributor and shows the group has a growing international earnings stream that could buffer against UK-specific risks.

p.6, p.7 useful conf 85%

07

Non-participating investment contract liabilities created a £23.3bn swing

The movement in non-participating investment contract liabilities was negative £23,330m in 2025 vs negative £17,124m in 2024 — a £6.2bn larger charge. This is offset by matching investment returns.

Why it matters: These large movements are accounting in nature and largely offset by investment returns, but they make headline profit figures very hard to read without adjusting items out.

p.6, p.7 useful conf 80%

Strategic KPIs (11)

01

Group operating profit hit £2.2bn, beating its own 2026 target early

Group adjusted operating profit reached £2,203m in 2025, up from £1,767m in 2024 — a 25% rise. The 2026 target of £2bn was already beaten.

Why it matters: The business is making more profit than it promised, which means it is growing faster than expected and ahead of plan.

p.28 important conf 95%

02

Solvency II cover ratio fell to 180% but stays comfortably above minimum

Solvency II Shareholder Cover Ratio dropped from 203% in 2024 to 180% in 2025, a fall of 23 percentage points.

Why it matters: This ratio shows how much financial cushion the insurer has — it is still well above the regulatory minimum, but the drop is mainly due to buying Direct Line, so it is expected rather than a warning sign.

p.28 important conf 95%

03

General Insurance premiums grew 18% — much faster than the market

UK&I General Insurance gross written premiums grew 27% including Direct Line, and 18% in constant currency. This is described as a strong premium growth figure.

Why it matters: Growing premiums faster than rivals means Aviva is winning more customers, which helps spread costs and build profit over time.

p.23, p.24 important conf 88%

04

Solvency II own funds generation up 40% to £2.3bn, target hit a year early

Solvency II operating own funds generation rose from £1,655m in 2024 to £2,317m in 2025. The £1.8bn 2026 target was already beaten.

Why it matters: This measures how much cash the business generates from its operations — hitting the target early shows the core business is very cash-generative.

p.28 important conf 95%

05

Operating earnings per share up 17% to 56.0p, beating expectations

Operating EPS rose from 48.0p in 2024 to 56.0p in 2025. The target is 11% compound annual growth from 2025 to 2028.

Why it matters: Each share is earning more money for investors, and the company has set a stretching multi-year target, showing confidence in continued growth.

p.28 important conf 95%

06

IFRS return on equity improved to 17.5%, heading towards 20% target

IFRS return on equity rose from 15.7% in 2024 to 17.5% in 2025. The target is above 20% by 2028.

Why it matters: This shows how much profit Aviva makes from the money shareholders have put in — a rising number means the business is using money more efficiently.

p.28 important conf 95%

07

IFRS profit after tax jumped 50% to £1.05bn

IFRS profit for the year rose from £705m in 2024 to £1,054m in 2025, a 50% increase.

Why it matters: A big jump in bottom-line profit shows the business is genuinely more profitable, though the report notes this partly reflects the Direct Line deal and investment changes.

p.28 important conf 95%

08

Customer base grew to 25.2m after Direct Line deal added 6m new customers

Total customers globally rose from 20.5m in 2024 to 25.2m in 2025. Direct Line brought in 6.0m customers, over two-thirds of whom are new to Aviva.

Why it matters: More customers means more chances to sell additional products, which can grow revenue without big extra costs.

p.23, p.25, p.29 important conf 95%

09

Cash sent to Group rose 4% to £2.1bn — solid but slower than profit growth

Cash remittances from operating businesses rose from £1,992m in 2024 to £2,077m in 2025.

Why it matters: Cash remittances pay dividends and fund growth — a modest rise is fine, though it grew more slowly than operating profit, which is worth watching.

p.28 useful conf 95%

10

Debt leverage rose slightly to 30.1%, still within the company's own limit

Solvency II debt leverage ratio ticked up from 28.9% in 2024 to 30.1% in 2025 after borrowing to fund the Direct Line purchase.

Why it matters: The company said it wants to stay below 30% — it is now just above that level, so reducing debt slightly will be a priority to meet its own preference.

p.28 useful conf 92%

11

Operational carbon emissions cut by 56% since 2019 baseline

Aviva's own Scope 1 and 2 emissions are down 56% from a 2019 baseline (up from 51% in 2024).

Why it matters: Progress on cutting emissions keeps Aviva attractive to environmentally focused investors and shows it is following through on its sustainability promises.

p.23, p.29 useful conf 90%

Capital Structure & Borrowings (9)

01

Interest cover is 2.7x — above danger zone but not by a lot

Operating profit £2,203m divided by finance costs £818m gives interest cover of 2.69x.

Why it matters: The company earns £2.70 for every £1 it pays in interest, which appears stable but leaves limited room if profits fall.

important conf 80%

02

Ordinary dividends paid rose from £921m to £1,034m year on year

Ordinary dividends declared and charged to equity were £1,034m in 2025 versus £921m in 2024, a rise of £113m.

Why it matters: The company is paying out more to shareholders each year, which means less cash kept inside the business as a buffer.

p.205 important conf 90%

03

Final 2025 dividend of 26.2p per share proposed — not yet paid

Directors proposed a final 2025 dividend of 26.2p per share, worth £801m, payable 14 May 2026. Not included in the 2025 accounts.

Why it matters: This is a large cash outflow coming in mid-2026; anyone trading with the company now should note this planned payment.

p.205 important conf 95%

04

Goodwill jumped to £4.4bn after Direct Line acquisition

Goodwill rose from £2,584m at end-2024 to £4,425m at end-2025, with £1,839m added from acquisitions including Direct Line.

Why it matters: If the acquired businesses perform worse than expected, goodwill could be written down, which would reduce reported profits and net assets.

p.205 important conf 90%

05

Special dividends of £94m paid in 2025 on top of ordinary dividends

Special dividends of £94m were declared and charged to equity in 2025 (nil in 2024), related to cancellation of preference shares.

Why it matters: This is a one-off extra cash payment to shareholders; it reduces cash on the balance sheet but is not expected to repeat.

p.205 useful conf 90%

06

Total long-term liabilities are £29.7bn — typical for an insurer

Long-term liabilities stand at £29,732m. For an insurance group, most of this will be policyholder reserves, not borrowed money.

Why it matters: A large liability number is normal for insurers because they hold customer premiums as liabilities; it does not mean the company is heavily in debt in the usual sense.

useful conf 70%

07

Cash on hand is £18.3bn — very strong liquidity position

Cash holdings are £18,289m at year end.

Why it matters: This large cash pile means the company can comfortably pay near-term obligations and is not at risk of running out of money.

useful conf 85%

08

No covenant breaches, waivers or credit rating changes disclosed

The pages reviewed contain no mention of loan limit breaches, waivers granted, or credit rating changes.

Why it matters: Absence of these disclosures is a positive sign — it means the company is meeting all its borrowing conditions as far as disclosed here.

useful conf 60%

09

Preference shares cancelled — tidying up the capital structure

Special dividends were paid on cancellation of Aviva plc preference shares in 2025, with £94m charged to equity.

Why it matters: Removing preference shares simplifies the capital structure and removes a fixed dividend obligation going forward.

p.205 useful conf 85%

Specialist deep panels · Structured price capture

Every figure the specialists extracted

Below the prose findings, each agent publishes a structured numeric metrics block. Segmental revenue, named KPIs with YoY %, and capital-structure metrics — direct from the source filings.

Segmental analysis

Revenue & operating profit by business division

Segment Revenue (latest) Operating profit Rev YoY
UK & Ireland General Insurance €11095 €1077 +50.6%
Canada General Insurance €4372 €408 +1.1%
Insurance, Wealth & Retirement €9885 €1078 +10.2%
Aviva Investors — €47 —
International Investments (India & China) €104 €60 +33.3%
Other Group activities €-19 €-467 +5.6%

Top-segment revenue concentration: 43.6% · Segment totals reconcile to the group P&L

Strategic KPIs

6 flagship metrics · 7 supporting

Group Adjusted Operating Profit
£2k
+24.7% YoY
Operating EPS
£56
+16.7% YoY
IFRS Return on Equity
17.5%
+11.5% YoY
Solvency II Operating Own Funds Generation
£2k
+40.0% YoY
Estimated Solvency II Shareholder Cover Ratio
180%
-11.3% YoY
General Insurance Gross Written Premium Growth
£18
+ Show 7 supporting KPIs
IFRS Profit for the Year
£1k
+49.5% YoY
Cash Remittances
£2k
+4.3% YoY
Solvency II Debt Leverage Ratio
30.1%
+4.2% YoY
Number of Customers
£25m
+22.9% YoY
UK Multi-Product Holding Customers
£7m
+33.3% YoY
Operational Carbon Emissions Reduction
£56
Employee Engagement
92%
+1.1% YoY

Capital structure

Debt, cover, and dividend posture

Interest cover
2.69×
Dividend prior year
£921m

Management questions · Open inquiry

What management would need to answer next

Generated by the AI from the disclosure gaps it detected. Hover or tap each card to surface the underlying evidence that triggered the question.

Verification gaps

What the filings don't disclose

High-trust analysis names its own blind spots. These are metrics the AI looked for and couldn't find — anything material to the summary needs management or independent verification.

Net assets were not supplied in the headline figures, limiting balance-sheet leverage and book-value calculations; all solvency and goodwill metrics rely solely on the agent findings as provided.

08 · Documents

The filing trail

0 filings · Companies House

Catalyst timeline

Filing pattern + upcoming windows

2027Annual accounts

Next annual accounts due

Due at Companies House by 30 June 2027 for the period ending 31 December 2026.

2027Confirmation

Next confirmation statement due

Annual confirmation due by 24 June 2027 (made up to 10 June 2027).

Final chapter — What we found

What we found

73 STRONG FILING
Verif-AI Synthesis

Strong filing

A major insurer back at full speed after a deliberate restructuring — the risk here is not solvency, it is understanding that its balance sheet looks like nothing else on the high street.

FY2025 accounts

The five plain-English briefing questions are on Origin — read the story first, then return here for the TrustScore scorecard.

Signal Radar

How the score breaks down

Financial completeness 60/100
Operational disclosure 60/100
Compliance signals 100/100
Data confidence 70/100

Decisive findings

What decided this summary

The hard-hit facts that drove the score. Full breakdown — chapters, between-the-lines, all specialist findings — sits on AI Insights.

01

Other Group activities dragged down by £672m loss in 2025

The 'Other Group activities' segment reported an operating loss of £672m in 2025 vs a loss of £256m in 2024. This segment includes corporate centre costs and financing charges.

Why it matters: A near-tripling of losses in the corporate centre means more profit from operating businesses is being consumed by central costs, reducing cash available for dividends or investment.

p.6, p.7

10 · Verification

How we know

0 filings · 13 directors · 311 pages

This report reads the full filing package — digital iXBRL where available, the filed PDF (including notes), and the Companies House register — not a single uploaded document.

Figures are as filed by the company — Companies House does not verify the accuracy of information filed. Verif-AI checks internal consistency and flags anomalies, but cannot confirm the underlying figures are correct.

Reconciliation

All 28 reconciled lines tie exactly to the audited iXBRL filing

Every balance-sheet and profit & loss line traced to where we read it in the filing. iXBRL — read straight from the company's audited machine-readable tags, so it ties exactly. PDF — read from the filed accounts document, with the supporting note cited so you can check it. Flagged — our consistency check marked it for a closer look.

Line Our figure Source in filing Reconciliation
Profit & loss · pp.182–183
Turnover £25.4bn iXBRL ✓ Ties to filing
Cost of sales −£22.2bn iXBRL ✓ Ties to filing
Gross profit £3.2bn iXBRL ✓ Ties to filing
Administrative expenses −£3.6bn iXBRL ✓ Ties to filing
Operating profit £2.2bn iXBRL ✓ Ties to filing
Finance income £17.3bn iXBRL ✓ Ties to filing
Finance costs −£818m iXBRL ✓ Ties to filing
Profit before tax £1.8bn iXBRL ✓ Ties to filing
Tax −£789m iXBRL ✓ Ties to filing
Profit after tax £1.1bn iXBRL ✓ Ties to filing
Depreciation & amortisation £111m iXBRL ✓ Ties to filing
Balance sheet · pp.186–187
Intangible assets £2.1bn iXBRL ✓ Ties to filing
Tangible assets £526m iXBRL ✓ Ties to filing
Fixed assets £319.5bn iXBRL ✓ Ties to filing
Debtors £4.9bn iXBRL ✓ Ties to filing
Cash £18.3bn iXBRL ✓ Ties to filing
Current assets £75.8bn iXBRL ✓ Ties to filing
Total assets £395.3bn iXBRL ✓ Ties to filing
Current liabilities £359.5bn iXBRL ✓ Ties to filing
Bank loans (non-current) −£4.5bn iXBRL ✓ Ties to filing
Lease liabilities (current) −£74m iXBRL ✓ Ties to filing
Lease liabilities (non-current) −£376m iXBRL ✓ Ties to filing
Deferred tax −£422m iXBRL ✓ Ties to filing
Long-term liabilities £29.7bn iXBRL ✓ Ties to filing
Provisions £918m iXBRL ✓ Ties to filing
Share capital £1bn iXBRL ✓ Ties to filing
Profit & loss reserves £7.4bn iXBRL ✓ Ties to filing
Shareholders' funds £11.1bn iXBRL ✓ Ties to filing

28 read from audited iXBRL tags · 0 from the filed PDF.

What we read

Companies House filings

Total filings 0
Accounts filings 0 audited financial statements
Officer events 0 appointments + terminations
Capital events 0 share allotments + buybacks

Who we cross-checked

UK director appointment network

Directors verified 13 incl. 1 corporate officer
Records cross-referenced 27.8m UK appointments dataset
Avg failure rate 0.6% across prior appointments
Phoenix scan 1 directors flagged

Screening status

Independent checks completed

No critical risk flagsNo kill switches fired Sanctions check · ClearFCDO + OFAC + EU screen Politically-exposed persons · None foundPEP screen · 0 hits Status · Active

Screened 1 name (registered company + officers/PSCs) against live lists: FCDO Consolidated UK Sanctions List — 57503 entries, refreshed 04 July 2026 · OFAC SDN (US Treasury) + akaName aliases + relationship graph — 39437 entries, refreshed 04 July 2026 · EU Consolidated Financial Sanctions — 29880 entries, refreshed 04 July 2026 · UK Parliament — current Members of Commons & Lords — 1441 entries, refreshed 04 July 2026.

Steps we ran

How the report was assembled

Pages read 311 PDF pages analysed
Steps run 9 0 skipped · 9 completed
AI checks 3 independent reviews
Years analysed 6 audited filings trended

Pipeline — what ran on this report

Read PDF accounts 311 pages Classify filing Extract audit notes Compliance screening Cross-check directors Build company timeline Plain-English analysis Capital structure review Processing filing

Limits and caveats

What this report doesn't claim

01

Persons with significant control

No PSCs are recorded against this entity — typical for listed PLCs (widely held by institutional investors) and for dormant / micro-entity filings.

Plain-English glossary · 8 terms
Profit Before Tax (PBT)
What the company earned before paying corporation tax — the clearest single measure of whether the business made or lost money in the year.
In this filing: Aviva's PBT rose 45.5% to £1.84bn in FY2025, the highest in this five-year dataset and a clear sign of recovery after the FY2022 loss.
Current Liabilities
Money the company owes that is technically due within the next 12 months.
In this filing: Aviva shows £359bn in current liabilities — a number that looks alarming but is almost entirely policyholder reserves and insurance obligations, which is normal for a major insurer and not the same as trade debt.
Shareholders' Funds
The value of the company that belongs to its shareholders after all debts are paid — the bigger this number, the more financial cushion the business has.
In this filing: Aviva's shareholders' funds recovered to £11.1bn in FY2025, up from £8.6bn in FY2024 and well above the post-restructuring low of £9.6bn.
Gross Profit
Revenue minus the direct costs of delivering the product or service — what's left before overheads, salaries and tax.
In this filing: Aviva's gross profit hit £3.24bn in FY2025, growing 29.2% — faster than revenue, which means each pound of new business is generating slightly more margin.
Cash Conversion
How much of the reported profit actually shows up as real cash in the bank. A ratio below 100% means some profit is still tied up in receivables or reserves.
In this filing: Aviva's cash conversion is -243.2%, meaning reported operating profit has not translated into equivalent cash accumulation. For an insurer this reflects how premium income is reserved for future claims, not a sign of fraud or error.
Debtor Days
On average, how many days it takes for customers to pay what they owe. Higher is slower.
In this filing: At 71 days, Aviva is waiting just over two months on average to collect money owed — debtors rose to £4.9bn in FY2025, growing faster than revenue.
Fixed Assets
Long-term assets the company owns and uses to generate income — for an insurer this is mostly its investment portfolio (bonds, equities, property).
In this filing: Aviva's fixed assets are £319.5bn in FY2025, reflecting the enormous investment portfolio it holds to back policyholder liabilities.
Asset Fragility
The share of a company's total assets that are intangible (like brand value or goodwill) or based on leases — these are harder to recover if things go wrong.
In this filing: At just 0.6% of total assets, Aviva's balance sheet is almost entirely backed by investable, recoverable assets — an unusual positive for a company of its type.