Aviva (GU80) Q2 2026 Earnings Report
DE:GU80 Q2 2026 EPS Results
- Actual EPS
- EUR 0.77
- Consensus EPS
- EUR 0.73
- Beat/Miss
- Beat by +EUR 0.04
- One Year Ago EPS
- EUR 0.70
DE:GU80 Q2 2026 Revenue Results
- Actual Revenue
- EUR 40.94B
- Expected Revenue
- EUR 34.31B
- Beat/Miss
- Beat by +EUR 6.63B
- YoY Revenue Growth
- +77.34%
Earnings Announcement Details
- Quarter
- Q2 2026
- Date
- 08/14/2026
- Time
- Before Open
- Conference Call
- Friday, August 14, 2026
Aviva's next earnings date is estimated for March 4, 2027, based on past reporting schedules.
Q2 2026 Earnings Call Audio
Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
The call portrayed a firmly positive operational and financial momentum—notably strong growth in operating profit (24%), EPS (10%), Wealth net flows (+32%), cash remittances (+47%) and clear progress on Direct Line integration and AI initiatives—while acknowledging manageable headwinds: Protection profit decline, Health falling short of its GBP 100m target, recent Canada CAT/weather risk and some underlying GI margin impacts from large losses and one‑off items. Management emphasizes balance‑sheet strength (176% solvency, aiming high‑180s), delivery of synergies and disciplined capital‑light progression, presenting more positives than negatives overall.
The call guided to continued strong delivery: H1 operating profit rose 24% to £1.3bn with operating EPS up 10% and IFRS ROE at 20.3%, and the board declared an interim dividend of 14p (up 7%) after completing the latest buyback; cash remittances were up 47% to £1.5bn and underlying operating capital generation rose 14% to £812m. Solvency was 176% at half‑year (after a 9‑point operating capital generation add and c.3 points of non‑operating items) and management expects the ratio to be in the high‑180s by year‑end (including at least 7 additional points / £350m of Direct Line capital synergies); group full‑year operating EPS is guided to be around 11%. Key business guidance includes GI momentum with a headline COR improved to ~93.3–93.4% (on track for 2026 guidance) and Direct Line cost synergies of £130m this year (£100m run‑rate delivered so far, plus £150m capital synergies and £40m annual claims savings); Wealth net flows were up 32% to £7.6bn (AUM >£260bn) and management remains on track for £280m Wealth operating profit by 2027; Health now expects c.£90m operating profit in 2026; Retirement BPA IRR was 18% (BPA £1.1bn, YTD volumes £1.9bn).
- Strong overall financial performanceOperating profit rose 24% to GBP 1.3bn; operating EPS grew ~10%; IFRS return on equity was above 20% (20.3% reported). Cash remittances increased 47% to GBP 1.5bn.
- Wealth business momentumWealth net flows up 32% to GBP 7.6bn (c.7% of opening AUM on an annual basis); assets under management reported >GBP 260bn; Wealth operating profit increased 34%; Workplace net flows up 36%; Direct Wealth customers grew ~33% to nearly 120,000 and Direct AUM up 14% to GBP 5bn.
- Direct Line integration delivering material valueDirect Line premiums nearly doubled in U.K. Personal Lines. Delivered GBP 100m run-rate cost synergies, GBP 150m capital synergies and GBP 40m annual claims cost savings so far; expect cost synergies of GBP 130m this year and further capital synergies (~GBP 350m / ~7 points) by year end. Direct Line Motor written combined ratios improved by >10 points; PCW policies from Direct Line increased ~10x to ~0.5m and PCW new business share at record high.
- General Insurance operational improvementsGroup General Insurance combined ratio improved ~1.3 points to c.93.3% (UK & Ireland combined ratio 93.4%, a 1.1 point improvement). UK & Ireland operating profit grew ~50% to GBP 643m. Headline undiscounted COR has improved by >2 points over the last two years.
- Capital generation and solvency strengthUnderlying operating capital generation up 14% to GBP 812m. Shareholder cover (solvency) was 176% at half-year and guided to the high 180s by year-end (subject to market movements); company completed the latest share buyback and announced an interim dividend of 14p (up 7%).
- Retirement and annuities performanceBulk purchase annuity (BPA) IRR reported at 18% (above low‑teens guidance). Individual annuity sales up 11% to GBP 865m; BPA trading delivered relatively low capital strain and IRRs above guidance for deals written.
- AI and efficiency gains already contributingLongstanding AI/pricing investment cited as delivering >GBP 200m run‑rate benefits in U.K. Personal Lines pricing and prior GBP 100m of claims savings. Multiple AI initiatives underway: AI underwriting cut medical underwriting time by ~50% with high accuracy, agentic QA slated to save ~50% back-office time, and a voice-enabled claims agent planned to auto-route >50% of motor calls.
- Customer multi‑product momentum and lower acquisition costsMultiproduct customers increased from 4.7m (2022) to ~7.2m (including Direct Line). 46% of new policies sold to existing customers. Multiproduct customers have ~30% lower acquisition cost, ~1.7 percentage points higher retention and c.2.8x engagement on MyAviva relative to single-product customers.
DE:GU80 Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Mar 04, 2027 | 2026 (Q4) | 0.70- | 0.65 | ― | ― |
| Aug 14, 2026 | 2026 (Q2) | 0.730.77 | 0.7 | 9.53% (+0.07) | |
| Mar 05, 2026 | 2025 (Q4) | 0.760.65 | 0.56 | 17.31% (+0.10) | |
| Aug 14, 2025 | 2025 (Q2) | 0.640.70 | 0.53 | 31.39% (+0.17) | |
| Feb 27, 2025 | 2024 (Q4) | 0.540.56 | 0.57 | -2.50% (-0.01) | |
| Aug 14, 2024 | 2024 (Q2) | 0.480.53 | 0.45 | 17.91% (+0.08) | |
| Mar 07, 2024 | 2023 (Q4) | 0.440.57 | 0.92 | -37.92% (-0.35) | |
| Aug 16, 2023 | 2023 (Q2) | 0.360.45 | 0.51 | -11.81% (-0.06) | |
| Mar 09, 2023 | 2022 (Q4) | 0.490.92 | 0.7 | 30.67% (+0.22) | |
| Aug 10, 2022 | 2022 (Q2) | 0.420.51 | 0.06 | 747.06% (+0.45) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
