diversified insurance, wealth and retirement · uk · high complexity
Deep-Dive · Company Intelligence
Aviva posted £20.7bn in turnover in FY2024 yet took home £705m — £401m less than the year before.
Origin
Aviva plc is one of the UK's largest insurance and financial services groups, serving around 25.2 million customers across the UK, Ireland and Canada with life insurance, general insurance, and savings products. It is listed on the London Stock Exchange and is classified under SIC 70100 (activities of head offices).
At a glance
Timeline
Big year-on-year change
Profit after tax more than doubled — from -£1k to £1.11bn in a single year (+97102822%).
Big year-on-year change
Profit after tax collapsed 239% — from -£336 to -£1k.
Big year-on-year change
Profit after tax collapsed 116% — from £2k to -£336.
Where our data starts
Earliest analysed accounts: FY2017. 15 years of earlier trading history are not in scope — this report pulls the most recent filed accounts from Companies House.
Name changed
Previously incorporated as Cgnu PLC.
Name changed
Previously incorporated as CGU PLC.
Company founded
Aviva PLC was registered at Companies House on 1990-02-09.
02 · Financials
Scene 01 · Revenue
From £25k in FY2017 to £20.75bn in FY2024 — a 82250931% increase. The most dramatic acceleration came in FY2023, when turnover surged 73243743% in a single year.
FY2017 – FY2024 · Companies House
Scene 02 · Metrics
Financial health
Computed from · cash · net assets · current ratio · debt to equity · total liabilities
Scene 03 · Trends
Eight years of revenue, profit and operating performance side-by-side. Hover any dot for the full year cross-section.
Revenue, profitability and operating growth over time
Scene 05 · Full detail
All metrics across FY2017–FY2024, now fully contextualised by the story above.
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | Δ YoY |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | £25k | £26k | £26k | £25k | — | — | £18.50bn | £20.75bn | ▲ 12% |
| Cost of sales | — | — | £22k | £21k | — | — | -£16.98bn | -£18.93bn | ▼ 11% |
| Gross profit | — | — | — | — | — | — | £1.52bn | £1.82bn | ▲ 20% |
| Other operating income | £2k | £2k | £2k | £2k | — | — | £1.38bn | £1.85bn | ▲ 34% |
| Administrative expenses | — | — | £4k | £4k | — | — | -£2.11bn | -£2.20bn | ▼ 4% |
| Operating profit | — | — | £4k | £3k | — | — | — | — | — |
| Finance income | — | — | — | — | — | — | £1.37bn | £290.0m | ▼ 79% |
| Finance costs | £683 | £573 | £568 | £553 | £503 | £470 | -£479.0m | -£491.0m | ▼ 3% |
| Profit before tax | £2k | £2k | £3k | £3k | -£556 | -£2k | £1.69bn | £1.27bn | ▼ 25% |
| Tax | -£357 | -£442 | -£700 | -£528 | -£220 | £466 | -£584.0m | -£562.0m | ▲ 4% |
| Profit after tax | £2k | £2k | £3k | £2k | -£336 | -£1k | £1.11bn | £705.0m | ▼ 36% |
| EBITDA (memo) | — | — | — | — | — | — | — | — | — |
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | Δ YoY |
|---|---|---|---|---|---|---|---|---|---|
| Intangible assets | £3k | £3k | £2k | £2k | £2k | £2k | £3.07bn | £3.71bn | ▲ 21% |
| Tangible assets | £509 | £548 | £768 | £768 | — | — | £424.0m | £355.0m | ▼ 16% |
| Investments | £311k | £298k | £351k | £351k | £265k | £224k | £285.10bn | £302.14bn | ▲ 6% |
| Total fixed assets | — | — | — | — | £428 | £350 | £288.29bn | £300.21bn | ▲ 4% |
| Stocks | — | — | — | — | — | — | — | — | — |
| Debtors | — | — | — | — | £6k | £6k | £3.72bn | £3.81bn | ▲ 2% |
| Cash at bank | £43k | £46k | £19k | £17k | £12k | £23k | £17.27bn | £23.48bn | ▲ 36% |
| Total current assets | — | — | — | — | — | — | £20.98bn | £26.76bn | ▲ 28% |
| Trade creditors | — | — | — | — | — | — | — | — | — |
| Bank loans (current) | — | — | — | — | — | — | -£51.0m | -£50.0m | ▲ 2% |
| Total current liabilities | — | — | — | — | — | — | £186.57bn | £210.36bn | ▲ 13% |
| Net current assets | — | — | — | — | — | — | -£3.79bn | £1.02bn | ▲ 127% |
| Total assets less current liabilities | — | — | — | — | — | — | £29.89bn | £33.88bn | ▲ 13% |
| Bank loans (non-current) | -£10k | -£9k | -£10k | -£10k | -£7k | -£7k | -£5.12bn | -£4.45bn | ▲ 13% |
| Long-term liabilities | — | — | — | — | — | — | £319.24bn | £345.26bn | ▲ 8% |
| Provisions | — | — | — | — | — | — | £795.0m | £726.0m | ▼ 9% |
| Net assets | £19k | £18k | £21k | £21k | £19k | £13k | £9.60bn | £8.62bn | ▼ 10% |
| Total equity | £19k | £18k | £20k | £20k | £19k | £13k | £9.60bn | £8.62bn | ▼ 10% |
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | Δ YoY |
|---|---|---|---|---|---|---|---|---|---|
| Net cash from operating activities | £8k | £6k | £6k | -£2k | -£3k | £16k | -£2.73bn | £8.45bn | ▲ 409% |
| Net cash used in investing activities | £195 | £437 | -£123 | -£165 | £74 | -£139 | -£350.0m | £162.0m | ▲ 146% |
| Net cash used in financing activities | £3k | £3k | -£2k | -£884 | -£4k | -£6k | -£1.82bn | -£2.49bn | ▼ 37% |
| Net increase / (decrease) in cash | £5k | £3k | £4k | -£4k | -£7k | £10k | -£4.90bn | £6.11bn | ▲ 225% |
| Cash at end of year | £44k | £47k | £19k | £16k | £12k | £22k | £16.65bn | £22.55bn | ▲ 35% |
03 · Risk
Working capital + cash
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.
Principal risks
Increasing frequency and severity of extreme weather events (e.g. record CAD$8bn Canadian industry losses in 2024) driving higher claims and underwriting losses, particularly in Canada General Insurance.
Rising interest rates and market volatility drive unfavourable investment variances; IFRS profit reduced 36% YoY primarily due to higher interest rates impacting investment returns.
Solvency UK (formerly Solvency II) regulatory changes effective 31 December 2024 affect capital requirements and TMTP run-off; challenging regulatory environments in Canadian auto insurance (Alberta).
Integration of AIG's UK Protection business and Probitas, and proposed acquisition of Direct Line Group plc (~£3.7bn), carry execution, synergy delivery and capital risk.
Significant investment in AI, GenAI and digital transformation introduces cyber and data risk; extensive IT estate simplification and cloud migration ongoing.
Screening status
Ernst & Young LLP on going concern
"The filing references a Going concern and longer-term viability statement on page 83, but the full auditor's report text (pages 153–163) was not included in the OCR extract. Based on the strong capital position (Solvency II cover ratio 203%), no going concern issues are flagged anywhere in the extracted content."
Governance & subsequent events
Proposed acquisition of Direct Line Insurance Group plc: Scheme document published 10 February 2025; Direct Line shareholder vote on 10 March 2025; expected completion mid-2025. Total consideration approximately £3.7bn.
AIG Life UK Limited rebranded to Aviva Protection UK Limited on 17 February 2025 following Aviva's 2024 acquisition.
Centre liquidity as at end of January 2025 was £1,695m (versus £1,891m at end of February 2024), reflecting dividends, interest, share buyback, debt redemption and capital paid to subsidiaries.
£11 million of dividends received from China in respect of 2024, in February 2025.
Compliance signals
All 4 sanctions matches appear to result from partial name or title overlap (e.g. 'The Lord', 'Baron', 'George') and are unlikely to represent genuine designations, but must be formally discounted.
Severity · medium
69 resigned directors against 13 currently active represents an unusually high attrition ratio, which may indicate governance instability or historic restructuring activity.
Severity · medium
At least 4 directors served fewer than 12 months, raising the possibility of nominee arrangements or board-level instability that warrants further enquiry.
Severity · medium
Two outstanding charges are recorded, consistent with normal secured lending for a company of this scale but should be reviewed to confirm no distressed financing arrangements.
Severity · low
Ownership pattern
What we can't see
Trust beneficial owners are recorded on HMRC's Trust Registration Service, which is not publicly accessible. We surface the trust's legal name and the UK-resident PSCs identified by Companies House.
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.
04 · Market
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 · 35 peers
Sector cohort · 35 peers · Head Offices & Consultancy
| Metric | This filing | Peer median | Percentile | Assessment |
|---|---|---|---|---|
| Cash Ratio | 0.11 | 0.26 | 34th | below median |
| Profit Margin (%) | 6.1% | 7.3% | 45th | below median |
| Quick Ratio | 0.13 | 0.59 | 21th | weak |
| Gross Margin (%) | 8.8% | 32.1% | 1th | weak |
| Current Ratio | 0.13 | 0.87 | 12th | weak |
| Cash-to-Assets | 0.07 | 0.06 | 51th | above median |
| Debt-to-Assets | 1.70 | 0.71 | 76th | weak |
| Debt-to-Equity | 64.45 | 1.14 | 99th | weak |
| Net Assets Growth (%) | -10.2% | -0.6% | 25th | weak |
05 · People
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.
Each director, individually
| Role | Director | Career boards | Concurrent | Prior-failure rate | Joined | Other UK boards |
|---|---|---|---|---|---|---|
| Director · active |
Michael Philip Mire
British · United Kingdom
|
1 | — | — | 2013-09-12 | — |
| Director · active |
MR Patrick Gerard Flynn
Irish · United Kingdom
|
6 | 5 busy | 0.0% | 2018-06-01 | |
|
MR Patrick Gerard Flynn 5 other UK boards they sit onClick + Deep Dive to add a company to your basket. Bundle pricing: 1 = £9.99 · 2 = £15.99 · 3 = £20.99 · then +£4 each. National Westminster Bank Public Limited Company No. 00929027 Natwest Holdings Limited No. 10142224 Natwest Group PLC No. SC045551 THE Royal Bank Of Scotland Public Limited Company No. SC083026 Limited Ulster Bank No. R0000733 |
||||||
| Director · active |
MR Thomas Neil Morrison
Canadian · United Kingdom
|
1 | — | — | 2024-06-17 | — |
| Director · active |
MR Mohit Joshi
British · England
|
3 | 3 | 0.0% | 2020-12-01 | |
|
MR Mohit Joshi 2 other UK boards they sit onClick + Deep Dive to add a company to your basket. Bundle pricing: 1 = £9.99 · 2 = £15.99 · 3 = £20.99 · then +£4 each. Tech Mahindra Limited No. FC018895 Gloucester Square Management Company Limited No. 04406643 |
||||||
| Director |
MS Charlotte Claire Jones
British · United Kingdom
|
7 | 6 busy | 0.0% | 2019-07-31 | |
|
MS Charlotte Claire Jones 6 other UK boards they sit onClick + Deep Dive to add a company to your basket. Bundle pricing: 1 = £9.99 · 2 = £15.99 · 3 = £20.99 · then +£4 each. THE Marine Insurance Company Limited No. 00014809 Aviva Group Holdings Limited No. 01555746 Aviva Insurance Limited No. SC002116 Direct Line Insurance Group Limited No. 02280426 Churchill Insurance Company Limited No. 02258947 U K Insurance Limited No. 01179980 |
||||||
| Director |
MRS Amanda Jayne Blanc
British · England
|
7 | 5 busy | 0.0% | 2011-02-28 | |
|
MRS Amanda Jayne Blanc 5 other UK boards they sit onClick + Deep Dive to add a company to your basket. Bundle pricing: 1 = £9.99 · 2 = £15.99 · 3 = £20.99 · then +£4 each. AXA Insurance UK PLC No. 00078950 AXA Insurance Dac No. NF004201 Iadvisory Ltd No. 12359468 Aviva Group Holdings Limited No. 01555746 BP P.l.c. No. 00102498 |
||||||
| Director |
MR Mark George Culmer
British · England
|
29 | 9 busy | 0.0% | 1997-11-07 | |
|
MR Mark George Culmer 7 other UK boards they sit onClick + Deep Dive to add a company to your basket. Bundle pricing: 1 = £9.99 · 2 = £15.99 · 3 = £20.99 · then +£4 each. Zurich Legacy Solutions Services (Uk) Limited No. 00082051 Zurich International (Uk) Limited No. 00041334 THE Marine Insurance Company Limited No. 00014809 Alliance Assurance Company Limited No. 00073396 Lloyds Bank PLC No. 00002065 Rolls-Royce Holdings PLC No. 07524813 Army Benevolent Fund No. 07974609 |
||||||
| Director · active |
MR Ian Edward Clark
British · United Kingdom
|
2 | 2 | — | 2021-02-08 | |
|
MR Ian Edward Clark 1 other UK board they sit onClick + Deep Dive to add a company to your basket. Bundle pricing: 1 = £9.99 · 2 = £15.99 · 3 = £20.99 · then +£4 each. Aviva Insurance Limited No. SC002116 |
||||||
| Director · active |
MS Andrea Margaret Blance
British · United Kingdom
|
4 | 4 | 0.0% | 2022-02-21 | |
|
MS Andrea Margaret Blance 3 other UK boards they sit onClick + Deep Dive to add a company to your basket. Bundle pricing: 1 = £9.99 · 2 = £15.99 · 3 = £20.99 · then +£4 each. Pennon Group PLC No. 02366640 South West Water Limited No. 02366665 Sutton And East Surrey Water PLC No. 02447875 |
||||||
Co-director network
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.
Historical board
Every officer who has left the company, newest-resignation first. Helps spot waves of churn that wouldn't show on the active-director cards alone.
06 · AI Investigation
AI forensic pass across 100 Companies House filings. 30 page-cited signals from three specialist agents, 3 cross-signal correlations, and 4 verification questions for management — every claim traces back to a filing reference.
AI Analyst commentary
Narrator-written context blocks — what an analyst would read in 90 seconds and walk away with the picture.
Aviva holds £300bn in fixed assets (almost entirely its insurance investment portfolio) against £555bn of combined liabilities — a balance sheet designed to back policyholder obligations, not a conventional trading company. Net assets of £8.62bn represent the shareholders' slice; the £979m decline in one year bears watching if it continues.
15 directors currently registered at Companies House — large board typical of a FTSE 100 plc. CEO Amanda Blanc also directs BP plc and Aviva Group Holdings — cross-board visibility at group and plc level.
No single controlling shareholder — widely held by institutional investors as is standard for a listed UK plc. Shareholder profile as at 31 December 2025 confirms UK, Irish and Canadian customer base; geographically diverse institutional ownership.
Case files · Chapter dossier
Each chapter resolves one signal cluster. The headline number is the picture the AI built from the filing; the prose carries the forensic context and the source citation.
Aviva's top line and bottom line moved in opposite directions in FY2024.
Turnover rose 12% and gross profit rose 20%, suggesting the core business is generating more margin per pound of revenue. Yet something between gross profit and the bottom line consumed that gain — and more. Profit after tax ended the year at less than half of gross profit.
Source · Profit & Loss Account, FY2023–FY2024
While reported profit fell, cash generation swung dramatically into positive territory.
Operating cash flow
Operating cash flow moved from negative £2.73bn in FY2023 to positive £8.45bn in FY2024 — a £11.2bn turnaround in a single year. Cash on the balance sheet followed, rising from £17.3bn to £23.5bn. For an insurer of this scale, operating cash flow and accounting profit routinely diverge; the direction and size of this swing is nonetheless striking.
Source · Cash Flow Statement and Balance Sheet, FY2023–FY2024
Both sides of the balance sheet grew, but long-term liabilities grew faster.
Fixed assets rose 4% to £300.2bn and current assets rose 28% to £26.8bn. Long-term liabilities rose 8% to £345.3bn and current liabilities rose 13% to £210.4bn. Net assets — what is left after all obligations — fell 10% to £8.62bn. This is the structure typical of a large insurer carrying policyholder liabilities, but the direction of travel narrows the equity cushion.
Source · Balance Sheet, FY2023–FY2024
Cash leaving the business through financing activities rose sharply in FY2024.
Financing outflows grew from £1.82bn in FY2023 to £2.49bn in FY2024 — a 37% increase. A capital statement (SH19) and a shares-allotment filing (SH01) were both lodged in May 2025, signalling active capital management at group level. The investing line flipped from an outflow of £350m to an inflow of £162m.
Source · Cash Flow Statement FY2023–FY2024; Companies House filings SH01 (2026-05-12), SH19 (2025-05-14)
Aviva has changed its name four times since 1990, and no individual holds a PSC stake above 25%.
Incorporated in 1990 as Commercial Union PLC, the entity became CGU PLC in 1998, CGNU PLC in 2000, and Aviva PLC in 2002. No person of significant control is registered, consistent with a widely-held FTSE-listed group where no single shareholder crosses the 25% threshold. Verif-AI's TrustScore is 60/100, with the Financial dimension scoring the lowest at 50/100.
Source · Companies House name history; PSC register; Verif-AI TrustScore breakdown
Cross-signal intelligence
Pairs of facts from different chapters that — taken together — tell a story neither half does alone. This is where investigation outperforms summary.
The £11.2bn swing in operating cash flow shown in [chapter 2] sits in sharp contrast to the £401m drop in profit after tax in [chapter 1], suggesting that accounting adjustments — likely related to insurance contract liabilities — are driving a significant wedge between cash generation and reported earnings.
The accelerating financing outflows in [chapter 4] are being funded in part by the surge in balance-sheet cash visible in [chapter 2], raising the question of whether that £23.5bn cash position is structural or transitional.
The narrowing equity cushion of £8.62bn in [chapter 3], set against £345.3bn of long-term liabilities, gives context to the active capital management signalled by the SH01 and SH19 filings noted in [chapter 4].
Deep signals
Specifics most readers would miss — surfaced by the AI for the analyst who wants to know.
Consistent with an insurer's normal operating model: premiums are collected upfront and claims paid later. Reported profit understates the actual cash being generated. This also means reported profit-based metrics (like P/E ratios or profit margins) understate the true cash strength of the business.
The FY2021–FY2022 entries appear to be filed at a different scale or reflect a different filing entity or format within the Companies House record. This is consistent with a period of major group restructuring (disposal of international businesses 2021–2022) where the holding company filing may have changed scope. The FY2023 and FY2024 data is full consolidated-equivalent and is the relevant basis for current assessment.
Consistent with a listed holding company structure — the trading insurance businesses sit in subsidiaries. The plc entity itself is the legal parent and capital-raising vehicle; its own P&L reflects group-level management rather than direct underwriting activity. Counterparties contracting with Aviva plc itself rather than an operating subsidiary should confirm which legal entity they are dealing with.
Forensic investigation · 30 signals
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.
Segmental Analysis
Insurance, Wealth & Retirement (IWR) had insurance revenue of £8,973m in 2024 but reported a loss before tax attributable to shareholders of £18m. In 2023, the same segment made a profit of £1,145m on revenue of £8,164m.
p.7, p.8 · 8 more from this specialist
Strategic KPIs
Group adjusted operating profit rose from £1,467m in 2023 to £1,767m in 2024, a 20% increase.
p.26 · 11 more from this specialist
Capital Structure & Borrowings
Disposals in the joint ventures note include the sale of Aviva SingLife Holdings Pte Ltd for proceeds recorded as £546m.
p.206 · 8 more from this specialist
Insurance, Wealth & Retirement (IWR) had insurance revenue of £8,973m in 2024 but reported a loss before tax attributable to shareholders of £18m. In 2023, the same segment made a profit of £1,145m on revenue of £8,164m.
Why it matters: The largest single business division swung from a £1.1bn profit to a near-breakeven loss in one year — mainly driven by investment variances — which is a big shift that could worry investors about earnings quality.
p.7, p.8 critical conf 95%
Investment variances and economic assumption changes added £666m as an adjusting item in 2024 (versus a negative £322m in 2023). This is the main reason the IWR segment looks loss-making on a reported basis.
Why it matters: These are largely non-cash accounting movements tied to interest rate changes, not real cash losses — so the reported loss in IWR does not mean the business is actually losing money.
p.7 critical conf 93%
UK & Ireland General Insurance revenue was £7,388m and Canada General Insurance was £4,326m in 2024, together totalling £11,714m out of group insurance revenue of £20,747m (57% combined). UK & Ireland alone is 36% of total insurance revenue.
Why it matters: More than half of the group's income comes from general insurance, so any change in motor, property or liability markets has a big impact on overall results.
p.7 important conf 92%
Group adjusted operating profit before tax attributable to shareholders was £1,767m in 2024 versus £1,467m in 2023, a rise of £300m or roughly 20%.
Why it matters: Once one-off items like investment swings are stripped out, the underlying business is growing strongly, suggesting the IWR reported loss is mainly a paper valuation effect rather than a real trading problem.
p.7, p.8 important conf 95%
UK & Ireland General Insurance adjusted operating profit rose from £452m in 2023 to £708m in 2024, a gain of £256m or 57%.
Why it matters: This is the fastest-growing profit segment and shows the general insurance business is benefiting from higher premiums and better underwriting performance.
p.7, p.8 important conf 95%
Footnote to the segmental table states total reported income excluding inter-segment revenue includes £35,119m from the United Kingdom in 2024 (2023: £37,751m).
Why it matters: The group is heavily UK-focused, meaning UK economic conditions — inflation, interest rates, regulatory changes — have an outsized effect on overall performance.
p.7, p.8 important conf 88%
Canada General Insurance adjusted operating profit was £288m in 2024 versus £399m in 2023 on a reported basis, but on an adjusted basis it was £288m vs £399m — a fall. However, reported profit before tax rose from £443m to £312m.
Why it matters: Canada shows a mixed picture: reported profit fell but the segment remains solidly profitable and growing in revenue terms, contributing meaningfully to group diversity.
p.7, p.8 useful conf 80%
Other Group activities (head office, central costs) had an adjusted operating loss of £388m in 2024 versus a loss of £462m in 2023 — an improvement of £74m.
Why it matters: Central costs are reducing, which means more of the operating business profits are reaching shareholders.
p.7, p.8 useful conf 90%
International investments (India, China, Singapore until March 2024) contributed £48m adjusted operating profit in 2024 on £78m insurance revenue, down from £63m profit in 2023.
Why it matters: This segment is a minor contributor to group profits and has shrunk following the sale of the Singapore business in March 2024.
p.7, p.8 useful conf 90%
Group adjusted operating profit rose from £1,467m in 2023 to £1,767m in 2024, a 20% increase.
Why it matters: This is the main measure of how much profit the business makes day-to-day, and a 20% jump shows the core business is growing strongly — good news for anyone working with Aviva.
p.26 important conf 97%
General Insurance gross written premiums grew 14% (in constant currency) in 2024.
Why it matters: Faster premium growth means more customers are buying Aviva's insurance products, which grows the business and brings in more income to cover future claims.
p.21 important conf 93%
IFRS profit after tax dropped from £1,106m in 2023 to £705m in 2024, mainly due to unfavourable investment fair-value moves caused by rising interest rates.
Why it matters: The fall looks alarming but is largely driven by accounting rules on how investments are valued, not by the underlying business getting worse — the adjusted operating profit tells a more positive story.
p.26 important conf 93%
IFRS return on equity improved from 12.7% in 2023 to 15.6% in 2024.
Why it matters: A higher return on equity means shareholders are getting more back for every pound they have invested — this improvement reflects the stronger operating performance across the group.
p.27 important conf 90%
Wealth net flows rose 23% in 2024, with Adviser Platform AUM growing to £54bn.
Why it matters: Strong net flows into wealth products mean customers are choosing Aviva to look after their savings and investments, building a growing base of fee income for the future.
p.21, p.22 important conf 90%
The combined ratio was 96.3% in 2024 versus 96.2% in 2023, despite severe weather in Canada.
Why it matters: A combined ratio below 100% means Aviva earns more from insurance premiums than it pays out in claims and costs — staying just below 100% shows the insurance business is well run.
p.27 useful conf 95%
Estimated Solvency II Shareholder cover ratio was 203% in 2024, down from 207% in 2023.
Why it matters: This ratio shows Aviva has more than twice the financial reserves regulators require — a 4-point dip is small and the buffer remains very comfortable, so there is no financial safety concern.
p.27 useful conf 95%
Cash remitted to the Group rose from £1,892m in 2023 to £1,992m in 2024.
Why it matters: More cash flowing into the centre means Aviva can more easily pay dividends, buy back shares, and invest in growth — a sign of a healthy, cash-generating business.
p.26 useful conf 95%
Value of new business on an adjusted Solvency II basis rose from £874m in 2023 to £890m in 2024.
Why it matters: This measures how much extra future profit new customers bring in — a small rise shows Aviva is still writing profitable new business even as volumes in bulk annuities grow.
p.27 useful conf 92%
Solvency II own funds generation fell from £1,729m in 2023 to £1,655m in 2024.
Why it matters: This measures how much financial strength the business creates each year; the dip is explained by lower corporate centre spend and assumption changes rather than trading weakness, so it is not a red flag.
p.26 useful conf 90%
Total policy-holding customers rose from 19.2m in 2023 to 20.5m in 2024.
Why it matters: More customers means a bigger base to sell additional products to, which supports future revenue growth and reduces reliance on any single product line.
p.21, p.28 useful conf 95%
Solvency II debt leverage ratio dropped from 30.7% in 2023 to 28.9% in 2024.
Why it matters: Lower debt relative to the business means Aviva is less financially stretched, which makes it safer as a counterparty and gives it more room to invest or return cash to shareholders.
p.27 useful conf 90%
Disposals in the joint ventures note include the sale of Aviva SingLife Holdings Pte Ltd for proceeds recorded as £546m.
Why it matters: Selling a large overseas business generates cash and reduces the group's international exposure — the proceeds could be used to fund buybacks, dividends, or pay down debt.
p.206 important conf 85%
Total tax paid rose to £243m in 2024 from £68m in 2023, driven by timing differences reversing.
Why it matters: Much more cash left the business for tax in 2024, which reduces the cash available to pay debts and dividends.
p.201 useful conf 85%
Long-term liabilities stand at approximately £345bn, reflecting the scale of insurance contract liabilities on the balance sheet.
Why it matters: For an insurer, most of these liabilities are policyholder obligations, not borrowings, so the figure is not the same as debt — but it shows the company manages enormous long-term commitments.
p.252, p.253 useful conf 70%
Gross liabilities for non-participating investment contracts rose from £158.6bn at end-2023 to £179.1bn at end-2024.
Why it matters: This £20bn rise is mostly driven by higher global equity markets boosting unit-linked fund values — it is matched by equivalent asset growth so it does not increase risk to the company.
p.252, p.253 useful conf 90%
Net assets are £8.621bn and cash holdings are £23.481bn as reported in headline figures.
Why it matters: A large cash balance relative to net assets suggests the group is liquid and can meet near-term obligations, which is reassuring for suppliers and counterparties.
useful conf 70%
Finance costs totalled £491m for the year ended 31 December 2024.
Why it matters: This is the annual cost of servicing the group's borrowings; knowing operating profit would allow calculation of interest cover, but operating profit is not confirmed in the extracted pages.
useful conf 80%
Goodwill carried at 31 December 2024 totals £2,584m, up from £2,100m in 2023, with no impairments identified.
Why it matters: Growing goodwill without impairment is a sign management believes acquired businesses are still worth what was paid — but any future write-down would hit net assets directly.
p.204 useful conf 90%
Total aggregate directors' emoluments were £8.0m in 2024 versus £7.3m in 2023.
Why it matters: A modest increase in director pay; not a capital structure concern but shows governance costs are rising slightly.
p.199 low conf 95%
Total fees to auditors were £27m in 2024 (paid to EY) versus £28m in 2023 (paid to PwC) following a change of statutory auditor.
Why it matters: A routine auditor switch with stable fees — no capital structure impact but shows governance transition is cost-neutral.
p.199 low conf 95%
Specialist deep panels · Structured price capture
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
Top-segment revenue concentration: 43.3% · Segment totals reconcile to the group P&L
Strategic KPIs
Management questions · Open inquiry
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
High-trust analysis names its own blind spots. These are metrics the AI looked for and couldn't find — anything material to the verdict needs management or independent verification.
Operating profit on a statutory IFRS basis was not directly disclosed in the agent findings, limiting direct comparison of reported versus adjusted margins at group level.
07 · Documents
Filing pattern + upcoming windows
Due at Companies House by 2026-06-30 for the period ending 2025-12-31.
Annual confirmation due by 2026-07-30 (made up to 2026-07-16).
Final chapter — The verdict
Good Trust
A £20bn revenue insurer with a cash pile six times its reported profit — the FY2024 profit drop is a margin story, not a solvency story.
FY2024 audited accounts
Signal Radar
Decisive findings
The hard-hit facts that drove the score. Full breakdown — chapters, between-the-lines, all specialist findings — sits on AI Insights.
Insurance, Wealth & Retirement (IWR) had insurance revenue of £8,973m in 2024 but reported a loss before tax attributable to shareholders of £18m. In 2023, the same segment made a profit of £1,145m on revenue of £8,164m.
Why it matters: The largest single business division swung from a £1.1bn profit to a near-breakeven loss in one year — mainly driven by investment variances — which is a big shift that could worry investors about earnings quality.
p.7, p.8
Investment variances and economic assumption changes added £666m as an adjusting item in 2024 (versus a negative £322m in 2023). This is the main reason the IWR segment looks loss-making on a reported basis.
Why it matters: These are largely non-cash accounting movements tied to interest rate changes, not real cash losses — so the reported loss in IWR does not mean the business is actually losing money.
p.7
09 · Verification
What we read
Who we cross-checked
Screening status
Steps we ran
Each step in detail
Limits and caveats
No PSCs are recorded against this entity — typical for listed PLCs (widely held by institutional investors) and for dormant / micro-entity filings.
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