Response to PRA Final Notice
Summary by AI BETAClose X
11 March 2026
Aviva plc
Response to PRA Final Notice on historical Direct Line Group accounting errors
Aviva plc ("Aviva") notes the outcome of the PRA's investigation into a miscalculation of Direct Line Group's ("DLG") solvency position, which was identified and disclosed by DLG in August 2024. This is an historical issue relating entirely to a period before Aviva completed its acquisition of DLG in July 2025.
The PRA has acknowledged that DLG and, subsequent to completion of the acquisition, Aviva, have co-operated with their investigation in an exemplary manner and, as a consequence, the financial penalty has been discounted by the maximum amount possible.
Following completion of the acquisition, Aviva has also taken extensive action to enhance the financial reporting control environment within the former DLG part of the business.
Aviva was fully aware of this matter prior to agreeing the terms of the acquisition of DLG and the outcome is fully provided for in the acquisition balance sheet. The resolution of this matter has no impact on the integration of DLG into Aviva, which is proceeding well, and no impact on the expected financial benefits arising from the acquisition.
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Enquiries: |
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Media: |
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Andrew Reid |
+44 (0)7800 694 276 |
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Sarah Swailes |
+44 (0)7800 694 859 |
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Marion Fischer |
+44 (0)7800 693 219 |
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Investors and analysts: |
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Greg Neilson |
+44 (0)7800 694 564 |
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Michael O'Hara |
+44 (0)7387 234 388 |
Notes to editors:
· We are the UK's only diversified insurer and we operate in the UK, Ireland and Canada. We also have international investments in India and China.
· We help our 25.2 million customers make the most out of life, plan for the future, and have the confidence that if things go wrong we'll be there to put it right.
· We have been taking care of people for more than 325 years, in line with our purpose of being 'with you today, for a better tomorrow'. In 2025, we paid £31.9 billion in claims and benefits to our customers.
· Aviva is a Living Wage, Living Pension and Living Hours employer and provides market-leading benefits for our people, including flexible working, paid carers leave and equal parental leave. Find out more at www.aviva.com/about-us/our-people.
· As at 31 December 2025, total Group assets under management at Aviva Group were £454 billion and our estimated Solvency II shareholder capital surplus was £7.1 billion. Our shares are listed on the London Stock Exchange and we are a member of the FTSE 100 index.
· For more details on what we do, our business and how we help our customers, visit www.aviva.com/about-us.
· The Aviva newsroom at www.aviva.com/newsroom includes links to our spokespeople images, podcasts, research reports and our news release archive. Sign up to get the latest news from Aviva by email.
· You can follow us on:
o X: www.x.com/avivaplc
o LinkedIn: www.linkedin.com/company/aviva-plc
o Instagram: www.instagram.com/avivaplc/
· For the latest corporate films from around our business, subscribe to our YouTube channel: www.youtube.com/aviva.
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