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(D) CONSOLIDATION PRINCIPLES
(a) Subsidiaries
Subsidiaries are those entities over which the Group has
control. The Group controls an investee if and only if the
Group has all of the following:
\u2022 Power over the investee;
\u2022 Exposure, or rights, to variable returns from its involvement
with the investee; and
\u2022 The ability to use its power over the investee to affect
its\u00a0returns.
The Group considers all relevant facts and circumstances in
assessing whether it has power over an investee, including:
the purpose and design of an investee, relevant activities,
substantive and protective rights, and voting and potential
voting rights.
The Group reassesses whether or not it controls an investee if
facts and circumstances indicate that there are changes to one
or more of the three elements of control.
(b) Investment vehicles
The Group has invested in a number of specialised investment
vehicles such as Open-Ended Investment Companies (OEICs)
and unit trusts. These invest mainly in equities, bonds, cash
and cash equivalents, and properties, and distribute most of
their income. In determining whether the Group controls such
vehicles, primary considerations include whether the Group is
acting as a principal or an agent (including an assessment of
the substantive removal rights of third parties) and the
variability in the returns associated with the Group\u2019s aggregate
economic interest in the fund (direct interest and expected
management fees) relative to the total variability of returns.
Additionally, the Group\u2019s percentage ownership in these
vehicles can fluctuate on a daily basis according to the level of
participation of the Group and third parties. To avoid transitory
or minor changes in fund holdings (which do not reflect the
wider facts and circumstances of the Group\u2019s involvement)
resulting in binary changes in the consolidation conclusions,
the Group takes into account the trend of ownership over a
period of time.
The assessment is performed in line with the following
principles:
\u2022 Where the entity is managed by a Group asset manager, and
the Group\u2019s ownership holding in the entity exceeds 40%,
the Group is judged to have control over the entity;
\u2022 Where the entity is managed by a Group asset manager, and
the Group\u2019s ownership holding in the entity is between 30%
and 40%, the facts and circumstances of the Group\u2019s
involvement in the entity are considered in forming a
judgement as to whether the Group has control over the
entity. Considerations include the rights held by other parties,
the Group\u2019s rights to fees from the entity, the variability in the
returns associated with the Group\u2019s aggregate economic
interest in the fund and the nature of the Group\u2019s exposure to
variability compared with that of other investors; and
\u2022 Where the entity is managed by a Group asset manager, and
the Group\u2019s ownership holding in the entity is less than 30%,
the Group is judged to not have control over the entity.
Where the Group is deemed to control such vehicles, they are
consolidated, with the interests of parties other than Aviva
being classified as liabilities. These appear as \u2018Net asset value
attributable to unitholders\u2019 in the consolidated statement of
financial position.
The interest of parties other than Aviva in the investment
return on these funds appear as \u2018Investment expense/
(income) attributable to unitholders\u2019 in the income statement.
Where the Group does not control such vehicles (e.g. the
Group is not the asset manager and has no substantive
removal rights), and these investments are held by its
insurance or investment funds, they are carried at fair value
through profit or loss within financial investments in the
consolidated statement of financial position, in accordance
with IFRS 9 Financial Instruments.
As part of their investment strategy, long-term business
policyholder funds have invested in a number of property
limited partnerships (PLPs), either directly or via property unit
trusts (PUTs), through a mix of capital and loans. The PLPs are
managed by general partners (GPs), in which the long-term
business shareholder companies hold equity stakes and which
themselves hold nominal stakes in the PLPs. The PUTs are
managed by a Group subsidiary.
Accounting for the PUTs and PLPs as subsidiaries, joint
ventures, associates or other financial investments depends
on whether the Group is deemed to have control or joint
control over the PUTs and PLPs\u2019 shareholdings in the GPs and
the terms of each partnership agreement are considered along
with other factors that determine control, as outlined above.
Where the Group exerts control over a PUT or a PLP, it has
been treated as a subsidiary and its results, assets and
liabilities have been consolidated.
Where the partnership is managed by an agreement such
that\u00a0there is joint control between the parties, notwithstanding
that the Group\u2019s partnership share in the PLP (including its
indirect stake via the relevant PUT and GP) may be lower or
higher than 50%, such PUTs and PLPs have been classified
as\u00a0joint ventures.
Where the Group has significant influence over the PUT or PLP,
as defined in the following section, the PUT or PLP is classified
as an associate. Where the Group holds non-controlling
interests in PLPs, with no significant influence or control over
their associated GPs, the relevant investments are carried at
fair value through profit or loss within financial investments.
(c) Consolidation procedure
Subsidiaries are consolidated from the date the Group obtains
control and are excluded from consolidation from\u00a0the date the
Group loses control. All intercompany transactions, balances
and unrealised surpluses and deficits on transactions between
Group companies have\u00a0been eliminated. Accounting policies of
subsidiaries are aligned on acquisition to ensure consistency
with Group policies.
The Group is required to use the acquisition method of
accounting for business combinations. Under this method, the
Group recognises identifiable assets, liabilities and contingent
liabilities at fair value, and any non-controlling interest in the
acquiree. For each business combination, the Group has the
option to measure the non-controlling interest in the acquiree
either at fair value or at the proportionate share of the
acquiree\u2019s identifiable net assets. The excess of the
consideration transferred over the fair value of the net assets
of the subsidiary acquired is\u00a0recorded as goodwill (see
accounting policy O). Acquisition-related costs are expensed
as incurred.
Transactions with non-controlling interests that lead to
changes in the ownership interests in a subsidiary, but do not
result in a loss of control, are treated as equity transactions.
(d) Merger accounting and the merger reserve
Prior to 1 January 2004, the date of first-time adoption of\u00a0IFRS,
certain significant business combinations were accounted for
using the \u2018pooling of interests method\u2019 (or merger accounting),
which treats the merged groups as if\u00a0they had been combined
throughout the current and comparative accounting periods.
Merger accounting principles for these combinations gave rise
to a merger reserve in the consolidated statement of financial
position, being the difference between the nominal value of
new shares issued by the Parent Company for the acquisition
of the shares of the subsidiary and the subsidiary\u2019s own share
capital and share premium account. These transactions have
not been restated, as\u00a0permitted by the IFRS 1 transitional
arrangements.
The merger reserve is also used where more than 90% of\u00a0the
shares in a subsidiary are acquired and the consideration
includes the issue of new shares by the Company, thereby
attracting merger relief under the Companies Act 1985 and,
from 1 October 2009, the Companies Act 2006.
(e) Associates and joint ventures
Associates are entities over which the Group has significant
influence. Significant influence is the power to participate in
the financial and operating policy decisions of the investee,
but\u00a0is not control or joint control. Generally, it is presumed that
the Group has significant influence if it has between 20% and
50% of voting rights. Joint ventures are joint arrangements
whereby the Group and other parties that have joint control
of\u00a0the arrangement have rights to the net assets of the joint
venture. Joint control is the contractually agreed sharing of
control of an arrangement, which exists only when decisions
about the relevant activities require unanimous consent of
the\u00a0parties sharing control. In a number of these, the Group\u2019s
share of the underlying assets and liabilities may be greater or
less than 50% but the terms of the relevant agreements make
it clear that control is not exercised. Such jointly controlled
entities are referred to as joint ventures in these financial
statements.
Gains on transactions between the Group and its associates
and joint ventures are eliminated to the extent of the Group\u2019s
interest in the associates and joint ventures. Losses are also
eliminated, unless the transaction provides evidence of an
impairment of the asset transferred between entities.
Investments in associates and joint ventures are accounted
for using the equity method of accounting, except for
investments in investment vehicles which are carried at fair
value through profit or loss. Under this method, the cost of
the\u00a0investment in a given associate or joint venture, together
with the Group\u2019s share of that entity\u2019s post-acquisition
changes to shareholders\u2019 funds, is included as an asset in the
consolidated statement of financial position. As explained in
accounting policy O, the cost includes goodwill recognised on
acquisition. The Group\u2019s share of their post-acquisition profit
or losses is recognised in the income statement and its share
of their post-acquisition other comprehensive income is
recognised in other comprehensive income. Equity accounting
is discontinued when the Group no longer has significant
influence or joint control over the investment.
If the Group\u2019s share of losses in an associate or joint venture
equals or exceeds its interest in the undertaking, the Group
does not recognise further losses unless it has\u00a0incurred
obligations or made payments on behalf of the entity.
(f) The Company\u2019s investments
In the Company\u2019s statement of financial position, subsidiaries,
associates and joint ventures are stated at cost less
impairment. Investments are reviewed annually to test
whether any indicators of impairment exist.
Where there is objective evidence of such an asset being
impaired, the investment is impaired to its recoverable value
and any unrealised loss is recorded in the income statement.
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(E) FOREIGN CURRENCY TRANSLATION
Income statements and cash flows of foreign entities are
translated into the Group\u2019s presentation currency at average
exchange rates for the year, while their statements of financial
position are translated at the year-end exchange rates.
Exchange differences arising from the translation of the net
investment in foreign subsidiaries, associates and joint
ventures, and of borrowings and other currency instruments
designated as hedges of such investments, are recognised in
other comprehensive income and taken to the currency
translation reserve within equity.
On disposal of a foreign entity, such exchange differences are
transferred out of this reserve and are recognised in the
income statement as part of the gain or loss on sale.
The cumulative translation differences were deemed to be
zero at the transition date to IFRS.
Foreign currency transactions are accounted for at the
exchange rates prevailing at the date of the transactions.
Gains and losses resulting from the settlement of such
transactions, and from the translation of monetary assets and
liabilities denominated in foreign currencies, are recognised in
the income statement.
Translation differences on fixed maturity securities and other
monetary financial assets measured at fair value through profit
or loss (FVTPL) (see accounting policy W) are included in
foreign exchange gains and losses in the income statement.
Translation differences on non-monetary items, such as
equities which are designated as FVTPL, are reported as part
of the fair value gain or loss.
(F) FAIR VALUE MEASUREMENT
Fair value is the price that would be received to sell an asset
or\u00a0paid to transfer a liability in an orderly transaction between
market participants at the measurement date, regardless of
whether that price is directly observable or estimated using
another valuation technique. This presumes that the transaction
takes place in the principal (or most advantageous) market
under current market conditions. Fair value is a market-based
measure and in the absence of observable market prices in
an\u00a0active market, it is measured using the assumptions that
market participants would use when pricing the asset
or\u00a0liability.
The fair value of a non-financial asset is determined based
on\u00a0its highest and best use from a market participant\u2019s
perspective. When using this approach, the Group takes into
account the asset\u2019s use that is physically possible, legally
permissible and financially feasible.
The best evidence of the fair value of a financial instrument at
initial recognition is normally the transaction price i.e. the fair
value of the consideration given or received. In certain
circumstances, the fair value at initial recognition may differ
from the transaction price.
If the fair value is evidenced by comparison with other
observable current market transactions in the same
instrument (i.e. without modification or repackaging), or is
based on a valuation technique whose variables include only
data from observable markets, then the difference between
the fair value at initial recognition and the transaction price is
recognised as a gain or loss in the income statement.
When unobservable market data has a significant impact on
the valuation of financial instruments, the difference between
the fair value at initial recognition and the transaction price is
not recognised immediately in the income statement, but deferred
and recognised in the income statement on an appropriate
basis over the life of the instrument, but no later than when the
valuation is supported wholly by observable market data or
the transaction is closed out or otherwise matured.
If an asset or a liability measured at fair value has a bid price
and an ask price, the price within the bid-ask spread that is
most representative of fair value in the circumstances is used
to measure fair value.
(G) PRODUCT CLASSIFICATION
Insurance contracts are defined as those containing significant
insurance risk if, and only if, an insured event could cause an
insurer to make significant additional payments (determined
on a present value basis) in any scenario, excluding scenarios
that lack commercial substance, at the inception of the
contract. Such contracts remain insurance contracts until all
rights and obligations are extinguished or expire. Contracts
can be reclassified as insurance contracts after inception if
insurance risk becomes significant. Contracts that transfer
financial risks, but not significant insurance risk, are classified
as investment contracts.
Some insurance and investment contracts contain a
discretionary participation feature, which is a contractual right
to receive additional benefits as a supplement to guaranteed
benefits (i) that are likely to be a significant portion of the total
contractual payments; (ii) whose amount or timing is at the
discretion of the issuer; and (iii) that are based on the performance
of a specified pool of assets, company, or other entity that
issues the contracts. Investment contracts with discretionary
participation features, referred to as participating investment
contracts, are accounted for under IFRS 17 as set out in policy
(M). This includes hybrid participating investment contracts,
which are a combination of unit-linked and with-profits
investments for which the discretionary participation feature
is\u00a0a significant portion of the\u00a0combined contract. Investment
contracts without discretionary participation features, referred
to as non-participating investment contracts, and the related
reinsurance assets are accounted for as financial instruments
under IFRS 9.
The classification of the Group\u2019s main contracts is
summarised\u00a0below:
Type of contract
Classification
Annuities
Insurance contract
Unit-linked with significant
insurance risk or with a
significant discretionary
participation feature
Insurance contract/
Participating investment
contract
Unit-linked without significant
insurance risk and without
significant discretionary
participation features
Non-participating investment
contract
Protection
Insurance contract
General insurance (e.g.
motor,\u00a0property, liability)
Insurance contract
Health
Insurance contract
With-profits
Insurance contract/
Participating investment
contract
(H) INSURANCE SERVICE RESULT
The insurance service result represents the Group\u2019s profit
or\u00a0loss recognised on insurance contracts, participating
investment contracts and reinsurance contracts (measured in
accordance with policy M) in the period, excluding the impact
of the time value of money and financial risks related to such
contracts. The insurance service result contains three
components:
(a) Insurance revenue
For insurance contracts and participating investment contracts
applying GMM and\u00a0VFA, insurance revenue is comprised of:
\u2022 The amortisation of Contractual Service Margin (CSM);
\u2022 The release of the risk adjustment included within the
liability for remaining coverage;
\u2022 Claims and expenses expected to be incurred in the period,
as released from the liability for remaining coverage and
adjusted for the allocation of loss;
\u2022 Other, including revenue recognised for policyholder
tax\u00a0and\u00a0other incurred expenses that have been charged
to\u00a0policyholder funds; and
\u2022 The recovery of insurance acquisition cash flows,
which\u00a0offsets the amortisation included in insurance
service\u00a0expenses.
For insurance contracts applying the Premium Allocation
Approach (PAA), insurance revenue is based upon the
amount\u00a0of expected premium receipts allocated to insurance
contracts in the period. Premium receipts are allocated to
insurance contracts based upon the passage of time or,
where\u00a0there is evidence that the release of risk differs from
the passage of time, on the basis of the expected timing of
insurance service expenses.
(b) Insurance service expenses
For insurance contracts and participating investment
contracts, insurance service expenses are comprised of:
\u2022 Actual claims (excluding investment components) and non-
acquisition fulfilment expenses incurred, adjusted for the
allocation of loss components;
\u2022 The recognition and reversal of losses on onerous contracts;
\u2022 Non-financial assumption changes which do not
adjust\u00a0the\u00a0CSM;
\u2022 Non-financial assumption changes which affect the
valuation of the liability for incurred claims;
\u2022 Any impairment of acquisition cash flows, net of
reversals;\u00a0and
\u2022 The amortisation of insurance acquisition cash flows.
For contracts measured under the GMM and VFA, recovery
of\u00a0insurance acquisition cash flows is included in insurance
revenue, as described above, and an equal and opposite
amount for the amortisation of insurance acquisition cash
flows is included in insurance service expenses.
For contracts measured under the PAA, amortisation of
insurance acquisition cash flows is based on the passage of
time or, where there is evidence that the release of risk differs
from the passage of time, on the basis of the expected timing
of insurance service expenses.
(c) Net income and expenses from reinsurance contracts
Net income (expenses) from reinsurance contracts held
represents the insurance service result for groups of
reinsurance contracts held and is comprised of:
\u2022 The allocation of reinsurance premiums paid, which is
calculated using the same principles as used to calculate
revenue on insurance contracts;
\u2022 Amounts recoverable from reinsurers, which is calculated
using the same principles as used to calculate insurance
service expenses on insurance contracts;
\u2022 The recognition of, and subsequent movements in,
reinsurance loss recovery components; and
\u2022 The effect of changes in the risk of reinsurers\u2019 non-
performance.
(I) INSURANCE FINANCE RESULT
Insurance finance income/expenses are calculated on
insurance contracts, participating investment contracts
and\u00a0reinsurance contracts, comprising:
\u2022 Changes in the fair value of underlying items;
\u2022 The accretion of interest on the CSM;
\u2022 The unwind of discounting on fulfilment cash flows; and
\u2022 The impact of financial assumption changes upon fulfilment
cash flows.
The latter two components are only included in the insurance
finance result for contracts measured under the GMM and
PAA, in addition to VFA contracts where the risk mitigation
option is applied.
Where changes in expected future cash flows and risk
adjustment on GMM contracts arise from non-financial
assumption changes and experience variances, the difference
between measuring the change in fulfilment cash flows using
current financial assumptions and the impact which adjusts the
CSM using locked in financial assumptions is recognised
in\u00a0the\u00a0income statement in net finance expenses.
The accounting policies used to calculate amounts within
the\u00a0insurance finance result are discussed in greater detail
in\u00a0policy M.
(J) INVESTMENT CONTRACT FEE REVENUE
Non-participating investment contract policyholders are
charged fees for policy administration, investment
management, surrenders or other contract services.
The fees may be for fixed amounts or vary with the amounts
being managed, and will generally be charged as an
adjustment to the policyholder\u2019s balance. Fees related to
investment management services are recognised as revenue
over time, as performance obligations are satisfied. In most
cases this revenue is recognised in the same period in which
the fees are charged to the policyholder. Fees that are related
to services to be provided in future periods are deferred and
recognised when the performance obligation is fulfilled.
Variable consideration, such as performance fees and
commission subject to clawback arrangements, is not
recognised as revenue until it is reasonably certain that no
significant reversal of amounts recognised would occur.
Initiation and other \u2018front-end\u2019 fees (fees that are assessed against
the policyholder balance as consideration for origination of the
contract) are charged on some non-participating investment
and\u00a0investment fund management contracts.
Where the investment contract is measured at fair value,
the\u00a0front-end fees that relate to the provision of investment
management services are deferred and recognised as the
services are provided. Origination fees are recognised
immediately where the sale of fund interests represent
a\u00a0separate performance obligation.
(K) OTHER FEE AND COMMISSION INCOME
Other fee and commission income consists primarily of fund
management fees, distribution fees from mutual funds, asset
origination fees, commission revenue from the sale of mutual
fund shares and transfer agent fees for shareholder record
keeping. Fee and commission income is recognised over time
as the services are provided.
(L) INVESTMENT RETURN
Investment return consists of dividends, interest and rents
receivable for the year, movements in amortised cost on fixed
maturity securities, realised gains and losses, and unrealised
gains and losses on investments held at FVTPL (as defined in
accounting policy W). Dividends on equity securities are
recorded as revenue on the ex-dividend date. Interest income
is recognised as it accrues, taking into account the effective
yield on the investment. It includes the interest rate differential
on forward foreign exchange contracts.
Rental income is recognised on an accruals basis using
a\u00a0straight-line method, unless there is compelling evidence
that benefits do not accrue evenly over the period of the\u00a0lease.
A gain or loss on a financial investment is only realised
on\u00a0disposal or transfer, and is the difference between the
proceeds received, net of transaction costs, and its original
cost or amortised cost, as appropriate.
Unrealised gains and losses, arising on investments which
have not been derecognised as a result of disposal or transfer,
represent the difference between the carrying value at the
year end and the carrying value at the previous year end or
purchase value during the year, less the reversal of previously
recognised unrealised gains and losses in respect of disposals
made during the year.
Realised gains or losses on investment property represent the
difference between the net disposal proceeds and the carrying
amount of the property.
(M) INSURANCE, PARTICIPATING INVESTMENT
AND REINSURANCE CONTRACTS
Insurance contracts, participating investment contracts
and\u00a0reinsurance contracts are accounted for in accordance
with IFRS\u00a017.
The key measurement principles are outlined below.
(a) IFRS 17 measurement models
The Group applies three measurement models to insurance
contracts, participating investment contracts and reinsurance
contracts as follows:
Model
Applicable business
GMM
\u2022 Bulk purchase annuities
\u2022 Individual immediate and deferred annuities
\u2022 Individual and group protection
\u2022 With-profits contracts with guaranteed
annuity terms
\u2022 Reinsurance contracts held, including non-
life reinsurance contracts that are not
eligible for PAA
\u2022 Claims in settlement acquired in business
combinations
VFA
\u2022 Participating investment contracts
\u2022 Unit linked or with-profits contracts with
significant insurance risk
PAA
\u2022 Short duration non-life insurance contracts
\u2022 Longer duration non-life insurance
contracts which are eligible for PAA
\u2022 Reinsurance contracts held which are
eligible for PAA
The Group applies judgement when determining eligibility
criteria for the VFA and PAA measurement models (see
Accounting policy M section (b)).
Under each measurement model insurance contract
liabilities\u00a0are measured as the sum of the liability for
remaining\u00a0coverage (LRC) and the liability for incurred
claims\u00a0(LIC). The\u00a0LRC represents the obligation under the
insurance contract for insured events that have not yet
occurred, i.e. the obligation that relates to the unexpired
portion of the coverage period, including the contractual
service margin (CSM). The LIC reflects the obligation to
investigate and pay valid claims for insured events that
have\u00a0already occurred, including events that have already
occurred but for which claims have not been reported.
The key features of each measurement model are set
out\u00a0below.
(i) General measurement model (GMM)
The GMM is the default IFRS 17 measurement model.
The\u00a0fulfilment cash flows comprise the present value of
future\u00a0cash flows within the boundary of the contract,
discounted at current rates, and an explicit risk adjustment
for\u00a0non-financial risk.
At inception, a CSM liability is recognised for each new group
of contracts which represents the unearned profit to be
recognised over the coverage period.
Initial measurement is based on the cash flows within the
boundary of the contract discounted at the rate when the
contract is written. Except for reinsurance contracts held,
losses on groups of contracts that are onerous at inception
are\u00a0recognised immediately.
For subsequent measurement, fulfilment cash flows are
discounted at current rates at each balance sheet date, while
the CSM is remeasured applying the discount rate when the
contract is written (the locked-in rate). Other financial
assumptions including inflation and foreign exchange rates are
also locked in at inception for the purposes of remeasuring the
CSM. The CSM is remeasured for changes in the fulfilment
cash flows relating to non-financial risk only, applying these
locked-in financial assumptions. Interest is accreted on the
CSM using the locked-in discount rate and the CSM is
amortised over the coverage period of the contract.
The coverage period is determined based on the service
provided to customers including both insurance and
investment services. Losses on groups of contracts that
are\u00a0profitable at inception but subsequently become
onerous\u00a0are recognised immediately.
In contrast to insurance contracts, the CSM for groups
of\u00a0reinsurance contracts held can be an asset or\u00a0liability.
If\u00a0reinsurance is in place when underlying groups of\u00a0insurance
contracts become onerous, the reinsurance\u00a0CSM recognised
is adjusted to offset the\u00a0gross losses arising.
Where the net cost of purchasing reinsurance contracts held
relates to events that occurred prior to purchase (for\u00a0example
adverse development cover), no CSM is recognised, and the
net cost is recognised immediately in\u00a0the income statement.
(ii) Variable fee approach (VFA)
The VFA is a modified approach to the GMM that is applied to
groups of insurance and investment contracts with direct
participating features, which meet eligibility requirements that
demonstrate they provide substantial investment related
services to policyholders.
Fulfilment cash flows for VFA contracts comprise the
obligation to pay policyholders an amount equal to the
fair\u00a0value of underlying items, less the variable fee for
future\u00a0service.
Changes in the obligation to pay policyholders the fair value of
underlying items are recognised within net finance expenses
from insurance contracts in the income\u00a0statement.
The variable fee includes the present value of the Group\u2019s
share of the fair value of underlying items, adjusted for cash
flows that do not vary with those underlying items. The risk
adjustment reflects the compensation for non-financial risk
in\u00a0relation to the variable fee only.
The CSM is subsequently remeasured for changes in the
variable fee due to both financial and non-financial risks using
current market discount rates.
Consistent with the GMM, the CSM is recognised in profit or
loss over the coverage period in line with the insurance and
investment services provided to customers.
(iii) Premium allocation approach (PAA)
The PAA is a simplified measurement model which can
be\u00a0applied to all short duration contracts and to longer
duration contracts that meet PAA eligibility criteria.
It\u00a0is\u00a0applied to all of the Group's non-life insurance and
reinsurance contracts except for contracts that reinsure
adverse development of incurred claims and claims in
settlement acquired in business combinations.
The LRC is measured as the amount of premium received\u00a0net
of acquisition cash flows, less the amount of\u00a0premiums and
acquisition cash flows that have been recognised in profit or
loss over the expired portion of the\u00a0coverage period.
Premium receipts and acquisition cash flows are recognised
in\u00a0profit or loss over the life of the contract, based on the
passage of time.
Where policyholder premiums are yet to be remitted by
intermediaries, these premiums are treated as received within
the LRC with a separate financial asset recognised for the
amounts due from intermediaries. Commissions due to
intermediaries are treated as paid within the LRC with a
separate financial liability recognised. Variable commissions
which are not yet due and which are dependent upon
underwriting performance are measured\u00a0within the liability for
remaining coverage, until\u00a0the coverage period expires and the
liability amount is known, at which point they are reclassified
as financial liabilities.
If facts and circumstances indicate that a group of contracts
may be onerous, the LRC is measured using GMM principles
and losses for onerous contracts are recognised immediately
in the income statement.
For most contracts applying PAA, the measurement of\u00a0the\u00a0LIC
aligns to the GMM, with an explicit risk adjustment for non-
financial risk, and discounting applied\u00a0to expected cash flows.
For Health contracts a\u00a0PAA exemption is applied to measure
the LIC on an undiscounted basis, allowable because claims
are settled within 12 months of their incurred date.
(b) Choice of measurement model
(i) VFA eligibility\u00a0
Life business is considered to have direct participating
features, and is required to be measured under the VFA
model\u00a0where:
\u2022 Contractual terms evidence that policyholders participate
in\u00a0a pool of clearly identified underlying items, for example
unit-linked or with-profits funds;
\u2022 The policyholders expect to receive a substantial share
of\u00a0the returns on underlying items (defined by the Group
as\u00a0greater than 50%); and
\u2022 A substantial proportion of changes in amounts payable
to\u00a0policyholders varies with returns on the underlying items
(defined by the Group as a correlation coefficient of greater
than 50%).
Reinsurance contracts held are not eligible to apply the\u00a0VFA.
(ii) PAA eligibility
The vast majority of the Group\u2019s direct non-life business has
a\u00a0duration of one year or less and is automatically eligible
for\u00a0the PAA model. For the remainder, an assessment is
performed to compare the value of the LRC measured under
GMM and PAA.
Where the LRC does not materially differ between the two
measurement models (over the duration of the contract and
in\u00a0a range of reasonably foreseeable scenarios), the contract
group is PAA eligible.
The Group has multiple non-life reinsurance contracts which
are greater than one year in duration. These are assessed
for\u00a0PAA eligibility by applying the same financial modelling
approach and are all PAA eligible, except for treaties
reinsuring the adverse development of incurred claims.
Insurance contracts acquired in a business combination are
treated by the Group as though they were entered into at the
date of acquisition. Hence, for claims in settlement at the
acquisition date, the insured event for the Group is the ultimate
cost of claims settled post-acquisition, which is included in the
LRC. For non-life business where the claims settlement period
has a duration of greater than one year, the contracts are not
PAA eligible and are measured under the GMM by the Group.\u00a0
(c) Level of aggregation
Generally, an insurance policy with the legal form of a single
contract is accounted for as a single contract. Such policies
will be separated into multiple insurance contracts if: more
than one type of cover is included; risks covered by the
different components are independent; each component can
be measured without considering the other; components can
lapse or terminate independently; and components can be
priced and sold separately. This results in the separation of a
small proportion of non-life insurance policies into multiple
insurance contracts.\u00a0
The unit of account is a group of contracts, so individual
insurance contracts are aggregated into groups for
measurement purposes. Discrete CSMs are determined for
each group of\u00a0insurance contracts applying GMM or VFA.
Groups of\u00a0insurance contracts have been determined by
identifying portfolios of insurance contracts, comprising
contracts subject to similar risks that are managed together,
and dividing each portfolio into annual cohorts by year
of\u00a0issue.
Each annual cohort is then further subdivided into three
groups based on the profitability of contracts determined
at\u00a0initial recognition and comprising:
\u2022 Contracts that are onerous;
\u2022 Contracts that have no significant possibility of becoming
onerous; (based on the probability that changes
in\u00a0assumptions would result in contracts becoming
onerous); and\u00a0
\u2022 All remaining contracts.
Reinsurance contracts held are also subdivided into
three\u00a0profitability groups, determined by reference to
net\u00a0gains/losses on initial recognition, and comprising:
\u2022 Contracts that have a net gain at initial recognition;
\u2022 Contracts that have no significant possibility of a net
gain\u00a0arising subsequently; and
\u2022 All remaining contracts.
The approach to profitability grouping makes use of sets.
Where it can be demonstrated that all contracts within a set
are sufficiently homogeneous, they are allocated to the same
profitability group without performing an individual contract
assessment. For life product lines, sets of contracts usually
correspond to policyholder pricing groups. The likelihood of
changes in insurance, financial and other exposures resulting
in contracts becoming onerous is monitored at the level of
these pricing groups.\u00a0
For contracts measured under the PAA, IFRS 17 permits
a\u00a0simplification whereby contract groups are assumed
not\u00a0to\u00a0be onerous, unless facts and circumstances indicate
otherwise. The Group uses internal management information
to identify facts and circumstances that may indicate that
a\u00a0group is onerous.
(d) Recognition and derecognition
An insurance contract issued by the Group is recognised from
the earliest of:
\u2022 The beginning of its coverage period (i.e. the period during
which the Group provides insurance contract services in
respect of any premiums within the boundary of the contract);
\u2022 The date the first payment from the policyholder becomes due
or, if there is no contractual due date, when it is received from
the policyholder; and
\u2022 The date when facts and circumstances indicate that the
contract is onerous.
Reinsurance contracts are recognised on the following\u00a0dates:
\u2022 Reinsurance contracts that provide proportionate coverage:
the later of the date on which any underlying insurance
contract is initially recognised and the date the reinsurance is
entered into. This applies to the Group\u2019s quota share
reinsurance contracts.
\u2022 Other reinsurance contracts: The beginning of the coverage
period of the group of reinsurance contracts. However, if the
Group recognises an onerous group of underlying insurance
contracts on an earlier date and the related reinsurance
contract was entered into before that earlier date, then the
group of reinsurance contracts is recognised on that earlier
date. This applies to the Group\u2019s excess of loss and
catastrophe cover reinsurance contracts.
An insurance or reinsurance contract acquired in a transfer
of\u00a0contracts or a business combination is recognised on the date
of acquisition.
When the contract is recognised, it is added to an existing group
of\u00a0contracts or, if the contract does not qualify for\u00a0inclusion in an
existing group, it forms a new group to\u00a0which future contracts are
added. Groups of contracts\u00a0are\u00a0established on initial recognition
and their\u00a0composition is not revised once all contracts have been
added to the group.
Insurance contracts are derecognised when the contract
is\u00a0extinguished, i.e. when the specified obligations expire,
are\u00a0discharged, or are cancelled.
The Group also derecognises a contract if its terms are
modified in a way that would have changed the accounting
for\u00a0the contract significantly had the new terms always
existed, in\u00a0which case a new contract based on the modified
terms is recognised.
(e) Estimate of future cash flows
The estimate of future cash flows is assessed at the level
of\u00a0groups of contracts and represents the best estimate of
the\u00a0Group's cost to fulfil a contract incorporating current
estimates of non-financial assumptions. The estimate allows
for all the cash inflows and outflows expected to occur within
the contract boundary. Cash flows are modelled separately
for\u00a0gross and reinsurance contracts.
(i) Contract boundaries
Cash flows are within the contract boundary if they arise
from\u00a0substantive rights and obligations that exist during
the\u00a0reporting period in which the Group can compel the
policyholder to pay premiums or has a substantive obligation
to provide insurance contract services.
A\u00a0substantive obligation to provide services ends when the Group
has the practical ability to reassess the risks (insurance and
financial risks transferred from the policyholder, so excluding
lapse and expense risks) and set a price or level of\u00a0benefits that
fully reflects those reassessed risks for either the particular
policyholder or\u00a0the portfolio that contains the\u00a0contract.
Riders, representing add-on provisions to a basic insurance
policy that provide additional benefits to the policyholder
at\u00a0additional cost, issued together with the main insurance
contracts, form part of a single insurance contract with all
of\u00a0the cash flows within its boundary.
Some insurance contracts issued by the Group provide
policyholders with the option to buy additional insurance
coverage. The Group assesses the practical ability to reprice
such insurance contracts in their entirety to determine if the
option cash flows are within or outside the\u00a0insurance contract
boundary. As a result of this assessment, options for which
pricing is not guaranteed are\u00a0not measured by the Group until
they are exercised.
Cash flows are within the boundaries of participating
investment contracts if they result from a substantive
obligation of the Group to deliver cash at a present or
future\u00a0date.
Cash flows are within the contract boundary of a reinsurance
contract held if they arise from substantive rights and
obligations that exist during the reporting period in which the
Group is compelled to pay amounts to\u00a0the reinsurer, or has a
substantive right to receive services from the reinsurer.
The contract boundary is reassessed at each reporting date to
include the effect of changes in circumstances on\u00a0the Group\u2019s
substantive rights and obligations and, therefore, may change
over time. Cash flows outside the contract boundary relate to
future insurance contracts and are recognised when those
contracts meet the recognition criteria.
(ii) Principal non-financial assumptions
Principal non-financial assumptions used in the calculation of
life insurance and participating investment contract fulfilment
cash flows include those in respect of\u00a0annuitant and assurance
mortality and future expenses. Expenses must be directly
attributable to fulfilling insurance contracts, including an
allocation of overheads to the extent that they can be allocated
to\u00a0groups of contracts in a systematic and rational way.
Principal non-financial assumptions used in the calculation of
the non-life LIC and the non-life LRC for claims in settlement
acquired in business combinations use past claims experience
to project future claims (estimated using a range of standard
actuarial claims projection techniques).
(iii) Financial assumptions
Discount rates
Discounting is applied to the estimate of future cash flows.
The\u00a0Group uses a bottom-up discount rate for all life and non-
life insurance contracts, except for annuities. A top-down
discount rate is applied to annuities to reflect more
appropriately the characteristics of the annuity liabilities.
For other contracts where liabilities are subject to lapse risk
or\u00a0where cash flows depend on underlying asset performance
(such as unit-linked and with-profits), the characteristics of the
liability can be reflected using the bottom-up method which
requires the application of less judgement.
Top-down discount rates
The discount rate is determined from the yield implicit in\u00a0the
fair value of an appropriate reference portfolio of\u00a0assets that
reflects the characteristics of the liability. Adjustments are
made for differences between the reference portfolio and
liability cash flows, including an allowance for defaults, which
reflects the compensation a\u00a0market participant would require
for credit risk.
The CSM for annuity contracts is measured using a locked-in
discount rate based on assets expected to be originated
for\u00a0new business at initial recognition of the contracts.
On\u00a0subsequent measurement of the fulfilment cash flows
the\u00a0reference portfolio is based on the assets held to match
the portfolio of liabilities. For recently written contracts, an
adjustment is made to liabilities where appropriate assets
are\u00a0yet to be sourced.\u00a0
Bottom-up discount rates
The discount rate is determined as the risk-free yield, adjusted
for differences in liquidity characteristics between the financial
assets used to derive the risk-free yield and the relevant
liability cash flows (known as an \u2018illiquidity premium\u2019).\u00a0
The illiquidity premium is determined as a percentage
of\u00a0the\u00a0current spread over the risk-free yield on an index\u00a0of
covered\u00a0bonds. The percentage applied reflects the liquidity
characteristics of the liabilities including the\u00a0propensity and
ability of policyholders to lapse or\u00a0surrender their contracts;
for example, 100% for structured settlements where
surrenders are not possible, and 0% for unit-linked contracts
where policyholders can\u00a0normally immediately surrender their
contract for the\u00a0unit value. An intermediate percentage is
applied for\u00a0other types of business.
Inflation assumptions
Future inflation assumptions are treated as a financial
assumption when applied to policyholder benefits or
outsourced maintenance expenses that are contractually
linked to an inflation index.
Presentation of financial assumption changes
The Group recognises the impact of financial assumption
changes in the income statement, except for those that relate
to changes in the variable fee for VFA contracts, which adjust
the CSM.
(f) Risk Adjustment
The risk adjustment reflects the compensation required by the
Group to accept the uncertainty about the amount and timing
of future cash flows that arises from non-financial risk.
The calculation of the risk adjustment is calibrated to
the\u00a0Group\u2019s pricing and capital allocation framework,
leveraging the Solvency II view of non-financial risk,
considering a lifetime view, and including diversification
between risks.
The risk adjustment calibration is set at least annually, based
on the Group\u2019s current view of risk. The risk adjustment
calculation is reassessed at each reporting date.
The change in risk adjustment relating to current or past
service is recognised within insurance revenue in the income
statement. The impact of discounting the risk adjustment for
GMM and PAA contracts is disaggregated and recognised
within net finance expenses from insurance contracts.
(g) CSM
The CSM represents a liability for unearned profit measured at
inception and recognised in the income statement over the life
of the contract, as insurance and investment related services
are provided to the customer.
For profitable groups of insurance contracts, the CSM is
established to ensure no profit is recognised at inception, hence
it is equal and opposite to the net present value of the expected
cash flows (including initial premiums and insurance acquisition
cash flows) and the risk adjustment. For groups of gross
insurance contracts issued that are onerous at initial recognition,
the CSM is set to nil and losses are recognised in the income
statement. For reinsurance contracts, the CSM is initially
recognised at a value that ensures no gain or loss is recognised,
but may be adjusted for loss offsetting as set out in\u00a0(h).
Subsequently, the CSM is adjusted for:
\u2022 Accretion of interest at locked-in discount rates (groups
of\u00a0GMM contracts only), which is charged to net finance
expenses in the income statement;
\u2022 New contracts added to the same group;
\u2022 Changes in fulfilment cash flows (including risk adjustment)
that relate to future service;
\u2022 For reinsurance contracts held, income recognised in profit
or loss on initial recognition of onerous underlying contracts
and adjustments to the loss recovery component set out in
(h); and
\u2022 Currency exchange differences.
Changes in fulfilment cash flows that relate to future
service\u00a0include:
\u2022 Experience variances in premiums received during the
period that relate to services provided from the start of the
current period;
\u2022 Changes in expected future cash flows and risk adjustment
on GMM contracts arising from non-financial assumption
changes and experience variances, measured using locked-
in financial assumptions;
\u2022 Changes in the variable fee and risk adjustment on VFA
contracts arising from financial and non-financial
assumption changes and experience variances, except
where the risk mitigation option is applied; and
\u2022 Experience variances in non-distinct investment
components, premium refunds and rights to withdraw
payable in the period.
Changes in fulfilment cash flows that relate to past or\u00a0current
service do not adjust the CSM and are recognised immediately
in the income statement, including the following:
\u2022 Experience variances in claims and expenses incurred,
which are recognised as the difference between insurance
revenue (expected claims and expenses incurred) and
insurance service expenses (actual claims and expenses
incurred); and
\u2022 Changes in expected future cash flows and risk adjustment
on GMM contracts arising from financial assumption
changes and experience variances, including changes in
cash flows that are contractually linked to an inflation index,
which are recognised in net finance expenses from
insurance contracts.
The balance on the CSM at the end of the period is available
for release to profit or loss.
The amount of CSM recognised in insurance revenue
each\u00a0period (the CSM amortisation) is determined by
considering, for each group of contracts, coverage units that
reflect the quantity of the benefits provided in each\u00a0period and
the expected coverage period.
Benefits provided include those arising from both insurance
and investment services. Investment services are only
included if the Group is managing underlying items (typically
with-profits and unit-linked contracts) or where contracts
have an investment component or policyholder\u2019s right to
withdraw that is expected to include an investment return that
is generated by investment activity performed by the Group.
This includes contracts where the value of the\u202finvestment
return that the policyholder benefits from\u202fis not directly related
to the value of the underlying investments.
Coverage units are discounted and are updated at each
reporting date to reflect the current best\u00a0estimate of service
expected to be provided in future\u00a0periods.
Coverage units for reinsurance contracts held are typically
consistent with the underlying gross contracts, adjusted for
differences in the services provided.
(h) Loss components and loss offsetting
Losses on onerous contracts are recognised immediately
within insurance service expenses in the income statement,
and a loss component is established. Subsequent losses, and
reversals of losses, arising from changes in fulfilment cash
flows that relate to future service adjust the loss component
and are recognised immediately in insurance service expenses
to the extent that a balance remains on the loss component,
after which a CSM will be established.
A variable proportion approach is used to systematically
allocate changes in fulfilment cash flows that relate to past or
current service to the loss component, resulting in\u00a0a deduction
from the amount of these changes that is\u00a0recognised within
insurance revenue in the income statement with an offsetting
adjustment to insurance service expenses. The variable
proportion is determined each reporting date as the proportion
of the balance on the loss component relative to the fulfilment
cash flows for that group of contracts.
A reinsurance loss recovery component is established for a
group of reinsurance contracts that covers a group of onerous
underlying contracts. At initial recognition this is\u00a0the amount
that the reinsurance CSM has been adjusted\u00a0as a result of
recognising income to offset losses\u00a0recognised at inception on
underlying insurance contracts, based on the percentage of
the claims that are\u00a0recoverable through the reinsurance.
Subsequently the loss recovery component is adjusted for
changes in\u00a0the reinsurance fulfilment cash flows that
correspond\u00a0to change in fulfilment cash flows that relate\u00a0to
future service for the underlying onerous contracts.
The balance\u00a0on the loss recovery component is\u00a0systematically
allocated to the income statement, using\u00a0a similar approach to
loss components.
(i) Investment components and rights to withdraw
Investment components are amounts that are payable to\u00a0the
policyholder in all circumstances, regardless of\u00a0whether an
insured event occurs. This typically includes the account
balance on unit-linked and with-profit contracts, surrender
and maturity values on protection contracts and guaranteed
payments on immediate annuities. Rights to withdraw, which
may\u00a0include items that are investment components,
are\u00a0amounts payable to policyholders that do not represent an
additional benefit payable when an insured\u00a0event occurs.
This includes, but is not restricted to, maturity values that are
not determined by the occurrence of an insured event, a
policyholder\u2019s rights to receive a surrender value or refund of
premiums on cancellation of a policy, rights to transfer an
amount to another insurance provider and guaranteed annuity
payments on a deferred annuity in excess of the death benefit
payable prior to retirement. Investment components and rights
to withdraw are excluded from insurance revenue and
insurance service expenses in the income statement.
(j) Insurance acquisition cash flows
Insurance acquisition cash flows are initially deferred on the
balance sheet as an insurance acquisition cash flow asset and
then allocated against groups of insurance contracts to which
they are directly attributable.
This includes instances where insurance acquisition cash flows
are directly attributable to the future renewal of existing contract
groups for some products in the Group\u2019s non-life business. For
contract groups applying PAA, the Group has chosen not to apply
an exemption to recognise insurance acquisition cash flows as an
expense at the point they are incurred.
Where insurance acquisition cash flows are allocated to
contract groups applying GMM or VFA, they are included
within the measurement of the CSM and recognised in the
income statement over the period which services are provided
to the customer. Insurance acquisition cash flows allocated to
contract groups applying PAA are recognised in the income
statement over the life of the contract based on the expected
timing of incurred claims.
Insurance acquisition cash flow assets are assessed for
impairment where facts and circumstances indicate that they
may be impaired. The Group uses data on customer retention
rates and the profitability of products to identify such facts and
circumstances.
(N) NON-PARTICIPATING INVESTMENT
CONTRACT LIABILITIES
(a) Claims
For non-participating investment contracts with an account
balance, claims reflect the excess of amounts paid over the
account balance released.
(b) Contract liabilities
Non-participating investment contract liabilities are
designated at FVTPL. Under IFRS 9, the Group elects to
recognise the movement in own credit risk through the income
statement in order to eliminate an accounting mismatch.
Deposits collected under non-participating investment
contracts are not accounted for through the income
statement, except for the investment return attributable to
those contracts, but are accounted for directly through the
statement of financial position as an adjustment to the
investment contract liability.
The majority of the Group\u2019s contracts classified as non-
participating investment contracts are unit-linked contracts
and are measured at fair value.
The liability\u2019s fair value is determined using a valuation
technique to provide a reliable estimate of the amount for
which the liability could be transferred in an orderly
transaction between market participants at the measurement
date, subject to a minimum equal to the surrender value. For
unit-linked contracts, the fair value liability is equal to the
current unit fund value, including any unfunded units.
In addition, if required, non-unit reserves are held based
on\u00a0a\u00a0discounted cash flow analysis. For non-linked contracts,
the\u00a0fair value liability is based on a discounted cash flow
analysis, with allowance for risk calibrated to match the
market price for risk.
(O) REINSURANCE FOR NON-PARTICIPATING
INVESTMENT CONTRACTS
Reinsurance assets for non-participating investment
contracts\u00a0includes balances in respect of investment contracts
that are legally reinsurance contracts but do not meet the
definition of a reinsurance contract under IFRS 17 as they
principally transfer financial risk. Premiums payable on these
contracts are accounted for directly through the statement
of\u00a0financial position.
A deposit asset is initially recognised, based on the
consideration paid less any explicitly identified premiums
or\u00a0fees to be retained by the reinsured. The assets are
subsequently measured at FVTPL.
(P) GOODWILL, AVIF AND INTANGIBLE ASSETS
(a) Goodwill
Goodwill represents the excess of the cost of an acquisition
over the fair value of the Group\u2019s share of the net assets of
the\u00a0acquired subsidiary, associate or joint venture at the date
of acquisition. Goodwill arising on the Group\u2019s investments
in\u00a0subsidiaries is shown as a separate asset, while that on
associates and joint ventures is included within the carrying
value of those investments.
Goodwill on acquisitions prior to 1 January 2004 (the date of
transition to IFRS) is carried at its book value (original cost less
cumulative amortisation) on that date, less any impairment
subsequently incurred. Goodwill arising before 1 January 1998
was eliminated against reserves and has not been reinstated.
Where negative goodwill arises on an acquisition, this is
recognised immediately in the consolidated income statement.
(b) Acquired value of in-force business (AVIF)
AVIF represents the present value of future profits on
a\u00a0portfolio of long-term non-participating investment
contracts, acquired either directly or through the purchase
of\u00a0a\u00a0subsidiary, is\u00a0recognised as an asset.
If the AVIF results from the acquisition of an investment
in\u00a0a\u00a0joint venture or an associate, it is held within the carrying
amount of that investment. In all cases, the AVIF is amortised
over the useful lifetime of the related contracts in the portfolio
on a systematic basis. The rate of amortisation is chosen by
considering the profile of the additional value of in-force
business acquired and the expected depletion in its value.
AVIF is reviewed for evidence of impairment, consistent with
reviews conducted for other finite life intangible assets and
impairment tested at product portfolio level by\u00a0reference to
a\u00a0projection of future profits arising from the portfolio.
(c) Intangible assets
Intangible assets consist primarily of contractual
relationships\u00a0such as access to distribution networks,
customer lists and software.
The economic lives of these are determined by considering
relevant factors such as usage of the asset, typical product
life\u00a0cycles, potential obsolescence, maintenance costs, the
stability of the industry, competitive position and the period
of\u00a0control over the assets. Finite life intangibles are amortised
over their useful lives, which range from three to 17 years,
using the straight-line method.
The amortisation charge for the year is included in the income
statement under \u2018Other expenses\u2019. For intangibles with finite
lives, impairment charges will be recognised in the income
statement where evidence of such impairment is observed.
Intangibles with indefinite lives are subject to regular
impairment testing, as described below.
(d) Impairment testing
For impairment testing, goodwill and intangible assets with
indefinite useful lives have been allocated to cash-generating
units. The carrying amount of goodwill and intangible assets
with indefinite useful lives is reviewed at\u00a0least annually or
when circumstances or events indicate\u00a0there may be
uncertainty over this value. Goodwill and indefinite life
intangibles are written down\u00a0for impairment where the
recoverable amount is insufficient to support its carrying
value. Further details on goodwill allocation and impairment
testing are given in\u00a0note 16. Any impairments are charged as
expenses in the income statement.
(Q) PROPERTY AND EQUIPMENT
Owner-occupied properties are carried at their revalued\u00a0amounts,
and movements are recognised in other comprehensive income
and taken to a separate reserve within equity. When such
properties are sold, the\u00a0accumulated revaluation surpluses are
transferred from this reserve to retained earnings.
These properties are depreciated down to their estimated
residual values over their useful lives.
This excludes owner-occupied properties held under lease
arrangements, which are measured at amortised cost.
See\u00a0accounting policy AB for further information.
All other items classed as property and equipment within the
statement of financial position are carried at historical cost
less accumulated depreciation.
Investment properties under construction are included within
property and equipment until completion, and are stated at cost
less any provision for impairment in their values until construction
is completed or fair value becomes reliably measurable.
Depreciation is calculated on a straight-line basis to write
down the cost of other assets to their residual values over
their estimated useful lives as follows:
\u2022 Properties under construction
No depreciation
\u2022 Owner-occupied properties,
and\u00a0related mechanical and
electrical equipment
25 years
\u2022 Motor vehicles
Three years, or lease
term (up to useful life)
if\u00a0longer
\u2022 Computer equipment
Three to five years
\u2022 Other assets
Three to five years
The assets\u2019 residual values, useful lives and method of
depreciation are reviewed regularly, and at least at each
financial year end, and adjusted if appropriate. Where the
carrying amount of an asset is greater than its estimated
recoverable amount, it is written down immediately to its
recoverable amount.
Gains and losses on disposal of property and equipment
are\u00a0determined by reference to their carrying amount.
Borrowing costs directly attributable to the acquisition and
construction of property and equipment are capitalised.
All\u00a0repair and maintenance costs are charged to the income
statement during the financial period in which they are
incurred. The cost of major renovations is included in the
carrying amount of the asset when it is probable that future
economic benefits in excess of the most recently assessed
standard of performance of the existing asset will flow to the
Group and the renovation replaces an identifiable part of the
asset. Major renovations are depreciated over the remaining
useful life of the related asset.
(R) INVESTMENT PROPERTY
Investment property is held for long-term rental yields and is
not occupied by the Group.
Completed investment property is stated at its fair value, as
assessed by qualified external valuers or by qualified staff of
the Group. Changes in fair values are recorded in the income
statement in investment return.
As described in accounting policy Q above, investment
properties under construction are included within property
and equipment, and are stated at cost less any impairment in
their values until construction is completed or fair value
becomes reliably measurable.
(S) IMPAIRMENT OF NON-FINANCIAL ASSETS
Property and equipment and other non-financial assets are
reviewed for impairment losses whenever events or changes
in circumstances indicate that the carrying amount may not be
recoverable.
An impairment loss is recognised in the income statement for
the amount by which the carrying amount of the asset exceeds
its recoverable amount, which is the higher of an asset\u2019s fair
value less costs of disposal and value in use. For the purposes
of assessing impairment, assets are grouped at the lowest
level for which there are separately identifiable cash flows.
Non-financial assets, except goodwill which have suffered
an\u00a0impairment, are reviewed annually for possible reversal
of\u00a0the impairment.
(T) RECOGNITION AND CLASSIFICATION OF
FINANCIAL ASSETS
Financial assets are measured initially at fair value plus eligible
transaction costs for financial assets held at amortised cost.
Financial assets are subsequently measured at amortised cost
or FVTPL based on a business model assessment and the extent
to which the contractual cash flows associated with the financial
assets are solely payments of principal and interest (SPPI).
The Group measures financial assets at FVTPL if they do not
meet the SPPI criteria or if they are held within a business
model where they are managed and evaluated on a fair value
basis resulting from the Group\u2019s management of capital on a
regulatory basis.
A financial asset is classified at amortised cost if it is held
within a business model whose objective is to hold assets to
collect contractual cash flows and its contractual terms give
rise to cash flows that are SPPI on the principal amount
outstanding.
On initial recognition, the Group may irrevocably designate a
financial asset at FVTPL if doing so eliminates or significantly
reduces an accounting mismatch that would otherwise arise.
The Group has designated certain cash balances at FVTPL to
reduce an accounting mismatch when these balances form
part of the risk mitigation for insurance contracts measured
under the VFA and to which the risk mitigation option is applied
under IFRS 17. These cash balances would otherwise be
measured at amortised cost.\u00a0
The Group measures equity instruments at FVTPL, with
subsequent changes in fair value recognised in the income
statement, as it did not make an irrevocable election on initial
recognition to measure equity instruments at fair value
through other comprehensive income (FVOCI).
Financial assets are not reclassified subsequent to their initial
recognition unless the Group changes its objectives for
managing those financial assets, in which case all affected
financial assets are reclassified on the first day of\u00a0the next
reporting period.
(U) IMPAIRMENT OF FINANCIAL ASSETS
Financial assets held at amortised cost and lease receivables
are in the scope of expected credit loss requirements under
IFRS 9.
This includes financial assets held at amortised cost such as
loans to banks, fixed maturity securities, other loans, and
receivables.
Expected credit loss is an unbiased, probability-weighted
estimate of credit losses. It considers all reasonable and
supportable information, including forward looking economic
assumptions and a range of possible outcomes.
Expected credit losses are calculated on either a 12-month
or\u00a0lifetime basis depending on the extent to which credit risk
has increased significantly since initial recognition, except
where the Group uses the simplified approach to apply lifetime
expected credit losses to trade receivables that do not contain
a significant financing component.
The gross carrying amount of a financial asset is written
off\u00a0to\u00a0the extent that there is no reasonable expectation of
recovery. Subsequent recoveries in excess of the financial
asset\u2019s written-down carrying value are credited to the
income statement.
(V) DERECOGNITION, CONTRACT MODIFICATION
AND OFFSET OF FINANCIAL ASSETS AND
FINANCIAL LIABILITIES
A financial asset (or, where applicable, a part of a financial
asset or part of a group of similar financial assets) is
derecognised where:
\u2022 The rights to receive cash flows from the asset have expired;
\u2022 The Group retains the right to receive cash flows from the
asset, but has assumed an obligation to pay them in full
without material delay to a third party under a \u2018pass-
through\u2019 arrangement; or
\u2022 The Group has transferred its rights to receive cash flows
from the asset and has either transferred substantially all
the risks and rewards of the asset, or has\u00a0neither transferred
nor retained substantially all the risks and rewards of the
asset, but has transferred control of the asset.
A financial liability is derecognised when the obligation under
the liability is extinguished (that is when the obligation is
discharged, or cancelled or expires). The difference between
the carrying amount extinguished and the consideration paid is
recognised in profit or loss.
If the terms of a financial asset or financial liability measured
at amortised cost are substantially modified, then the
contractual rights to cash flows from the original financial
asset or financial liability are deemed to have expired or
extinguished. The original financial asset or financial liability
is\u00a0derecognised, and a new financial asset or financial liability
is recognised at fair value.
A financial asset measured at amortised cost is not derecognised
if the contractual terms are not substantially modified and a
modification gain or loss is recognised in profit or loss.
Financial assets and liabilities are offset, and the net amount
reported in the statement of financial position when there is
a\u00a0currently enforceable legal right to set off the recognised
amounts and there is the ability and intention to settle on a
net\u00a0basis, or realise the asset and settle the liability
simultaneously.
(W) FINANCIAL INVESTMENTS
The Group classifies financial investments at FVTPL using
the\u00a0business model assessment as described in accounting
policy\u00a0T.
The FVTPL category has two subcategories \u2013 those that meet
the definition as being held for trading and those that are held
at FVTPL based on the business model assessment. Fixed
maturity securities and equity securities, which the Group
acquires with the intention to\u00a0resell in the short term and
derivatives are classified as\u00a0trading. All other investments
are\u00a0classified as other than trading.
The fair value of investments is based on the quoted price
within the bid-ask spread that is most representative of fair
value or based on the cash flow models using market
observable inputs or unobservable inputs. Changes in the fair
value of investments are included in the income statement in
the period in which they arise.
Purchases and sales of investments are recognised on
the\u00a0trade date, which is the date that the Group commits
to\u00a0purchase or sell the assets, at their fair values.
(X) DERIVATIVE FINANCIAL INSTRUMENTS
AND\u00a0HEDGING
Derivative financial instruments include foreign exchange
contracts, interest rate futures, currency and interest rate
swaps, currency and interest rate options (both written and
purchased) and other financial instruments that derive their
value mainly from underlying interest rates, foreign exchange
rates, credit or equity indices, commodity values or equity
instruments.
All derivatives are initially recognised in the statement of
financial position at their fair value, which usually represents
their cost. They are classified as mandatorily held at FVTPL,
with the method of recognising movements in this value
depending on whether they are designated as hedging
instruments and, if so, the nature of the item being hedged.
Fair values are obtained from quoted market prices or, if these
are not available, by using valuation techniques such as
discounted cash flow models or option pricing models.
All derivatives are carried as assets when the fair values are
positive and as liabilities when the fair values are negative.
Premiums paid for derivatives are recorded as an asset on
the\u00a0statement of financial position at the date of purchase,
representing their fair value at that date.
Derivative contracts may be traded on an exchange or over-
the-counter (OTC). Exchange-traded derivatives are
standardised and include certain futures and option contracts.
OTC derivative contracts are individually negotiated between
contracting parties and include forwards, swaps, caps and
floors.
Derivatives are subject to various risks including market,
liquidity and credit risk, similar to those related to the
underlying financial instruments. Many OTC transactions are
contracted and documented under International Swaps and
Derivatives Association master agreements or their
equivalent, which are designed to provide legally enforceable
set-off in the event of default, reducing the Group\u2019s exposure
to credit risk.
The notional or contractual amounts associated with
derivative financial instruments are not recorded as assets or
liabilities on the statement of financial position as they do not
represent the fair value of these transactions. These amounts
are disclosed in note 53(b).
The Group has collateral agreements in place between the
individual Group entities and relevant counterparties.
Accounting policy Z covers collateral, both received and
pledged, in respect of these derivatives.
(a) Interest rate and currency swaps
Interest rate swaps are contractual agreements between two
parties to exchange fixed rate and floating rate interest by
means of periodic payments, calculated on a specified notional
amount and defined interest rates. Most interest rate swap
payments are netted against each other, with the difference
between the fixed and floating rate interest payments paid
by\u00a0one party. Currency swaps, in their simplest form, are
contractual agreements that involve the exchange of both
periodic and final amounts in two different currencies.
Both types of swap contracts may include the net exchange
of\u00a0principal. Exposure to gain or loss on these contracts will
increase or decrease over their respective lives as a function
of maturity dates, interest and foreign exchange rates, and the
timing of payments.
(b) Interest rate futures, forwards and options contracts
Interest rate futures are exchange-traded instruments and
represent commitments to purchase or sell a designated
security or money market instrument at a specified future date
and price.
Interest rate forward agreements are OTC contracts in which
two parties agree on an interest rate and other terms that will
become a reference point in determining, in concert with an
agreed notional principal amount, a net payment to be made
by one party to the other, depending upon what rate prevails
at a future point in time.
Interest rate options, which consist primarily of caps and
floors, are interest rate protection instruments that involve the
potential obligation of the seller to pay the buyer an interest
rate differential in exchange for a premium paid by the buyer.
This differential represents the difference between current
rate and an agreed rate applied to a notional amount. Exposure
to gain or loss on all interest rate contracts will increase or
decrease over their respective lives as interest rates fluctuate.
Certain contracts, known as swaptions, contain features which
can act as swaps or\u00a0options.
(c) Foreign exchange contracts
Foreign exchange contracts, which include spot, forward and
futures contracts, represent agreements to exchange the
currency of one country for the currency of another country at
an agreed price and settlement date.
Foreign exchange option contracts are similar to interest rate
option contracts, except that they are based on currencies,
rather than interest rates.
(d) Hedge accounting
The Group applies hedge accounting to certain transactions in
accordance with IFRS 9, so that the financial statements
represent the impact of the Group\u2019s hedging strategies for
currency risk.
Hedge accounting can be applied only if all the following
criteria are met:
\u2022 The hedge relationship consists only of eligible hedging
instruments and hedged items;
\u2022 There is formal designation and documentation of the
hedging relationship and the risk management objective and
the risk management strategy; and
\u2022 The hedge relationship meets the hedge effectiveness
requirements.
The Group uses net investment hedges to hedge the currency
risk arising from\u00a0our foreign operations (hedged item) against
foreign currency borrowings (hedging instrument). Changes in
the fair value of the hedging instrument is recognised in other
comprehensive income in a separate reserve within equity\u00a0to
the extent that it is effective. Gains and losses accumulated in
this reserve are transferred to the income statement on
disposal or part-disposal of the foreign operation.
For derivative transactions where hedge accounting is not
applied, the fair value gains and losses on these derivatives
are recognised immediately in other investment income.
(Y) LOANS
Loans with fixed maturities, mortgage loans on investment
property, securitised mortgages and collateral\u00a0loans, are
recognised when cash is advanced to\u00a0borrowers. Certain
loans are carried at their unpaid principal balances and
adjusted for amortisation of premium or discount, non-
refundable loan fees and related direct costs. These amounts
are deferred and amortised over the life of the loan as an
adjustment to loan yield using the effective interest rate
method.
As described in accounting policy T, loans are classified
and\u00a0measured at either amortised cost or FVTPL based on
the\u00a0outcome of an assessment of the business model for
managing financial assets and the extent to which the financial
assets\u2019 contractual cash flows are solely payment of principal
and interest.
The majority of mortgage loans are measured at fair value
since they\u2019re managed and evaluated on a fair value basis.
The\u00a0fair values of these mortgages are estimated using
discounted cash flow models, based on a risk-adjusted
discount rate which reflects the risks associated with these
products. They are revalued at each period end, with
movements in their fair values being taken to the income
statement.
The impairment policy is described in accounting policy U
for\u00a0loans measured at amortised cost.
(Z) COLLATERAL
The Group receives and pledges collateral in the form of\u00a0cash
or non-cash assets in respect of stock lending transactions
and certain derivative contracts and loans, in\u00a0order to reduce
the credit risk of these transactions. Collateral is also pledged
as security for bank letters of credit. The amount and type of
collateral required depends on an assessment of the credit
risk of the counterparty.
Collateral received in the form of cash, which is not
legally\u00a0segregated from the Group, is recognised as an asset
in\u00a0the statement of financial position with a corresponding
liability for the repayment in financial liabilities (see note 54).
However, where the Group has a\u00a0currently enforceable legal
right of set-off and the ability and intent to settle net, the
collateral liability and associated derivative balances are
shown net. Non-cash collateral received is not recognised in
the statement of\u00a0financial position unless the transfer of the
collateral meets the derecognition criteria from the
perspective of\u00a0the transferor.
Such collateral is typically recognised when the Group either:
(a) sells or repledges these assets in the absence of default, at
which point the obligation to return this collateral is recognised
as a liability; or
(b) the counterparty to the arrangement defaults, at which
point the collateral is seized and recognised as an asset.
Collateral pledged in the form of cash, which is legally
segregated from the Group, is derecognised from the
statement of financial position with a corresponding receivable
recognised for its return. Non-cash collateral pledged is not
derecognised from the statement of financial position unless
the Group defaults on its obligations under the relevant
agreement, and therefore continues to be recognised in the
statement of financial position within the appropriate asset
classification.
(AA) DEFERRED ACQUISITION COSTS FOR NON-
PARTICIPATING INVESTMENT CONTRACTS AND
OTHER ASSETS
For non-participating investment and investment fund
management contracts, incremental acquisition costs
and\u00a0sales enhancements that are directly attributable to
securing an investment management service are deferred.
These deferred acquisition costs are amortised over the
period in which the service is provided.
Deferred acquisition costs are reviewed by category of
business at the end of each reporting period and are written-
off where they are no longer considered to be recoverable.
Other receivables and payables are initially recognised at cost,
being fair value. Subsequent to initial measurement they are
measured at amortised cost.
(AB) LEASES
Where the Group is the lessee, a lease liability equal to
the\u00a0present value of outstanding lease payments and a
corresponding right-of-use asset equal to cost are initially
recognised.
The right-of-use asset is subsequently measured at amortised
cost and depreciated on a straight-line basis over the length of
the lease term. Depreciation on lease assets and interest on
lease liabilities is recognised in the income statement.
The Group has made use of the election available under IFRS 16 to
not recognise any amounts on the balance sheet\u00a0associated with
leases that are either deemed to be short term, or where the
underlying asset is of low value. A short-term lease in this context
is defined as any arrangement which has a lease term of 12
months or less. Lease payments associated with such
arrangements are recognised in the income statement as an
expense on a straight-line basis. The Group\u2019s total short-term and
low value lease portfolio is not material.
Where the Group is the lessor, leases are classified as\u00a0finance
leases if the risks and rewards of ownership are\u00a0substantially
transferred to the lessee and operating leases if they are not
substantially transferred. Lease income from operating leases
is recognised in the income statement on a straight-line basis
over the lease term. When assets are subject to finance
leases, the present value of the lease payments, together with
any unguaranteed residual value, is recognised as a receivable.
(AC) PROVISIONS AND CONTINGENT
LIABILITIES
Provisions are recognised when the Group has a present legal
or constructive obligation as a result of past events, it is more
probable than not that an outflow of resources embodying
economic benefits will be required to settle the obligation, and
a reliable estimate of the amount of the obligation can be made.
The Group recognises provisions under a variety of
circumstances including for product governance rectification,
which may include customer redress, and for\u00a0onerous
contracts when the expected benefits to be derived from a
contract are less than the unavoidable costs of meeting the
obligations under the contract.
The amount recorded as a provision is the best estimate of\u00a0the
expenditure required to settle the present obligation at\u00a0the
balance sheet date. Discounting is applied to the provision
where the effect of the time value\u00a0of money is\u00a0material.
Provisions are not recognised for future operating losses.
Restructuring provisions are recognised when the Group\u00a0has
a\u00a0detailed formal plan and has raised a valid expectation that
the restructure will be carried out, for\u00a0example by announcing
its main features to those affected. Costs included in
restructuring provisions comprise only the direct expenditures
arising from the restructuring. Costs associated with the
ongoing activities\u00a0of the entity are excluded.
Where the Group expects a provision to be reimbursed, for
example under an insurance contract, the reimbursement is
recognised as a separate asset but only when the
reimbursement is virtually certain.
Contingent liabilities are disclosed if there is a possible future
obligation as a result of a past event, or if there is\u00a0a\u00a0present
obligation as a result of a past event but either a payment is
not probable or the amount cannot be reasonably estimated.
(AD) EMPLOYEE BENEFITS
(a) Pension obligations
The Group operates a number of pension schemes, whose
members receive benefits on either a defined benefit or
defined contribution basis. Under a defined contribution plan,
the Group\u2019s legal or constructive obligation is limited to the
amount it agrees to contribute to a fund and there is no
obligation to pay further contributions if the fund does not
hold\u00a0sufficient assets to pay benefits.
A defined benefit pension plan is a pension plan that is not\u00a0a
defined contribution plan and typically defines the amount of
pension benefit that an employee will receive on retirement.
The defined benefit obligation is calculated by independent
actuaries using the projected unit credit method. The pension
obligation is measured as the present value of the estimated
future cash outflows, using a discount rate based on market
yields for high-quality corporate bonds that are denominated
in the currency in which the benefits will be paid and that
have\u00a0durations approximating to the terms of the related
pension liability.
The resultant net surplus or deficit recognised as an asset
or\u00a0liability on the statement of financial position is the fair
value of plan assets less the present value of the defined
benefit obligation at the end of the reporting period.
Plan assets exclude unpaid contributions due from Group
entities to the schemes, and any non-transferrable financial
instruments issued by a Group entity and held by\u00a0the schemes.
If the fair value of plan assets exceeds the\u00a0present value of the
defined benefit obligation, the resultant asset is limited to the
asset ceiling defined as present value of economic benefits
available in the form\u00a0of\u00a0future refunds from the plan or
reductions in contributions to the plan. In order to calculate
the present value of economic benefits, consideration is given
to any minimum funding requirements that apply to any plan
in\u00a0the\u00a0Group.
Remeasurements of defined benefit plans comprise actuarial
gains and losses arising from experience adjustments and
changes in actuarial assumptions, the\u00a0return on plan assets
(excluding net interest) and the effect\u00a0of the asset ceiling
(if\u00a0any). The Group recognises remeasurements immediately
in\u00a0other comprehensive income and does not reclassify them
to the income statement in subsequent periods.
Service costs comprising current service costs, past service
costs, gains and losses on curtailments and net interest expense/
income are charged or credited to the income statement.
Past service costs are recognised at the earlier of the date
the\u00a0plan amendment or curtailment occurs or when related
restructuring costs are recognised.
The Group determines the net interest expense/income on
the\u00a0net defined benefit liability/asset for the period by applying
the discount rate used to measure the defined benefit
obligation at the beginning of the year to the net defined
benefit liability/asset. Net interest expense is charged to
finance costs, whereas net interest income is credited to
other\u00a0investment income.
For defined contribution plans, the Group pays contributions
to\u00a0publicly or privately administered pension plans. Once the
contributions have been paid, the\u00a0Group, as employer, has no
further payment obligations. The Group\u2019s contributions are
charged to the\u00a0income statement in the year to which they
relate and\u00a0are included in staff costs.
(b) Equity compensation plans
The Group offers share award and option plans over
the\u00a0Company\u2019s ordinary shares for certain employees,
including a Save As You Earn plan (SAYE plan), details of which
are given in the Directors\u2019 Remuneration Report and in note 32.
The Group accounts for options and awards under equity
compensation plans, which were granted after 7\u00a0November
2002, until such time as they are fully vested, using the fair
value based method of accounting (the \u2018fair value method\u2019).
Under this method, the cost of providing equity compensation
plans is based on the fair value of the share\u00a0awards or option
plans at date of grant, which is recognised in the income
statement over the expected vesting period of the related
employees and credited to the equity compensation reserve,
part of shareholders\u2019 funds. In certain jurisdictions, awards
must be settled in cash instead of shares, and the credit is
taken to liabilities rather than reserves. The fair value of these
cash-settled awards is recalculated each year, with the income
statement charge and liability being adjusted accordingly.
Shares purchased by employee share trusts to fund these
awards are shown as deduction from shareholders\u2019 equity
at\u00a0their weighted average cost.
When the options are exercised and new shares are issued,
the proceeds received, net of any transaction costs, are
credited to share capital (par value) and the balance to
share\u00a0premium.
Where the shares are already held by employee trusts,
the\u00a0net\u00a0proceeds are credited against the cost of these shares,
with the difference between cost and proceeds being taken
to\u00a0retained earnings. In both cases, the relevant amount in
the\u00a0equity compensation reserve is\u00a0then credited to
retained\u00a0earnings.
(AE) INCOME TAXES
The current tax expense is based on the taxable profits
for\u00a0the\u00a0year, after any adjustments in respect of prior years.
Tax, including tax relief for losses if applicable, is\u00a0allocated
over profits before taxation and amounts charged or credited
to components of other comprehensive income and equity,
as\u00a0appropriate.
Provision is made for deferred tax liabilities, or credit taken
for\u00a0deferred tax assets, using the liability method, on all
material temporary differences between the tax bases of
assets and liabilities and their carrying amounts in the
consolidated financial statements.
The rates enacted or substantively enacted at the statement
of\u00a0financial position date are used to value the deferred tax
assets and liabilities.
Deferred tax assets are recognised to the extent that it is
probable that future taxable profit will be available against
which the temporary differences can be utilised. Where
there\u00a0is a history of tax losses, deferred tax assets are only
recognised in excess of deferred tax liabilities if there is
convincing evidence that future profits will be available.
Deferred tax is provided on any temporary differences arising
from investments in subsidiaries, associates and joint ventures,
except where the timing of the reversal of the temporary
difference can be controlled and it is probable that the
difference will not reverse in the foreseeable future.
Deferred taxes are not provided in respect of temporary
differences arising from the initial recognition of goodwill,
or\u00a0from the initial recognition of an asset or liability in a
transaction which is not a business combination and affects
neither accounting profit nor taxable profit or loss at the time
of the transaction.
Current and deferred tax relating to items recognised in other
comprehensive income and directly in equity are similarly
recognised in other comprehensive income and directly in
equity respectively.
Current and deferred tax includes amounts provided
in\u00a0respect of uncertain tax positions, where management
expects it is more likely than not that an economic outflow will
occur as a result of examination by a relevant tax authority.
Provisions reflect management\u2019s best estimate of the ultimate
liability based on their interpretation of tax law, precedent and
guidance, informed by external tax advice as necessary.
The\u00a0final amounts of tax due may ultimately differ from
management\u2019s best estimate at the balance sheet date.
Changes in facts and circumstances underlying these
provisions are reassessed at each balance sheet date,
and\u00a0the\u00a0provisions are re-measured as required to reflect
current information.
In addition to paying tax on shareholders\u2019 profits (\u2018shareholder
tax\u2019), the Group\u2019s life businesses in the UK and\u00a0Ireland pay tax
on policyholders\u2019 investment returns (\u2018policyholder tax\u2019) on
certain products at\u00a0policyholder tax rates. The incremental tax
borne by the Group represents income tax on policyholder\u2019s
investment return.
In jurisdictions where policyholder tax is applicable, the\u00a0total
tax charge in the income statement is allocated between
shareholder tax and policyholder tax. The shareholder tax
is\u00a0calculated by applying the corporate tax rate to
the\u00a0shareholder profit. The difference between the total tax
charge and shareholder tax is allocated to policyholder tax.
This calculation methodology is consistent with the legislation
relating to the calculation of tax on shareholder profits.
The Group has decided to show separately the amounts
of\u00a0policyholder tax to provide a meaningful measure of the\u00a0tax
the Group pays on its profit. In the pro forma reconciliations,
the Group adjusted operating profit has been calculated after
charging policyholder tax.
(AF) BORROWINGS
Borrowings are classified as being for either core structural
or\u00a0operational purposes. They are recognised initially at their
issue proceeds less transaction costs incurred. Subsequently,
most borrowings are stated at amortised cost and any
difference between net proceeds and the redemption value
is\u00a0recognised in the income statement over the period of
the\u00a0borrowings using the effective interest rate method.
All\u00a0borrowing costs are expensed as they are incurred except
where they are directly attributable to the acquisition or
construction of\u00a0property and equipment as described in
accounting policy Q.
Where loan notes have been issued in connection with certain
securitised mortgage loans, the Group has taken advantage of
the fair value option under IFRS 9 to present them at fair value
to eliminate any accounting mismatch which would otherwise
arise from using different measurement bases for these items
and the associated mortgages and derivative financial
instruments.
The Group elects to recognise the amount of change in the fair
value of borrowings attributable to changes in credit risk in the
income statement, as the alternative of recognising the impact
in other comprehensive income would create an accounting
mismatch.
(AG) SHARE CAPITAL AND TREASURY SHARES
(a) Equity instruments
An equity instrument is a contract that evidences a residual
interest in the assets of an entity after deducting all its
liabilities. Accordingly, a financial instrument is treated as
equity if:
\u2022 There is no contractual obligation to deliver cash or other
financial assets or to exchange financial assets or liabilities
on terms that may be unfavourable from the perspective
of\u00a0the issuer; and
\u2022 The instrument is a non-derivative that contains no
contractual obligation to deliver a variable number of
shares\u00a0or is a derivative that will be settled only by the
Group exchanging a fixed amount of cash or other assets
for\u00a0a fixed number of the Group\u2019s own equity instruments.
(b) Share issue costs
Incremental external costs directly attributable to the issue
of\u00a0new shares are shown in equity as a deduction, net of tax,
from the proceeds of the issue and disclosed where material.
(c) Dividends
Interim dividends on ordinary shares are recognised in equity
in the period in which they are paid. Final dividends on these
shares are recognised when they have been approved by
shareholders. Dividends on preference shares are recognised
in the period in which they are declared and appropriately
approved.
(d) Treasury shares
Where the Company or its subsidiaries purchase the Company\u2019s
share capital or obtain rights to purchase its\u00a0share capital, the
consideration paid (including any attributable transaction costs
net of income taxes) is shown as a deduction from total
shareholders\u2019 equity. Gains and losses on own shares are
charged or credited to\u00a0the treasury share account in equity.
(AH) FIDUCIARY ACTIVITIES
Assets and income arising from fiduciary activities, together\u00a0with
related undertakings to return such assets\u00a0to\u00a0customers, are
excluded from these financial statements where the Group has
no contractual rights in\u00a0the\u00a0assets and acts in a fiduciary
capacity such as nominee, trustee or agent.
(AI) EARNINGS PER SHARE
Basic earnings per share is calculated by dividing profit
attributable to ordinary shareholders by the weighted average
number of ordinary shares in issue during the year, excluding
the weighted average number of treasury shares.
Earnings per share has also been calculated on Group adjusted
operating profit attributable to ordinary shareholders (see
accounting policy B), net of tax attributable to shareholders'
profits, amounts attributable to non-controlling interests,
preference dividends (excluding special dividends) and
coupon payments on the tier 1 notes, as the directors believe
this figure provides a better indication of operating
performance. Details are given in note 14.
For the diluted earnings per share, the weighted average
number of ordinary shares in issue is adjusted to assume
conversion of all dilutive potential ordinary shares, such as
convertible debt and share options granted to employees.
Potential or contingent share issuances are treated as dilutive
when their conversion to shares would decrease net earnings
per share components.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-135": { "value": "
(E) FOREIGN CURRENCY TRANSLATION
Income statements and cash flows of foreign entities are
translated into the Group\u2019s presentation currency at average
exchange rates for the year, while their statements of financial
position are translated at the year-end exchange rates.
Exchange differences arising from the translation of the net
investment in foreign subsidiaries, associates and joint
ventures, and of borrowings and other currency instruments
designated as hedges of such investments, are recognised in
other comprehensive income and taken to the currency
translation reserve within equity.
On disposal of a foreign entity, such exchange differences are
transferred out of this reserve and are recognised in the
income statement as part of the gain or loss on sale.
The cumulative translation differences were deemed to be
zero at the transition date to IFRS.
Foreign currency transactions are accounted for at the
exchange rates prevailing at the date of the transactions.
Gains and losses resulting from the settlement of such
transactions, and from the translation of monetary assets and
liabilities denominated in foreign currencies, are recognised in
the income statement.
Translation differences on fixed maturity securities and other
monetary financial assets measured at fair value through profit
or loss (FVTPL) (see accounting policy W) are included in
foreign exchange gains and losses in the income statement.
Translation differences on non-monetary items, such as
equities which are designated as FVTPL, are reported as part
of the fair value gain or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-137": { "value": "
(F) FAIR VALUE MEASUREMENT
Fair value is the price that would be received to sell an asset
or\u00a0paid to transfer a liability in an orderly transaction between
market participants at the measurement date, regardless of
whether that price is directly observable or estimated using
another valuation technique. This presumes that the transaction
takes place in the principal (or most advantageous) market
under current market conditions. Fair value is a market-based
measure and in the absence of observable market prices in
an\u00a0active market, it is measured using the assumptions that
market participants would use when pricing the asset
or\u00a0liability.
The fair value of a non-financial asset is determined based
on\u00a0its highest and best use from a market participant\u2019s
perspective. When using this approach, the Group takes into
account the asset\u2019s use that is physically possible, legally
permissible and financially feasible.
The best evidence of the fair value of a financial instrument at
initial recognition is normally the transaction price i.e. the fair
value of the consideration given or received. In certain
circumstances, the fair value at initial recognition may differ
from the transaction price.
If the fair value is evidenced by comparison with other
observable current market transactions in the same
instrument (i.e. without modification or repackaging), or is
based on a valuation technique whose variables include only
data from observable markets, then the difference between
the fair value at initial recognition and the transaction price is
recognised as a gain or loss in the income statement.
When unobservable market data has a significant impact on
the valuation of financial instruments, the difference between
the fair value at initial recognition and the transaction price is
not recognised immediately in the income statement, but deferred
and recognised in the income statement on an appropriate
basis over the life of the instrument, but no later than when the
valuation is supported wholly by observable market data or
the transaction is closed out or otherwise matured.
If an asset or a liability measured at fair value has a bid price
and an ask price, the price within the bid-ask spread that is
most representative of fair value in the circumstances is used
to measure fair value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-138": { "value": "
(H) INSURANCE SERVICE RESULT
The insurance service result represents the Group\u2019s profit
or\u00a0loss recognised on insurance contracts, participating
investment contracts and reinsurance contracts (measured in
accordance with policy M) in the period, excluding the impact
of the time value of money and financial risks related to such
contracts. The insurance service result contains three
components:
(a) Insurance revenue
For insurance contracts and participating investment contracts
applying GMM and\u00a0VFA, insurance revenue is comprised of:
\u2022 The amortisation of Contractual Service Margin (CSM);
\u2022 The release of the risk adjustment included within the
liability for remaining coverage;
\u2022 Claims and expenses expected to be incurred in the period,
as released from the liability for remaining coverage and
adjusted for the allocation of loss;
\u2022 Other, including revenue recognised for policyholder
tax\u00a0and\u00a0other incurred expenses that have been charged
to\u00a0policyholder funds; and
\u2022 The recovery of insurance acquisition cash flows,
which\u00a0offsets the amortisation included in insurance
service\u00a0expenses.
For insurance contracts applying the Premium Allocation
Approach (PAA), insurance revenue is based upon the
amount\u00a0of expected premium receipts allocated to insurance
contracts in the period. Premium receipts are allocated to
insurance contracts based upon the passage of time or,
where\u00a0there is evidence that the release of risk differs from
the passage of time, on the basis of the expected timing of
insurance service expenses.
(b) Insurance service expenses
For insurance contracts and participating investment
contracts, insurance service expenses are comprised of:
\u2022 Actual claims (excluding investment components) and non-
acquisition fulfilment expenses incurred, adjusted for the
allocation of loss components;
\u2022 The recognition and reversal of losses on onerous contracts;
\u2022 Non-financial assumption changes which do not
adjust\u00a0the\u00a0CSM;
\u2022 Non-financial assumption changes which affect the
valuation of the liability for incurred claims;
\u2022 Any impairment of acquisition cash flows, net of
reversals;\u00a0and
\u2022 The amortisation of insurance acquisition cash flows.
For contracts measured under the GMM and VFA, recovery
of\u00a0insurance acquisition cash flows is included in insurance
revenue, as described above, and an equal and opposite
amount for the amortisation of insurance acquisition cash
flows is included in insurance service expenses.
For contracts measured under the PAA, amortisation of
insurance acquisition cash flows is based on the passage of
time or, where there is evidence that the release of risk differs
from the passage of time, on the basis of the expected timing
of insurance service expenses.
(c) Net income and expenses from reinsurance contracts
Net income (expenses) from reinsurance contracts held
represents the insurance service result for groups of
reinsurance contracts held and is comprised of:
\u2022 The allocation of reinsurance premiums paid, which is
calculated using the same principles as used to calculate
revenue on insurance contracts;
\u2022 Amounts recoverable from reinsurers, which is calculated
using the same principles as used to calculate insurance
service expenses on insurance contracts;
\u2022 The recognition of, and subsequent movements in,
reinsurance loss recovery components; and
\u2022 The effect of changes in the risk of reinsurers\u2019 non-
performance.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-139": { "value": "
(I) INSURANCE FINANCE RESULT
Insurance finance income/expenses are calculated on
insurance contracts, participating investment contracts
and\u00a0reinsurance contracts, comprising:
\u2022 Changes in the fair value of underlying items;
\u2022 The accretion of interest on the CSM;
\u2022 The unwind of discounting on fulfilment cash flows; and
\u2022 The impact of financial assumption changes upon fulfilment
cash flows.
The latter two components are only included in the insurance
finance result for contracts measured under the GMM and
PAA, in addition to VFA contracts where the risk mitigation
option is applied.
Where changes in expected future cash flows and risk
adjustment on GMM contracts arise from non-financial
assumption changes and experience variances, the difference
between measuring the change in fulfilment cash flows using
current financial assumptions and the impact which adjusts the
CSM using locked in financial assumptions is recognised
in\u00a0the\u00a0income statement in net finance expenses.
The accounting policies used to calculate amounts within
the\u00a0insurance finance result are discussed in greater detail
in\u00a0policy M.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInsuranceContracts", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-140": { "value": "
(O) REINSURANCE FOR NON-PARTICIPATING
INVESTMENT CONTRACTS
Reinsurance assets for non-participating investment
contracts\u00a0includes balances in respect of investment contracts
that are legally reinsurance contracts but do not meet the
definition of a reinsurance contract under IFRS 17 as they
principally transfer financial risk. Premiums payable on these
contracts are accounted for directly through the statement
of\u00a0financial position.
A deposit asset is initially recognised, based on the
consideration paid less any explicitly identified premiums
or\u00a0fees to be retained by the reinsured. The assets are
subsequently measured at FVTPL.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForReinsuranceExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-141": { "value": "
(P) GOODWILL, AVIF AND INTANGIBLE ASSETS
(a) Goodwill
Goodwill represents the excess of the cost of an acquisition
over the fair value of the Group\u2019s share of the net assets of
the\u00a0acquired subsidiary, associate or joint venture at the date
of acquisition. Goodwill arising on the Group\u2019s investments
in\u00a0subsidiaries is shown as a separate asset, while that on
associates and joint ventures is included within the carrying
value of those investments.
Goodwill on acquisitions prior to 1 January 2004 (the date of
transition to IFRS) is carried at its book value (original cost less
cumulative amortisation) on that date, less any impairment
subsequently incurred. Goodwill arising before 1 January 1998
was eliminated against reserves and has not been reinstated.
Where negative goodwill arises on an acquisition, this is
recognised immediately in the consolidated income statement.
(b) Acquired value of in-force business (AVIF)
AVIF represents the present value of future profits on
a\u00a0portfolio of long-term non-participating investment
contracts, acquired either directly or through the purchase
of\u00a0a\u00a0subsidiary, is\u00a0recognised as an asset.
If the AVIF results from the acquisition of an investment
in\u00a0a\u00a0joint venture or an associate, it is held within the carrying
amount of that investment. In all cases, the AVIF is amortised
over the useful lifetime of the related contracts in the portfolio
on a systematic basis. The rate of amortisation is chosen by
considering the profile of the additional value of in-force
business acquired and the expected depletion in its value.
AVIF is reviewed for evidence of impairment, consistent with
reviews conducted for other finite life intangible assets and
impairment tested at product portfolio level by\u00a0reference to
a\u00a0projection of future profits arising from the portfolio.
(c) Intangible assets
Intangible assets consist primarily of contractual
relationships\u00a0such as access to distribution networks,
customer lists and software.
The economic lives of these are determined by considering
relevant factors such as usage of the asset, typical product
life\u00a0cycles, potential obsolescence, maintenance costs, the
stability of the industry, competitive position and the period
of\u00a0control over the assets. Finite life intangibles are amortised
over their useful lives, which range from three to 17 years,
using the straight-line method.
The amortisation charge for the year is included in the income
statement under \u2018Other expenses\u2019. For intangibles with finite
lives, impairment charges will be recognised in the income
statement where evidence of such impairment is observed.
Intangibles with indefinite lives are subject to regular
impairment testing, as described below.
(d) Impairment testing
For impairment testing, goodwill and intangible assets with
indefinite useful lives have been allocated to cash-generating
units. The carrying amount of goodwill and intangible assets
with indefinite useful lives is reviewed at\u00a0least annually or
when circumstances or events indicate\u00a0there may be
uncertainty over this value. Goodwill and indefinite life
intangibles are written down\u00a0for impairment where the
recoverable amount is insufficient to support its carrying
value. Further details on goodwill allocation and impairment
testing are given in\u00a0note 16. Any impairments are charged as
expenses in the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-142": { "value": "
(Q) PROPERTY AND EQUIPMENT
Owner-occupied properties are carried at their revalued\u00a0amounts,
and movements are recognised in other comprehensive income
and taken to a separate reserve within equity. When such
properties are sold, the\u00a0accumulated revaluation surpluses are
transferred from this reserve to retained earnings.
These properties are depreciated down to their estimated
residual values over their useful lives.
This excludes owner-occupied properties held under lease
arrangements, which are measured at amortised cost.
See\u00a0accounting policy AB for further information.
All other items classed as property and equipment within the
statement of financial position are carried at historical cost
less accumulated depreciation.
Investment properties under construction are included within
property and equipment until completion, and are stated at cost
less any provision for impairment in their values until construction
is completed or fair value becomes reliably measurable.
Depreciation is calculated on a straight-line basis to write
down the cost of other assets to their residual values over
their estimated useful lives as follows:
\u2022 Properties under construction
No depreciation
\u2022 Owner-occupied properties,
and\u00a0related mechanical and
electrical equipment
25 years
\u2022 Motor vehicles
Three years, or lease
term (up to useful life)
if\u00a0longer
\u2022 Computer equipment
Three to five years
\u2022 Other assets
Three to five years
The assets\u2019 residual values, useful lives and method of
depreciation are reviewed regularly, and at least at each
financial year end, and adjusted if appropriate. Where the
carrying amount of an asset is greater than its estimated
recoverable amount, it is written down immediately to its
recoverable amount.
Gains and losses on disposal of property and equipment
are\u00a0determined by reference to their carrying amount.
Borrowing costs directly attributable to the acquisition and
construction of property and equipment are capitalised.
All\u00a0repair and maintenance costs are charged to the income
statement during the financial period in which they are
incurred. The cost of major renovations is included in the
carrying amount of the asset when it is probable that future
economic benefits in excess of the most recently assessed
standard of performance of the existing asset will flow to the
Group and the renovation replaces an identifiable part of the
asset. Major renovations are depreciated over the remaining
useful life of the related asset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-143": { "value": "
(R) INVESTMENT PROPERTY
Investment property is held for long-term rental yields and is
not occupied by the Group.
Completed investment property is stated at its fair value, as
assessed by qualified external valuers or by qualified staff of
the Group. Changes in fair values are recorded in the income
statement in investment return.
As described in accounting policy Q above, investment
properties under construction are included within property
and equipment, and are stated at cost less any impairment in
their values until construction is completed or fair value
becomes reliably measurable.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-144": { "value": "
(S) IMPAIRMENT OF NON-FINANCIAL ASSETS
Property and equipment and other non-financial assets are
reviewed for impairment losses whenever events or changes
in circumstances indicate that the carrying amount may not be
recoverable.
An impairment loss is recognised in the income statement for
the amount by which the carrying amount of the asset exceeds
its recoverable amount, which is the higher of an asset\u2019s fair
value less costs of disposal and value in use. For the purposes
of assessing impairment, assets are grouped at the lowest
level for which there are separately identifiable cash flows.
Non-financial assets, except goodwill which have suffered
an\u00a0impairment, are reviewed annually for possible reversal
of\u00a0the impairment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-146": { "value": "
(U) IMPAIRMENT OF FINANCIAL ASSETS
Financial assets held at amortised cost and lease receivables
are in the scope of expected credit loss requirements under
IFRS 9.
This includes financial assets held at amortised cost such as
loans to banks, fixed maturity securities, other loans, and
receivables.
Expected credit loss is an unbiased, probability-weighted
estimate of credit losses. It considers all reasonable and
supportable information, including forward looking economic
assumptions and a range of possible outcomes.
Expected credit losses are calculated on either a 12-month
or\u00a0lifetime basis depending on the extent to which credit risk
has increased significantly since initial recognition, except
where the Group uses the simplified approach to apply lifetime
expected credit losses to trade receivables that do not contain
a significant financing component.
The gross carrying amount of a financial asset is written
off\u00a0to\u00a0the extent that there is no reasonable expectation of
recovery. Subsequent recoveries in excess of the financial
asset\u2019s written-down carrying value are credited to the
income statement.
(V) DERECOGNITION, CONTRACT MODIFICATION
AND OFFSET OF FINANCIAL ASSETS AND
FINANCIAL LIABILITIES
A financial asset (or, where applicable, a part of a financial
asset or part of a group of similar financial assets) is
derecognised where:
\u2022 The rights to receive cash flows from the asset have expired;
\u2022 The Group retains the right to receive cash flows from the
asset, but has assumed an obligation to pay them in full
without material delay to a third party under a \u2018pass-
through\u2019 arrangement; or
\u2022 The Group has transferred its rights to receive cash flows
from the asset and has either transferred substantially all
the risks and rewards of the asset, or has\u00a0neither transferred
nor retained substantially all the risks and rewards of the
asset, but has transferred control of the asset.
A financial liability is derecognised when the obligation under
the liability is extinguished (that is when the obligation is
discharged, or cancelled or expires). The difference between
the carrying amount extinguished and the consideration paid is
recognised in profit or loss.
If the terms of a financial asset or financial liability measured
at amortised cost are substantially modified, then the
contractual rights to cash flows from the original financial
asset or financial liability are deemed to have expired or
extinguished. The original financial asset or financial liability
is\u00a0derecognised, and a new financial asset or financial liability
is recognised at fair value.
A financial asset measured at amortised cost is not derecognised
if the contractual terms are not substantially modified and a
modification gain or loss is recognised in profit or loss.
Financial assets and liabilities are offset, and the net amount
reported in the statement of financial position when there is
a\u00a0currently enforceable legal right to set off the recognised
amounts and there is the ability and intention to settle on a
net\u00a0basis, or realise the asset and settle the liability
simultaneously.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-147": { "value": "
(X) DERIVATIVE FINANCIAL INSTRUMENTS
AND\u00a0HEDGING
Derivative financial instruments include foreign exchange
contracts, interest rate futures, currency and interest rate
swaps, currency and interest rate options (both written and
purchased) and other financial instruments that derive their
value mainly from underlying interest rates, foreign exchange
rates, credit or equity indices, commodity values or equity
instruments.
All derivatives are initially recognised in the statement of
financial position at their fair value, which usually represents
their cost. They are classified as mandatorily held at FVTPL,
with the method of recognising movements in this value
depending on whether they are designated as hedging
instruments and, if so, the nature of the item being hedged.
Fair values are obtained from quoted market prices or, if these
are not available, by using valuation techniques such as
discounted cash flow models or option pricing models.
All derivatives are carried as assets when the fair values are
positive and as liabilities when the fair values are negative.
Premiums paid for derivatives are recorded as an asset on
the\u00a0statement of financial position at the date of purchase,
representing their fair value at that date.
Derivative contracts may be traded on an exchange or over-
the-counter (OTC). Exchange-traded derivatives are
standardised and include certain futures and option contracts.
OTC derivative contracts are individually negotiated between
contracting parties and include forwards, swaps, caps and
floors.
Derivatives are subject to various risks including market,
liquidity and credit risk, similar to those related to the
underlying financial instruments. Many OTC transactions are
contracted and documented under International Swaps and
Derivatives Association master agreements or their
equivalent, which are designed to provide legally enforceable
set-off in the event of default, reducing the Group\u2019s exposure
to credit risk.
The notional or contractual amounts associated with
derivative financial instruments are not recorded as assets or
liabilities on the statement of financial position as they do not
represent the fair value of these transactions. These amounts
are disclosed in note 53(b).
The Group has collateral agreements in place between the
individual Group entities and relevant counterparties.
Accounting policy Z covers collateral, both received and
pledged, in respect of these derivatives.
(a) Interest rate and currency swaps
Interest rate swaps are contractual agreements between two
parties to exchange fixed rate and floating rate interest by
means of periodic payments, calculated on a specified notional
amount and defined interest rates. Most interest rate swap
payments are netted against each other, with the difference
between the fixed and floating rate interest payments paid
by\u00a0one party. Currency swaps, in their simplest form, are
contractual agreements that involve the exchange of both
periodic and final amounts in two different currencies.
Both types of swap contracts may include the net exchange
of\u00a0principal. Exposure to gain or loss on these contracts will
increase or decrease over their respective lives as a function
of maturity dates, interest and foreign exchange rates, and the
timing of payments.
(b) Interest rate futures, forwards and options contracts
Interest rate futures are exchange-traded instruments and
represent commitments to purchase or sell a designated
security or money market instrument at a specified future date
and price.
Interest rate forward agreements are OTC contracts in which
two parties agree on an interest rate and other terms that will
become a reference point in determining, in concert with an
agreed notional principal amount, a net payment to be made
by one party to the other, depending upon what rate prevails
at a future point in time.
Interest rate options, which consist primarily of caps and
floors, are interest rate protection instruments that involve the
potential obligation of the seller to pay the buyer an interest
rate differential in exchange for a premium paid by the buyer.
This differential represents the difference between current
rate and an agreed rate applied to a notional amount. Exposure
to gain or loss on all interest rate contracts will increase or
decrease over their respective lives as interest rates fluctuate.
Certain contracts, known as swaptions, contain features which
can act as swaps or\u00a0options.
(c) Foreign exchange contracts
Foreign exchange contracts, which include spot, forward and
futures contracts, represent agreements to exchange the
currency of one country for the currency of another country at
an agreed price and settlement date.
Foreign exchange option contracts are similar to interest rate
option contracts, except that they are based on currencies,
rather than interest rates.
(d) Hedge accounting
The Group applies hedge accounting to certain transactions in
accordance with IFRS 9, so that the financial statements
represent the impact of the Group\u2019s hedging strategies for
currency risk.
Hedge accounting can be applied only if all the following
criteria are met:
\u2022 The hedge relationship consists only of eligible hedging
instruments and hedged items;
\u2022 There is formal designation and documentation of the
hedging relationship and the risk management objective and
the risk management strategy; and
\u2022 The hedge relationship meets the hedge effectiveness
requirements.
The Group uses net investment hedges to hedge the currency
risk arising from\u00a0our foreign operations (hedged item) against
foreign currency borrowings (hedging instrument). Changes in
the fair value of the hedging instrument is recognised in other
comprehensive income in a separate reserve within equity\u00a0to
the extent that it is effective. Gains and losses accumulated in
this reserve are transferred to the income statement on
disposal or part-disposal of the foreign operation.
For derivative transactions where hedge accounting is not
applied, the fair value gains and losses on these derivatives
are recognised immediately in other investment income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-149": { "value": "
(Y) LOANS
Loans with fixed maturities, mortgage loans on investment
property, securitised mortgages and collateral\u00a0loans, are
recognised when cash is advanced to\u00a0borrowers. Certain
loans are carried at their unpaid principal balances and
adjusted for amortisation of premium or discount, non-
refundable loan fees and related direct costs. These amounts
are deferred and amortised over the life of the loan as an
adjustment to loan yield using the effective interest rate
method.
As described in accounting policy T, loans are classified
and\u00a0measured at either amortised cost or FVTPL based on
the\u00a0outcome of an assessment of the business model for
managing financial assets and the extent to which the financial
assets\u2019 contractual cash flows are solely payment of principal
and interest.
The majority of mortgage loans are measured at fair value
since they\u2019re managed and evaluated on a fair value basis.
The\u00a0fair values of these mortgages are estimated using
discounted cash flow models, based on a risk-adjusted
discount rate which reflects the risks associated with these
products. They are revalued at each period end, with
movements in their fair values being taken to the income
statement.
The impairment policy is described in accounting policy U
for\u00a0loans measured at amortised cost.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-148": { "value": "
(Y) LOANS
Loans with fixed maturities, mortgage loans on investment
property, securitised mortgages and collateral\u00a0loans, are
recognised when cash is advanced to\u00a0borrowers. Certain
loans are carried at their unpaid principal balances and
adjusted for amortisation of premium or discount, non-
refundable loan fees and related direct costs. These amounts
are deferred and amortised over the life of the loan as an
adjustment to loan yield using the effective interest rate
method.
As described in accounting policy T, loans are classified
and\u00a0measured at either amortised cost or FVTPL based on
the\u00a0outcome of an assessment of the business model for
managing financial assets and the extent to which the financial
assets\u2019 contractual cash flows are solely payment of principal
and interest.
The majority of mortgage loans are measured at fair value
since they\u2019re managed and evaluated on a fair value basis.
The\u00a0fair values of these mortgages are estimated using
discounted cash flow models, based on a risk-adjusted
discount rate which reflects the risks associated with these
products. They are revalued at each period end, with
movements in their fair values being taken to the income
statement.
The impairment policy is described in accounting policy U
for\u00a0loans measured at amortised cost.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-150": { "value": "
(Z) COLLATERAL
The Group receives and pledges collateral in the form of\u00a0cash
or non-cash assets in respect of stock lending transactions
and certain derivative contracts and loans, in\u00a0order to reduce
the credit risk of these transactions. Collateral is also pledged
as security for bank letters of credit. The amount and type of
collateral required depends on an assessment of the credit
risk of the counterparty.
Collateral received in the form of cash, which is not
legally\u00a0segregated from the Group, is recognised as an asset
in\u00a0the statement of financial position with a corresponding
liability for the repayment in financial liabilities (see note 54).
However, where the Group has a\u00a0currently enforceable legal
right of set-off and the ability and intent to settle net, the
collateral liability and associated derivative balances are
shown net. Non-cash collateral received is not recognised in
the statement of\u00a0financial position unless the transfer of the
collateral meets the derecognition criteria from the
perspective of\u00a0the transferor.
Such collateral is typically recognised when the Group either:
(a) sells or repledges these assets in the absence of default, at
which point the obligation to return this collateral is recognised
as a liability; or
(b) the counterparty to the arrangement defaults, at which
point the collateral is seized and recognised as an asset.
Collateral pledged in the form of cash, which is legally
segregated from the Group, is derecognised from the
statement of financial position with a corresponding receivable
recognised for its return. Non-cash collateral pledged is not
derecognised from the statement of financial position unless
the Group defaults on its obligations under the relevant
agreement, and therefore continues to be recognised in the
statement of financial position within the appropriate asset
classification.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCollateralExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-151": { "value": "
(AA) DEFERRED ACQUISITION COSTS FOR NON-
PARTICIPATING INVESTMENT CONTRACTS AND
OTHER ASSETS
For non-participating investment and investment fund
management contracts, incremental acquisition costs
and\u00a0sales enhancements that are directly attributable to
securing an investment management service are deferred.
These deferred acquisition costs are amortised over the
period in which the service is provided.
Deferred acquisition costs are reviewed by category of
business at the end of each reporting period and are written-
off where they are no longer considered to be recoverable.
Other receivables and payables are initially recognised at cost,
being fair value. Subsequent to initial measurement they are
measured at amortised cost.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredAcquisitionCostsArisingFromInsuranceContractsExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-152": { "value": "
(AB) LEASES
Where the Group is the lessee, a lease liability equal to
the\u00a0present value of outstanding lease payments and a
corresponding right-of-use asset equal to cost are initially
recognised.
The right-of-use asset is subsequently measured at amortised
cost and depreciated on a straight-line basis over the length of
the lease term. Depreciation on lease assets and interest on
lease liabilities is recognised in the income statement.
The Group has made use of the election available under IFRS 16 to
not recognise any amounts on the balance sheet\u00a0associated with
leases that are either deemed to be short term, or where the
underlying asset is of low value. A short-term lease in this context
is defined as any arrangement which has a lease term of 12
months or less. Lease payments associated with such
arrangements are recognised in the income statement as an
expense on a straight-line basis. The Group\u2019s total short-term and
low value lease portfolio is not material.
Where the Group is the lessor, leases are classified as\u00a0finance
leases if the risks and rewards of ownership are\u00a0substantially
transferred to the lessee and operating leases if they are not
substantially transferred. Lease income from operating leases
is recognised in the income statement on a straight-line basis
over the lease term. When assets are subject to finance
leases, the present value of the lease payments, together with
any unguaranteed residual value, is recognised as a receivable.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-153": { "value": "
(AC) PROVISIONS AND CONTINGENT
LIABILITIES
Provisions are recognised when the Group has a present legal
or constructive obligation as a result of past events, it is more
probable than not that an outflow of resources embodying
economic benefits will be required to settle the obligation, and
a reliable estimate of the amount of the obligation can be made.
The Group recognises provisions under a variety of
circumstances including for product governance rectification,
which may include customer redress, and for\u00a0onerous
contracts when the expected benefits to be derived from a
contract are less than the unavoidable costs of meeting the
obligations under the contract.
The amount recorded as a provision is the best estimate of\u00a0the
expenditure required to settle the present obligation at\u00a0the
balance sheet date. Discounting is applied to the provision
where the effect of the time value\u00a0of money is\u00a0material.
Provisions are not recognised for future operating losses.
Restructuring provisions are recognised when the Group\u00a0has
a\u00a0detailed formal plan and has raised a valid expectation that
the restructure will be carried out, for\u00a0example by announcing
its main features to those affected. Costs included in
restructuring provisions comprise only the direct expenditures
arising from the restructuring. Costs associated with the
ongoing activities\u00a0of the entity are excluded.
Where the Group expects a provision to be reimbursed, for
example under an insurance contract, the reimbursement is
recognised as a separate asset but only when the
reimbursement is virtually certain.
Contingent liabilities are disclosed if there is a possible future
obligation as a result of a past event, or if there is\u00a0a\u00a0present
obligation as a result of a past event but either a payment is
not probable or the amount cannot be reasonably estimated.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-154": { "value": "
(AD) EMPLOYEE BENEFITS
(a) Pension obligations
The Group operates a number of pension schemes, whose
members receive benefits on either a defined benefit or
defined contribution basis. Under a defined contribution plan,
the Group\u2019s legal or constructive obligation is limited to the
amount it agrees to contribute to a fund and there is no
obligation to pay further contributions if the fund does not
hold\u00a0sufficient assets to pay benefits.
A defined benefit pension plan is a pension plan that is not\u00a0a
defined contribution plan and typically defines the amount of
pension benefit that an employee will receive on retirement.
The defined benefit obligation is calculated by independent
actuaries using the projected unit credit method. The pension
obligation is measured as the present value of the estimated
future cash outflows, using a discount rate based on market
yields for high-quality corporate bonds that are denominated
in the currency in which the benefits will be paid and that
have\u00a0durations approximating to the terms of the related
pension liability.
The resultant net surplus or deficit recognised as an asset
or\u00a0liability on the statement of financial position is the fair
value of plan assets less the present value of the defined
benefit obligation at the end of the reporting period.
Plan assets exclude unpaid contributions due from Group
entities to the schemes, and any non-transferrable financial
instruments issued by a Group entity and held by\u00a0the schemes.
If the fair value of plan assets exceeds the\u00a0present value of the
defined benefit obligation, the resultant asset is limited to the
asset ceiling defined as present value of economic benefits
available in the form\u00a0of\u00a0future refunds from the plan or
reductions in contributions to the plan. In order to calculate
the present value of economic benefits, consideration is given
to any minimum funding requirements that apply to any plan
in\u00a0the\u00a0Group.
Remeasurements of defined benefit plans comprise actuarial
gains and losses arising from experience adjustments and
changes in actuarial assumptions, the\u00a0return on plan assets
(excluding net interest) and the effect\u00a0of the asset ceiling
(if\u00a0any). The Group recognises remeasurements immediately
in\u00a0other comprehensive income and does not reclassify them
to the income statement in subsequent periods.
Service costs comprising current service costs, past service
costs, gains and losses on curtailments and net interest expense/
income are charged or credited to the income statement.
Past service costs are recognised at the earlier of the date
the\u00a0plan amendment or curtailment occurs or when related
restructuring costs are recognised.
The Group determines the net interest expense/income on
the\u00a0net defined benefit liability/asset for the period by applying
the discount rate used to measure the defined benefit
obligation at the beginning of the year to the net defined
benefit liability/asset. Net interest expense is charged to
finance costs, whereas net interest income is credited to
other\u00a0investment income.
For defined contribution plans, the Group pays contributions
to\u00a0publicly or privately administered pension plans. Once the
contributions have been paid, the\u00a0Group, as employer, has no
further payment obligations. The Group\u2019s contributions are
charged to the\u00a0income statement in the year to which they
relate and\u00a0are included in staff costs.
(b) Equity compensation plans
The Group offers share award and option plans over
the\u00a0Company\u2019s ordinary shares for certain employees,
including a Save As You Earn plan (SAYE plan), details of which
are given in the Directors\u2019 Remuneration Report and in note 32.
The Group accounts for options and awards under equity
compensation plans, which were granted after 7\u00a0November
2002, until such time as they are fully vested, using the fair
value based method of accounting (the \u2018fair value method\u2019).
Under this method, the cost of providing equity compensation
plans is based on the fair value of the share\u00a0awards or option
plans at date of grant, which is recognised in the income
statement over the expected vesting period of the related
employees and credited to the equity compensation reserve,
part of shareholders\u2019 funds. In certain jurisdictions, awards
must be settled in cash instead of shares, and the credit is
taken to liabilities rather than reserves. The fair value of these
cash-settled awards is recalculated each year, with the income
statement charge and liability being adjusted accordingly.
Shares purchased by employee share trusts to fund these
awards are shown as deduction from shareholders\u2019 equity
at\u00a0their weighted average cost.
When the options are exercised and new shares are issued,
the proceeds received, net of any transaction costs, are
credited to share capital (par value) and the balance to
share\u00a0premium.
Where the shares are already held by employee trusts,
the\u00a0net\u00a0proceeds are credited against the cost of these shares,
with the difference between cost and proceeds being taken
to\u00a0retained earnings. In both cases, the relevant amount in
the\u00a0equity compensation reserve is\u00a0then credited to
retained\u00a0earnings.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-155": { "value": "
(AE) INCOME TAXES
The current tax expense is based on the taxable profits
for\u00a0the\u00a0year, after any adjustments in respect of prior years.
Tax, including tax relief for losses if applicable, is\u00a0allocated
over profits before taxation and amounts charged or credited
to components of other comprehensive income and equity,
as\u00a0appropriate.
Provision is made for deferred tax liabilities, or credit taken
for\u00a0deferred tax assets, using the liability method, on all
material temporary differences between the tax bases of
assets and liabilities and their carrying amounts in the
consolidated financial statements.
The rates enacted or substantively enacted at the statement
of\u00a0financial position date are used to value the deferred tax
assets and liabilities.
Deferred tax assets are recognised to the extent that it is
probable that future taxable profit will be available against
which the temporary differences can be utilised. Where
there\u00a0is a history of tax losses, deferred tax assets are only
recognised in excess of deferred tax liabilities if there is
convincing evidence that future profits will be available.
Deferred tax is provided on any temporary differences arising
from investments in subsidiaries, associates and joint ventures,
except where the timing of the reversal of the temporary
difference can be controlled and it is probable that the
difference will not reverse in the foreseeable future.
Deferred taxes are not provided in respect of temporary
differences arising from the initial recognition of goodwill,
or\u00a0from the initial recognition of an asset or liability in a
transaction which is not a business combination and affects
neither accounting profit nor taxable profit or loss at the time
of the transaction.
Current and deferred tax relating to items recognised in other
comprehensive income and directly in equity are similarly
recognised in other comprehensive income and directly in
equity respectively.
Current and deferred tax includes amounts provided
in\u00a0respect of uncertain tax positions, where management
expects it is more likely than not that an economic outflow will
occur as a result of examination by a relevant tax authority.
Provisions reflect management\u2019s best estimate of the ultimate
liability based on their interpretation of tax law, precedent and
guidance, informed by external tax advice as necessary.
The\u00a0final amounts of tax due may ultimately differ from
management\u2019s best estimate at the balance sheet date.
Changes in facts and circumstances underlying these
provisions are reassessed at each balance sheet date,
and\u00a0the\u00a0provisions are re-measured as required to reflect
current information.
In addition to paying tax on shareholders\u2019 profits (\u2018shareholder
tax\u2019), the Group\u2019s life businesses in the UK and\u00a0Ireland pay tax
on policyholders\u2019 investment returns (\u2018policyholder tax\u2019) on
certain products at\u00a0policyholder tax rates. The incremental tax
borne by the Group represents income tax on policyholder\u2019s
investment return.
In jurisdictions where policyholder tax is applicable, the\u00a0total
tax charge in the income statement is allocated between
shareholder tax and policyholder tax. The shareholder tax
is\u00a0calculated by applying the corporate tax rate to
the\u00a0shareholder profit. The difference between the total tax
charge and shareholder tax is allocated to policyholder tax.
This calculation methodology is consistent with the legislation
relating to the calculation of tax on shareholder profits.
The Group has decided to show separately the amounts
of\u00a0policyholder tax to provide a meaningful measure of the\u00a0tax
the Group pays on its profit. In the pro forma reconciliations,
the Group adjusted operating profit has been calculated after
charging policyholder tax.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-156": { "value": "
(AF) BORROWINGS
Borrowings are classified as being for either core structural
or\u00a0operational purposes. They are recognised initially at their
issue proceeds less transaction costs incurred. Subsequently,
most borrowings are stated at amortised cost and any
difference between net proceeds and the redemption value
is\u00a0recognised in the income statement over the period of
the\u00a0borrowings using the effective interest rate method.
All\u00a0borrowing costs are expensed as they are incurred except
where they are directly attributable to the acquisition or
construction of\u00a0property and equipment as described in
accounting policy Q.
Where loan notes have been issued in connection with certain
securitised mortgage loans, the Group has taken advantage of
the fair value option under IFRS 9 to present them at fair value
to eliminate any accounting mismatch which would otherwise
arise from using different measurement bases for these items
and the associated mortgages and derivative financial
instruments.
The Group elects to recognise the amount of change in the fair
value of borrowings attributable to changes in credit risk in the
income statement, as the alternative of recognising the impact
in other comprehensive income would create an accounting
mismatch.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-157": { "value": "
(AG) SHARE CAPITAL AND TREASURY SHARES
(a) Equity instruments
An equity instrument is a contract that evidences a residual
interest in the assets of an entity after deducting all its
liabilities. Accordingly, a financial instrument is treated as
equity if:
\u2022 There is no contractual obligation to deliver cash or other
financial assets or to exchange financial assets or liabilities
on terms that may be unfavourable from the perspective
of\u00a0the issuer; and
\u2022 The instrument is a non-derivative that contains no
contractual obligation to deliver a variable number of
shares\u00a0or is a derivative that will be settled only by the
Group exchanging a fixed amount of cash or other assets
for\u00a0a fixed number of the Group\u2019s own equity instruments.
(b) Share issue costs
Incremental external costs directly attributable to the issue
of\u00a0new shares are shown in equity as a deduction, net of tax,
from the proceeds of the issue and disclosed where material.
(c) Dividends
Interim dividends on ordinary shares are recognised in equity
in the period in which they are paid. Final dividends on these
shares are recognised when they have been approved by
shareholders. Dividends on preference shares are recognised
in the period in which they are declared and appropriately
approved.
(d) Treasury shares
Where the Company or its subsidiaries purchase the Company\u2019s
share capital or obtain rights to purchase its\u00a0share capital, the
consideration paid (including any attributable transaction costs
net of income taxes) is shown as a deduction from total
shareholders\u2019 equity. Gains and losses on own shares are
charged or credited to\u00a0the treasury share account in equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-158": { "value": "
(AI) EARNINGS PER SHARE
Basic earnings per share is calculated by dividing profit
attributable to ordinary shareholders by the weighted average
number of ordinary shares in issue during the year, excluding
the weighted average number of treasury shares.
Earnings per share has also been calculated on Group adjusted
operating profit attributable to ordinary shareholders (see
accounting policy B), net of tax attributable to shareholders'
profits, amounts attributable to non-controlling interests,
preference dividends (excluding special dividends) and
coupon payments on the tier 1 notes, as the directors believe
this figure provides a better indication of operating
performance. Details are given in note 14.
For the diluted earnings per share, the weighted average
number of ordinary shares in issue is adjusted to assume
conversion of all dilutive potential ordinary shares, such as
convertible debt and share options granted to employees.
Potential or contingent share issuances are treated as dilutive
when their conversion to shares would decrease net earnings
per share components", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-159": { "value": "25437000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:InsuranceRevenue", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-160": { "value": "20747000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:InsuranceRevenue", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-161": { "value": "22197000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:InsuranceServiceExpensesFromInsuranceContractsIssued", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-162": { "value": 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"concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-673": { "value": "-212000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-674": { "value": "17021000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-675": { "value": "22553000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-676": { "value": "6269000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:InterestReceivedClassifiedAsOperatingActivities", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-677": { "value": "5420000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:InterestReceivedClassifiedAsOperatingActivities", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-678": { "value": "2734000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsReceivedClassifiedAsOperatingActivities", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-679": { "value": "2829000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsReceivedClassifiedAsOperatingActivities", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-680": { "value": "450000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IssuedCapital", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-03-11T00:00:00", "ifrs-full:ClassesOfShareCapitalAxis": "ifrs-full:PreferenceSharesMember", "unit": "iso4217:GBP" } }, "f-681": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IssuedCapital", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-03-12T00:00:00", "ifrs-full:ClassesOfShareCapitalAxis": "ifrs-full:PreferenceSharesMember", "unit": "iso4217:GBP" } }, "f-682": { "value": "200000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ReductionOfIssuedCapital", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2025-03-12T00:00:00", "ifrs-full:ClassesOfShareCapitalAxis": "ifrs-full:PreferenceSharesMember", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "f-683": { "value": "252000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ReductionOfIssuedCapital", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2025-03-12T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "f-684": { "value": "94000000.0", "decimals": -6, "dimensions": { "concept": "avi:SpecialDividendsRecognisedAsDistributionsToOwners", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "f-685": { "value": "109000000.0", "decimals": -6, "dimensions": { "concept": "avi:SpecialDividendsRecognisedAsDistributionsToOwners", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "f-686": { "value": "787000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:BorrowingsByNameAxis": "avi:SubordinatedDebtAndSeniorNotesMember", "unit": "iso4217:GBP" } }, "f-687": { "value": "1095000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:BorrowingsByNameAxis": "avi:SubordinatedDebtAndSeniorNotesMember", "unit": "iso4217:GBP" } }, "f-688": { "value": "500000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:BondsIssued", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "f-689": { "value": "0.07750", "decimals": 5, "dimensions": { "concept": "ifrs-full:BorrowingsInterestRate", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-04-01T00:00:00" } }, "f-690": { "value": "
1 - EXCHANGE RATES
The Group\u2019s principal overseas operations during the year were located within the Eurozone and Canada. The results and cash
flows of these operations have been translated into sterling at the average rates for the year, and the assets and liabilities have
been translated at the year end rates as follows:
2025
2024
\u00a3
\u00a3
Eurozone
Average rate (\u20ac1 equals)
0.86
0.85
Year end rate (\u20ac1 equals)
0.87
0.83
Canada
Average rate ($CAD1 equals)
0.54
0.57
Year end rate ($CAD1 equals)
0.54
0.55
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-691": { "value": "
2 - STRATEGIC TRANSACTIONS
Acquisition of Direct Line Insurance Group plc
On 1 July 2025 the Group acquired 100% of the issued share capital of the Direct Line Insurance Group plc (Direct Line) in
exchange for total consideration of \u00a34.0 billion. The consideration consisted of \u00a31.7 billion of cash, funded from Aviva's own
resources, and the issue of 378 million Aviva plc shares to Direct Line shareholders.
The acquisition has resulted in a leading UK Personal Lines franchise, accelerated the Group's pivot towards capital-light
business, and further expanded customer reach delivering material cost and capital synergies.
The total consideration of \u00a34.0 billion represents the consideration paid to acquire \u00a32.1 billion of net assets attributable to
shareholders of Direct Line Insurance Group Plc and \u00a31.8 billion of goodwill recognised on acquisition. The net assets acquired
include the impact of aligning the valuation of insurance contract liabilities and reinsurance contract assets with Group
accounting policies. The balance sheet values are subject to review during the remeasurement period of up to 12 months after
the acquisition date as permitted by IFRS 3 Business Combinations. The following table summarises the consideration for the
acquisition, the fair value of the assets acquired, liabilities assumed and resulting allocation to goodwill.
Fair Value
\u00a3m
Assets
Software intangibles
84
Brand, customer and distribution intangibles arising on acquisition
985
Property and equipment
115
Investment property
294
Loans
337
Financial investments
3,921
Reinsurance contract assets
1,555
Current tax assets
137
Cash and cash equivalents
833
Other assets
231
Total identifiable assets
8,492
Liabilities
Insurance contract liabilities
5,042
Pension deficits and other provisions1
130
Deferred tax liabilities
76
Borrowings
242
Other liabilities
589
Total identifiable liabilities
6,079
Net identifiable assets acquired
2,413
Less: non-controlling interests (NCI)2
(343)
Net identifiable assets attributable to shareholders
2,070
Goodwill arising on acquisition
1,836
Fair value of consideration exchanged for acquired net assets
3,906
Fair value of Group net assets related to pre-existing relationships3
127
Consideration
4,033
1. Includes full provision for costs associated with the PRA\u2019s investigation of Direct Line\u2019s misreporting of Solvency II Own Funds for the year ended 2023
2. Following the acquisition of Direct Line non-controlling interests include \u00a3350 million of 4.75% fixed-rate perpetual Restricted Tier 1 contingent convertible notes (the RT1 notes).
which were issued by Direct Line on 7 December 2017. The RT1 notes are callable at par on 7 December 2027 (the First Call Date) and thereafter every five years after the First Call
Date. If not called, the coupon from 7 December 2027 will be reset to the prevailing five year mid-swap rate plus 3.394%. The notes have no fixed maturity date. Optional
cancellation of the coupon payments is at the discretion of Direct Line. The RT1 notes are therefore treated as equity and recognised within non-controlling interest at their
acquisition date fair value of \u00a3343 million.
3. The purchase consideration is adjusted for the settlement of pre-existing balances between Aviva and Direct Line in respect of insurance contract liabilities arising from a buy-in
contract held by the Direct Line staff pension scheme and the net asset value attributable to unit holders in respect of a Direct Line investment into an Aviva Investors money market
fund
Goodwill and intangible assets
Intangible assets of \u00a31,069 million were recognised upon acquisition representing the fair value of existing software intangibles,
the value of the Direct Line brands as well as the future revenue streams from renewals of Direct Line\u2019s existing personal lines
business and from the distribution contracts in place. They will be amortised over their useful economic life in accordance with
the Group\u2019s accounting policies (along with the corresponding release of the deferred tax liability).
The residual goodwill on acquisition of \u00a31,836 million, none of which is expected to be deductible for tax purposes, reflects the
future capital, expense and other synergies expected to arise from combining the operations of Direct Line with those of the
Group as well as the value of the workforce in place and other future business value.
Profit and Loss
From 1 July to 31 December 2025, Direct Line contributed \u00a33,071 million to the Group's insurance revenue and \u00a324 million to profit
before tax.
Insurance revenue for the period includes \u00a31,096 million relating to insurance contracts acquired while still in their settlement
period which, as required by IFRS 17 Insurance Contracts, are reclassified to liabilities for remaining coverage and the fair value
of the liabilities is recognised as revenue over the period to settlement (as opposed to revenue from new contracts issued to
customers).
Profit before tax of \u00a324 million, reflects the impact of adjustments made to the acquired balance sheet at 1 July 2025 to align
Direct Line results to the Group's accounting policies and also includes:
\u2022 integration and restructuring costs to integrate Direct line into the Group;
\u2022 amortisation of intangibles arising on acquisition; and
\u2022 the timing differences in profit recognition on acquired claims in settlement arising from the measurement under the GMM.
Had Direct Line been acquired on 1 January 2025, the Group has estimated that Direct Line's full-year pro-forma contribution to
IFRS insurance revenue and profit before tax would have resulted in total Group insurance revenue of approximately \u00a328,508
million and profit before tax of approximately \u00a31,542 million respectively. To determine these pro-forma amounts, Direct Line's
actual post-acquisition 6-month contribution has been doubled, except the pre-acquisition amounts on this basis exclude:
\u2022 the impact of investment variances and changes in economic assumptions;
\u2022 integration and restructuring costs; and
\u2022 the timing differences in profit recognition on acquired claims in settlement arising from the measurement under the GMM.
These illustrative pro-forma results are provided for IFRS reporting purposes only and, due to differences in fair values between
the start of the period and the acquisition date, are not indicative of what insurance revenue or profit before tax would have been
if the acquisition had occurred on 1 January 2025.
Acquisition costs of \u00a374 million related to legal and professional fees incurred to support the acquisition, stamp duty and bridge
facility fees have been incurred and have been recognised within Other operating expenses in the income statement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-692": { "value": "
3 - SEGMENTAL INFORMATION
The Group\u2019s results can be segmented either by activity or by geography. Our primary reporting format is along business unit
reporting lines, with\u00a0supplementary information being given by business activity. This note provides segmental information on the
consolidated income statement.
Financial performance of our key business units are presented as General Insurance (which brings together our UK & Ireland
General Insurance businesses and Canada General Insurance), Insurance, Wealth and Retirement (IWR) and Aviva Investors.
Our\u00a0international businesses are presented as International investments (consisting of our interests in India and China).
(a) Operating segments
General Insurance
UK & Ireland
The principal activities of our UK & Ireland General Insurance operations are the provision of insurance cover to individuals and
businesses for risks associated mainly with motor vehicles, property and liability (such as employers\u2019 liability and professional
indemnity liability). The results of Direct Line are included for the period 1 July to 31 December 2025, following acquisition on 1
July 2025.
Canada
The principal activity of our Canada General Insurance operation is the provision of personal and commercial lines insurance
products for risks associated mainly with motor, property and liability principally distributed through insurance brokers.
Insurance, Wealth & Retirement (IWR)
The principal activities of our IWR operations are the provision of a range of products to individuals and businesses across
Insurance (life insurance, long-term health and accident insurance), Wealth (savings and investments) and Retirement (pensions,
annuities and lifetime mortgage business).
Aviva Investors
Aviva\u00a0Investors manages policyholders' and shareholders' invested funds, provides investment management services for
institutional pension fund mandates and manages a range of retail investment products. We offer clients solutions across a broad
range of asset classes including fixed income, equities, multi-asset, real estate and infrastructure. Clients include Aviva Group
businesses and third-party financial institutions, pension funds, public sector organisations, investment professionals and private
investors.
International investments
International investments comprise our long-term business operations in India and China. In India, the Group\u00a0has a 74%
shareholding in Aviva India. In China, Aviva plc have a 50% shareholding in Aviva-COFCO Life Insurance Company Limited. On 18
March 2024 the Group announced that it had completed the sale of its entire 24.19% shareholding in Aviva SingLife Holdings Pte
Ltd. Aviva SingLife was included within the results of the Group up to the date of completion.
Other Group activities
Other Group activities includes investment return on centrally held assets, head office (Corporate centre) expenses such as
Group treasury and finance functions, financing costs arising on central borrowings, the elimination entries for certain inter-
segment transactions and group consolidation adjustments.
Measurement basis
The accounting policies of the segments are the same as those for the Group as a whole. Any transactions between the business
segments are subject to normal commercial terms and market conditions. The Group evaluates performance of\u00a0operating
segments on the basis of:
\u2022 profit or loss from operations before tax attributable to shareholders; and
\u2022 profit or loss from operations before tax attributable to shareholders, adjusted for non-operating items, including investment
market performance.
(i) Segmental income statement for the year ended 31 December 2025
UK &
Ireland
General
Insurance1
Canada
General
Insurance
Insurance,
Wealth &
Retirement
(IWR)
Aviva
Investors
International
investments
(India and China)
Other
Group
activities
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Insurance revenue2
11,095
4,372
9,885
\u2014
104
(19)
25,437
Insurance service expense
(9,674)
(3,871)
(8,559)
\u2014
(104)
11
(22,197)
Net expense from reinsurance contracts
(543)
(165)
(262)
\u2014
\u2014
(10)
(980)
Insurance service result
878
336
1,064
\u2014
\u2014
(18)
2,260
Investment return2
692
210
30,416
14
99
1,501
32,932
Net finance (expense)/income from insurance
contracts and participating investment contracts
(497)
(150)
(6,660)
\u2014
(96)
10
(7,393)
Net finance income/(expense) from reinsurance
contracts
129
11
146
\u2014
\u2014
(5)
281
Movement in non-participating investment contract
liabilities
\u2014
\u2014
(23,330)
\u2014
\u2014
\u2014
(23,330)
Investment expense attributable to unitholders
\u2014
\u2014
\u2014
\u2014
\u2014
(1,326)
(1,326)
Net financial result
324
71
572
14
3
180
1,164
Fee and commission income2
106
26
1,205
123
\u2014
7
1,467
Inter-segment revenue
\u2014
\u2014
\u2014
276
\u2014
\u2014
276
Share of (loss)/profit after tax of joint ventures and
associates2
(4)
1
45
\u2014
88
(2)
128
Other operating expenses
(319)
(67)
(1,347)
(386)
(3)
(505)
(2,627)
Other net foreign exchange losses
(21)
\u2014
\u2014
\u2014
\u2014
(50)
(71)
Other finance costs
(4)
(6)
(191)
\u2014
\u2014
(277)
(478)
Inter-segment expenses
(11)
(7)
(251)
\u2014
\u2014
(7)
(276)
Profit/(loss) before tax
949
354
1,097
27
88
(672)
1,843
Tax attributable to policyholders\u2019 returns
\u2014
\u2014
(403)
\u2014
\u2014
\u2014
(403)
Profit/(loss) before tax attributable to shareholders\u2019
profits
949
354
694
27
88
(672)
1,440
Adjusting items:
Reclassification of unallocated interest
1
13
(16)
\u2014
\u2014
2
\u2014
Investment variances and economic assumption changes
(91)
26
133
\u2014
(28)
77
117
Amortisation of intangibles acquired in business
combinations
75
15
21
\u2014
\u2014
\u2014
111
Amortisation of acquired value of in-force business
\u2014
\u2014
55
\u2014
\u2014
\u2014
55
Integration and restructuring costs
114
\u2014
191
20
\u2014
35
360
Other
29
\u2014
\u2014
\u2014
\u2014
91
120
Group adjusted operating profit/(loss) before tax
attributable to shareholders' profits
1,077
408
1,078
47
60
(467)
2,203
1. UK & Ireland General Insurance includes the results of Direct Line for the period from 1 July to 31 December 2025 as well as the related integration and restructuring costs. The
impact on income statement presentation of applying acquisition accounting to acquired claims in settlement is explained in note 39(b)(iii).
2. Total reported income, excluding inter-segment revenue, includes \u00a353,651 million from the United Kingdom (Aviva plc\u2019s country of domicile). Income is attributed on the basis of
geographical origin which does not differ materially from revenue by geographical destination, as most risks are located in the countries where the contracts were written.
(ii) Segmental income statement for year ended 31 December 2024
UK & Ireland
General
Insurance
Canada
General
Insurance
Insurance,
Wealth &
Retirement
(IWR)
Aviva
Investors
International
investments (India
and China)
Other Group
activities
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Insurance revenue1
7,388
4,326
8,973
\u2014
78
(18)
20,747
Insurance service expense
(6,252)
(4,117)
(7,800)
\u2014
(82)
11
(18,240)
Net (expense)/income from reinsurance contracts
(519)
43
(219)
\u2014
\u2014
6
(689)
Insurance service result
617
252
954
\u2014
(4)
(1)
1,818
Investment return1
424
304
17,720
17
142
1,275
19,882
Net finance expense from insurance contracts and
participating investment contracts
(144)
(209)
(630)
\u2014
(130)
(8)
(1,121)
Net finance (expense)/income from reinsurance
contracts
\u2014
15
(212)
\u2014
\u2014
29
(168)
Movement in non-participating investment contract
liabilities
\u2014
\u2014
(17,123)
\u2014
\u2014
(1)
(17,124)
Investment expense attributable to unitholders
\u2014
\u2014
\u2014
\u2014
\u2014
(1,179)
(1,179)
Net financial result
280
110
(245)
17
12
116
290
Fee and commission income1
59
27
1,192
127
\u2014
5
1,410
Inter-segment revenue
\u2014
\u2014
\u2014
259
\u2014
\u2014
259
Share of profit after tax of joint ventures and
associates2
\u2014
1
48
\u2014
87
\u2014
136
Profit on disposal and remeasurement of subsidiaries,
joint ventures and associates
\u2014
\u2014
\u2014
\u2014
\u2014
195
195
Other operating expenses
(104)
(65)
(1,245)
(384)
1
(403)
(2,200)
Other net foreign exchange gains
4
\u2014
\u2014
\u2014
\u2014
105
109
Other finance costs
(1)
(7)
(212)
\u2014
\u2014
(271)
(491)
Inter-segment expenses
(11)
(6)
(240)
\u2014
\u2014
(2)
(259)
Profit/(loss) before tax
844
312
252
19
96
(256)
1,267
Tax attributable to policyholders\u2019 returns
\u2014
\u2014
(270)
\u2014
\u2014
\u2014
(270)
(Loss)/profit before tax attributable to shareholders\u2019
profits
844
312
(18)
19
96
(256)
997
Adjusting items:
Reclassification of unallocated interest
1
17
(19)
\u2014
\u2014
1
\u2014
Investment variances and economic assumption changes
(150)
(57)
898
\u2014
(48)
23
666
Amortisation of intangibles acquired in business
combinations
3
15
43
\u2014
\u2014
\u2014
61
Amortisation of acquired value of in-force business
\u2014
\u2014
52
\u2014
\u2014
\u2014
52
Profit on disposal and remeasurement of subsidiaries,
joint ventures and associates
\u2014
\u2014
\u2014
\u2014
\u2014
(195)
(195)
Integration and restructuring costs
\u2014
\u2014
173
21
\u2014
23
217
Other
10
1
(58)
\u2014
\u2014
16
(31)
Group adjusted operating profit before tax attributable
to shareholders' profits
708
288
1,071
40
48
(388)
1,767
1. Total reported income, excluding inter-segment revenue, includes \u00a335,119 million from the United Kingdom (Aviva plc\u2019s country of domicile). Income is attributed on the basis of
geographical origin which does not differ materially from revenue by geographical destination, as most risks are located in the countries where the contracts were written.
(b) Further analysis by products and services
The Group\u2019s results can be further analysed by products and services which comprise long-term business, general insurance and
health, fund management and other activities.
Long-term business
Our long-term business comprises life insurance, savings, pensions and annuity business written by our life insurance
subsidiaries, including managed pension fund business. Long-term business also includes our share of the other life and related
business written in our associates and joint ventures, as well as lifetime mortgage business written in the UK.
General insurance and health
Our general insurance and health business provides insurance cover to individuals and to small and medium-sized businesses,
for risks associated mainly with motor vehicles, property and liability, such as employers\u2019 liability and professional indemnity
liability and medical expenses.
Fund management
Aviva Investors manages policyholders' and shareholders' invested funds, provides investment management services for
institutional pension fund mandates and manages a range of retail investment products. We offer clients solutions across a broad
range of asset classes including fixed income, equities, multi-asset, real estate and infrastructure. Clients include Aviva Group
businesses, third-party financial institutions, pension funds, public sector organisations, investment professionals and private
investors.
Other
Other includes service companies, head office expenses such as Group treasury and finance functions, and certain financing
costs and taxes not allocated to business segments and elimination entries for certain inter-segment transactions and group
consolidation adjustments.
(i) Segmental income statement - product and services for the year ended 31 December 2025
General
insurance
and health1
Long-term\u00a0
business
Fund
management
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Insurance revenue
16,241
9,215
\u2014
(19)
25,437
Insurance service expense
(14,261)
(7,947)
\u2014
11
(22,197)
Net expense from reinsurance contracts
(708)
(262)
\u2014
(10)
(980)
Insurance service result
1,272
1,006
\u2014
(18)
2,260
Investment return
908
30,509
14
1,501
32,932
Net finance (expense)/income from insurance contracts and participating
investment contracts
(647)
(6,756)
\u2014
10
(7,393)
Net finance income/(expense) from reinsurance contracts
140
146
\u2014
(5)
281
Movement in non-participating investment contract liabilities
\u2014
(23,330)
\u2014
\u2014
(23,330)
Investment expense attributable to unitholders
\u2014
\u2014
\u2014
(1,326)
(1,326)
Net financial result
401
569
14
180
1,164
Fee and commission income
141
1,196
123
7
1,467
Inter-segment revenue
\u2014
\u2014
276
\u2014
276
Share of (loss)/profit after tax of joint ventures and associates
(3)
133
\u2014
(2)
128
Other operating expenses
(386)
(1,350)
(386)
(505)
(2,627)
Other net foreign exchange losses
(21)
\u2014
\u2014
(50)
(71)
Other finance costs
(10)
(191)
\u2014
(277)
(478)
Inter-segment expenses
(18)
(251)
\u2014
(7)
(276)
Profit/(loss) before tax
1,376
1,112
27
(672)
1,843
Tax attributable to policyholders\u2019 returns
\u2014
(403)
\u2014
\u2014
(403)
Profit/(loss) before tax attributable to shareholders\u2019 profits
1,376
709
27
(672)
1,440
Adjusting items
182
356
20
205
763
Group adjusted operating profit/(loss) before tax attributable to
shareholders' profits
1,558
1,065
47
(467)
2,203
1. General insurance and health product segment includes the results of Direct Line for the period from 1 July to 31 December 2025 as well as the related integration and restructuring
costs. This segment also includes insurance revenue of \u00a3774 million relating to health business. The impact on income statement presentation of applying acquisition accounting to
acquired claims in settlement is explained in note 39(b)(iii).
(ii) Segmental income statement - product and services for the year ended 31 December 2024
General
insurance
and health1
Long-term\u00a0
business
Fund
management
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Insurance revenue
12,426
8,339
\u2014
(18)
20,747
Insurance service expense
(11,026)
(7,225)
\u2014
11
(18,240)
Net expense from reinsurance contracts
(476)
(219)
\u2014
6
(689)
Insurance service result
924
895
\u2014
(1)
1,818
Investment return
728
17,862
17
1,275
19,882
Net expense from insurance contracts and participating investment contracts
(353)
(760)
\u2014
(8)
(1,121)
Net finance (expense)/income from reinsurance contracts
15
(212)
\u2014
29
(168)
Movement in non-participating investment contract liabilities
\u2014
(17,123)
\u2014
(1)
(17,124)
Investment expense attributable to unitholders
\u2014
\u2014
\u2014
(1,179)
(1,179)
Net financial result
390
(233)
17
116
290
Fee and commission income
91
1,187
127
5
1,410
Inter-segment revenue
\u2014
\u2014
259
\u2014
259
Share of profit after tax of joint ventures and associates
1
135
\u2014
\u2014
136
(Loss)/profit on disposal and remeasurement of subsidiaries, joint ventures
and associates
\u2014
\u2014
\u2014
195
195
Other operating expenses
(160)
(1,253)
(384)
(403)
(2,200)
Other net foreign exchange (losses)/gains
4
\u2014
\u2014
105
109
Other finance costs
(8)
(212)
\u2014
(271)
(491)
Inter-segment expenses
(17)
(240)
\u2014
(2)
(259)
Profit/(loss) before tax
1,225
279
19
(256)
1,267
Tax attributable to policyholders\u2019 returns
\u2014
(270)
\u2014
\u2014
(270)
Profit/(loss) before tax attributable to shareholders\u2019 profits
1,225
9
19
(256)
997
Adjusting items
(163)
1,044
21
(132)
770
Group adjusted operating profit/(loss) before tax attributable to shareholders'
profits
1,062
1,053
40
(388)
1,767
1. General insurance and health product segment includes insurance revenue of \u00a3712 million relating to health business. The remaining segment relates to property and liability
insurance.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-693": { "value": "
4 - INSURANCE REVENUE
This note analyses the insurance revenue recognised in relation to our insurance contracts and participating investment
contracts (which are described in note 39).
Insurance revenue for the year ended 31 December comprised:
2025
2024
Life Risk
Participating
Non-Life
Total
Life Risk
Participating
Non-Life
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Amounts relating to changes in liabilities for remaining coverage
CSM recognised for services provided
888
150
8
1,046
821
178
1
1,000
Change in risk adjustment for non-
financial risk for risk expired
122
4
83
209
109
3
1
113
Expected incurred claims and other
insurance service expenses
7,163
293
1,061
8,517
6,522
264
11
6,797
Other1
\u2014
229
\u2014
229
\u2014
81
\u2014
81
Recovery of insurance acquisition
cashflows
341
6
\u2014
347
336
7
\u2014
343
Contracts not measured under the PAA
8,514
682
1,152
10,348
7,788
533
13
8,334
Contracts measured under the PAA
\u2014
\u2014
15,089
15,089
\u2014
\u2014
12,413
12,413
Total insurance revenue
8,514
682
16,241
25,437
7,788
533
12,426
20,747
1. Other in 2024 i ncludes a gain of \u00a368 million relating to a revision to the 2023 restatement in respect of accounting processes for with-profit funds. Both 2025 and 2024 also include
revenue recognised for incurred policyholder tax expenses on participating business.
For non-life contracts measured under the PAA, amounts recognised in insurance revenue are based on the expected premiums
earned in the year.
Non-life acquired claims in settlement are classified under IFRS 17 as liabilities for remaining coverage and measured under the
General Measurement Model (GMM).
The increase since the prior year in insurance service revenue for non-life contracts measured under both the PAA and GMM
primarily reflect the acquisition of Direct Line Insurance Group on the 1st July 2025. Further detail on the treatment of the claims in
settlement on acquisition can be found in 39(b)(iii).
5 - NET FINANCIAL RESULT
This note analyses the Group\u2019s net financial results in profit or loss. This analysis is provided by reportable product groups for
insurance and participating investment contracts, which are explained in note 39 (a).
2025
Non-life
Life Risk
Participating
Non-
Participating
Non
Insurance
Total
Product
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Interest and similar income from financial instruments at
amortised cost
6
5
\u2014
\u2014
79
90
Interest and similar income from financial instruments at
FVTPL
515
2,385
302
470
2,258
5,930
Other investment income
5(a)
391
712
3,282
23,097
(568)
26,914
Net impairment loss on financial assets
\u2014
\u2014
\u2014
\u2014
(2)
(2)
Total investment return
912
3,102
3,584
23,567
1,767
32,932
Changes in fair value of underlying items
\u2014
49
(3,809)
\u2014
\u2014
(3,760)
Effects of risk mitigation option
\u2014
\u2014
6
\u2014
\u2014
6
Interest accreted on contractual service margin
\u2014
(336)
(3)
\u2014
\u2014
(339)
Effect of, and changes in, interest rates and other
financial assumptions
(647)
(2,541)
(35)
\u2014
\u2014
(3,223)
Effect of measuring changes in estimates at current
rates and adjusting the CSM at rates on initial
recognition
\u2014
(73)
(4)
\u2014
\u2014
(77)
Net finance expense from insurance contracts and
participating investment contracts
(647)
(2,901)
(3,845)
\u2014
\u2014
(7,393)
Interest accreted
105
69
\u2014
\u2014
\u2014
174
Other
30
77
\u2014
\u2014
\u2014
107
Net finance income from reinsurance contracts
135
146
\u2014
\u2014
\u2014
281
Investment expense allocated to non-participating
investment contracts
\u2014
\u2014
\u2014
(23,330)
\u2014
(23,330)
Changes in non-participating investment contract
provisions
\u2014
\u2014
\u2014
1
\u2014
1
Change in reinsurance asset for non-participating
investment contract provisions
\u2014
\u2014
\u2014
(1)
\u2014
(1)
Movement in non-participating investment contract liabilities
\u2014
\u2014
\u2014
(23,330)
\u2014
(23,330)
Investment expense attributable to unitholders
\u2014
\u2014
\u2014
\u2014
(1,326)
(1,326)
Net financial result
400
347
(261)
237
441
1,164
Underlying items comprise financial instruments and other assets and liabilities held within unit-linked and with-profits funds
whose value determines some of the amounts payable to policyholders. For policyholders invested in with-profits funds with a
policyholder estate the underlying items may include non-profit insurance contracts written within the funds.
2024
Non-life
Life Risk
Participating
Non-
Participating
Non
Insurance
Total
Product
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Interest and similar income from financial instruments at
amortised cost
8
7
6
\u2014
2
23
Interest and similar income from financial instruments at
FVTPL
396
2,311
519
473
1,616
5,315
Other investment income
5(a)
300
(3,292)
1,242
16,342
(46)
14,546
Net impairment loss on financial assets
(2)
\u2014
\u2014
\u2014
\u2014
(2)
Total investment return
702
(974)
1,767
16,815
1,572
19,882
Changes in fair value of underlying items
\u2014
62
(1,933)
\u2014
\u2014
(1,871)
Effects of risk mitigation option
\u2014
\u2014
37
\u2014
\u2014
37
Interest accreted on contractual service margin
\u2014
(298)
(3)
\u2014
\u2014
(301)
Effect of, and changes in, interest rates and other
financial assumptions
(353)
1,517
(48)
\u2014
\u2014
1,116
Effect of measuring changes in estimates at current
rates and adjusting the CSM at rates on initial
recognition
\u2014
(65)
(37)
\u2014
\u2014
(102)
Net finance expense from insurance contracts and
participating investment contracts
(353)
1,216
(1,984)
\u2014
\u2014
(1,121)
Interest accreted
89
54
\u2014
\u2014
\u2014
143
Other
(46)
(265)
\u2014
\u2014
\u2014
(311)
Net finance income\u00a0 from reinsurance contracts
43
(211)
\u2014
\u2014
\u2014
(168)
Investment expense allocated to non-participating
investment contracts
\u2014
\u2014
\u2014
(17,124)
\u2014
(17,124)
Changes in non-participating investment contract
provisions
\u2014
\u2014
\u2014
1
\u2014
1
Change in reinsurance asset for non-participating
investment contract provisions
\u2014
\u2014
\u2014
(1)
\u2014
(1)
Movement in non-participating investment contract
liabilities
\u2014
\u2014
\u2014
(17,124)
\u2014
(17,124)
Investment expense attributable to unitholders
\u2014
\u2014
\u2014
\u2014
(1,179)
(1,179)
Net financial result
392
31
(217)
(309)
393
290
(a) Other investment income
2025
2024
\u00a3m
\u00a3m
Dividend income
2,734
2,829
Net gains/(losses)
24,526
11,886
From financial assets mandatorily held at FVTPL
25,918
11,050
From financial assets held at amortised cost
62
(29)
From borrowings designated as FVTPL
(24)
(44)
From financial liabilities mandatorily held at FVTPL1
(1,430)
909
Net income from investment properties
555
206
Rent
374
250
Expenses relating to these properties
(22)
(27)
Realised losses on disposal
\u2014
(4)
Fair value gains/(losses) on investment properties
203
(13)
Net foreign exchange losses on financial instruments not held at FVTPL
(812)
(275)
Other
(89)
(100)
Other investment income
26,914
14,546
1.
39 \u2013 INSURANCE AND REINSURANCE CONTRACTS
For the purpose of this note, all references to insurance contracts include participating investment contracts. The Group has
presented the information about insurance and reinsurance contracts using the following product groups.
Reportable product
group
Products and services
Measurement model
Life risk
(see note 39(b)(i))
\u2022 Annuities (bulk purchase and individual), term
assurance, income protection and critical illness
General Measurement Model (GMM)
\u2022 Includes participating pension saving contracts with
guaranteed annuity terms as these contracts are
expected to convert to annuity contracts and the
predominant characteristics are life risk
Life participating
(see note 39(b)(ii))
\u2022 With profits savings contracts, unit linked insurance and
unit linked participating contracts
Predominantly measured using the Variable Fee
Approach (VFA). There\u00a0is some participating business
which is\u00a0measured using the GMM.
Non-life
(see note 39 (b)(iii))
\u2022 General insurance contracts
Predominantly measured using the Premium Allocation
Approach (PAA). Non-life business measured using the
GMM includes reinsurance contracts covering the
adverse development of incurred claims and claims in
settlement acquired in business combinations.
\u2022 Health insurance contracts
This note analyses the following in respect of these insurance and reinsurance contracts:
(a) Carrying amount
(b) Movements in the year
(c) Assets of insurance acquisition cashflows
(d) Effect of contracts initially recognised in the year
(e) Contractual service margin (CSM) emergence
(f) Non-life claims development
(g) Significant judgements, estimates and assumptions
(a) Carrying amount
Insurance and reinsurance contracts at 31 December comprised:
2025
2024
Life risk
Participating
Non-life
Total
Life risk
Participating
Non-life
Total
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Insurance contracts
Insurance contract balances
39(b)
74,382
36,982
21,710
133,074
71,452
37,225
15,694
124,371
Assets for insurance acquisition
cashflows
39(c)
\u2014
\u2014
(219)
(219)
\u2014
\u2014
(220)
(220)
Total insurance contract liabilities
74,382
36,982
21,491
132,855
71,452
37,225
15,474
124,151
Reinsurance contracts
Reinsurance contract assets
39(b)
(8,062)
\u2014
(3,809)
(11,871)
(7,579)
\u2014
(2,121)
(9,700)
Carrying amounts of insurance and reinsurance contracts expected to be settled/(recovered) more than 12 months from
reporting date:
2025
2024
\u00a3m
\u00a3m
Insurance contract and participating investment contract liabilities
116,851
110,330
Reinsurance contract assets
(10,211)
(8,330)
At 31 December 2025, the maximum exposure to credit risk from insurance contracts is \u00a32,957 million (2024 : \u00a32,319 million),
which primarily relates to premiums receivable for services that the Group has already provided, and the maximum exposure to
credit risk from reinsurance contracts is \u00a39,814 million (2024 : \u00a37,742 million)
(b) Movements in the year
The following movements have occurred in the carrying amount of insurance contract balances in the year:
2025
2024
Carrying amount
Note
\u00a3m
\u00a3m
At 1 January
124,371
122,050
Insurance revenue
4
(25,437)
(20,747)
Insurance service expenses
22,197
18,240
Insurance finance expense
7,393
1,121
Foreign exchange rate movements and other charges
(37)
(571)
Premiums received
24,745
25,928
Claims and expenses paid, including investment component
(21,360)
(19,446)
Acquisition cash flows
(3,818)
(3,557)
Effect of portfolio transfers, acquisitions and disposals
5,020
1,353
At 31 December
133,074
124,371
Included within the carrying amounts are: the present value of expected future cashflows, representing a best estimate view; risk
adjustment for non-financial risk; and CSM representing the unearned profit for future service.
The carrying amount for reinsurance contracts are recognised separately from insurance contract balances. Detailed movements
on both are included in sections 39(b)(i) to 39(b)(iii).
The following summarises movements in CSM that have occurred during the year:
2025
2024
Life risk
Participating
Non-life
Total
Life risk
Participating
Non-life
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
CSM in respect of insurance contracts
At 1 January
8,497
1,123
6
9,626
7,378
1,040
\u2014
8,418
CSM recognised for services provided
(888)
(150)
(8)
(1,046)
(821)
(178)
(1)
(1,000)
Other movements in CSM
1,048
138
20
1,206
1,575
261
7
1,843
Effect of portfolio transfers, acquisitions
and disposals
(6)
\u2014
\u2014
(6)
365
\u2014
\u2014
365
At 31 December
8,651
1,111
18
9,780
8,497
1,123
6
9,626
CSM in respect of reinsurance contracts
At 1 January
(1,852)
\u2014
(2)
(1,854)
(1,170)
\u2014
\u2014
(1,170)
CSM recognised for services received
151
\u2014
\u2014
151
129
\u2014
\u2014
129
Other movements in CSM
(358)
\u2014
4
(354)
(495)
\u2014
(2)
(497)
Effect of portfolio transfers, acquisitions
and disposals
\u2014
\u2014
\u2014
\u2014
(316)
\u2014
\u2014
(316)
At 31 December
(2,059)
\u2014
2
(2,057)
(1,852)
\u2014
(2)
(1,854)
Net CSM at 1 January
6,645
1,123
4
7,772
6,208
1,040
\u2014
7,248
Net CSM at 31 December
6,592
1,111
20
7,723
6,645
1,123
4
7,772
Other movements in CSM include:
\u2022 Recognition of additional CSM in respect of new insurance and reinsurance contracts recognised in the year;
\u2022 Remeasurement of existing contracts (covering non-financial assumption changes and experience variances for all contracts,
plus financial assumption changes and experience variances for contracts in scope of the VFA); and
\u2022 For contracts in scope of the GMM, interest accretion on the CSM balance which is recognised within net finance expense/
income from insurance contracts.
There are also changes in CSM arising as a result of portfolio transfers, acquisitions and disposals.
Each of these items can be seen in more detail in the respective tables in section 39(b)(i) for life risk, 39(b)(ii) for participating and
39(b)(iii) for non-life.
The other movements in CSM in 2025 has reduced compared to that in 2024 , mainly due to lower investment returns and bulk-
purchase annuity new business volumes returning to more normal levels after an extremely high 2024. Neither year included
material demographic assumption changes.
Assumption changes are described in more detail in note 41.
The CSM recognised for services provided on insurance contracts in the year of \u00a31,046 million (2024: \u00a31,000 million) is a key
component of insurance revenue.
The following summarises movements in the risk adjustment that have occurred during the year:
Life
Non-life
Risk
Participating
PAA
GMM
Total
Total
2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Risk adjustment in respect of insurance contracts
At 1 January
1,390
55
550
9
559
2,004
Change in risk adjustment for risk expired
(122)
(4)
\u2014
(83)
(83)
(209)
Other movements in risk adjustment
(12)
15
126
17
143
146
Effect of portfolio transfers, acquisitions and disposals
(1)
\u2014
\u2014
355
355
354
At 31 December
1,255
66
676
298
974
2,295
Risk adjustment in respect of reinsurance contracts
At 1 January
(735)
\u2014
(71)
(80)
(151)
(886)
Change in risk adjustment for risk expired
57
\u2014
\u2014
55
55
112
Other movements in risk adjustment
66
\u2014
(35)
(38)
(73)
(7)
Effect of portfolio transfers, acquisitions and disposals
\u2014
\u2014
\u2014
(188)
(188)
(188)
At 31 December
(612)
\u2014
(106)
(251)
(357)
(969)
Net risk adjustment at 1 January
655
55
479
(71)
408
1,118
Net risk adjustment at 31 December
643
66
570
47
617
1,326
Life
Non-life
Risk
Participating
PAA
GMM
Total
Total
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Risk adjustment in respect of insurance contracts
At 1 January
1,363
65
523
\u2014
523
1,951
Change in risk adjustment for risk expired
(109)
(3)
\u2014
(1)
(1)
(113)
Other movements in risk adjustment
61
(7)
27
\u2014
27
81
Effect of portfolio transfers, acquisitions and disposals
75
\u2014
10
10
85
At 31 December
1,390
55
550
9
559
2,004
Risk adjustment in respect of reinsurance contracts
At 1 January
(639)
\u2014
(80)
(70)
(150)
(789)
Change in risk adjustment for risk expired
44
\u2014
\u2014
8
8
52
Other movements in risk adjustment
(78)
\u2014
9
(13)
(4)
(82)
Effect of portfolio transfers, acquisitions and disposals
(62)
(5)
(5)
(67)
At 31 December
(735)
\u2014
(71)
(80)
(151)
(886)
Net risk adjustment at 1 January
724
65
443
(70)
373
1,162
Net risk adjustment at 31 December
655
55
479
(71)
408
1,118
The change in risk adjustment for risk expired is recognised in insurance revenue.
The net risk adjustment has increased in the year. Other movements in risk adjustment include the risk adjustment established on
new business (details of which can be seen in note 39(d)) and the impact of movements in discount rates.\u00a0
Movements in carrying amounts of insurance and reinsurance contracts
The following reconciliations present the movements in the carrying amounts of insurance and reinsurance contracts in each
product group.
For life risk and participating contracts each table presents a different analysis of the movements in both insurance and
reinsurance balances. The first disclosure, split by remaining coverage and incurred claims, presents the income statement items
that constitute insurance revenue, insurance service expenses and net expenses from reinsurance contracts. The sum of these
items represents the contribution to insurance service result. Movements in the balances relating to finance expenses and cash
flows are shown below the insurance service result.
In the second disclosure, split by measurement component (present value of expected future cash flows, risk adjustment and
CSM), the movements are presented by driver of change. The insurance service result and subsequent movements have
consistent totals across the two disclosure tables.
For non-life business for both gross and reinsurance contracts, the movements in balances are presented split by remaining
coverage and incurred claims with the incurred claims further analysed between the cash flow and risk adjustment components.
A further table then follows for both gross and reinsurance contracts to display the results exclusively for the sub-group of
contracts measured under the GMM.
(i) Life risk
Insurance contracts
The following table shows life risk insurance contracts analysed by remaining coverage and incurred claims:
2025
2024
Liabilities for remaining
coverage
Liabilities
for
incurred
claims
Total
Liabilities for remaining
coverage
Liabilities for
incurred
claims
Total
Excluding
loss
component
Loss
component
Excluding
loss
component
Loss
component
Carrying amount
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Opening liabilities at 1 January
69,550
414
1,488
71,452
66,473
418
1,243
68,134
Changes in comprehensive income
Insurance revenue
4
(8,514)
\u2014
\u2014
(8,514)
(7,788)
\u2014
\u2014
(7,788)
Contracts under the modified
retrospective transition approach
(147)
\u2014
\u2014
(147)
(156)
\u2014
\u2014
(156)
Contracts under the fair value
transition approach
(4,066)
\u2014
\u2014
(4,066)
(4,107)
\u2014
\u2014
(4,107)
Other contracts
(4,301)
\u2014
\u2014
(4,301)
(3,525)
\u2014
\u2014
(3,525)
Insurance service expenses
341
64
7,177
7,582
336
(21)
6,569
6,884
Incurred claims and other insurance
service expenses
\u2014
(75)
7,177
7,102
\u2014
(67)
6,569
6,502
Amortisation of insurance
acquisition cash flows
341
\u2014
\u2014
341
336
\u2014
\u2014
336
Losses and reversals of losses on
onerous contracts
\u2014
139
\u2014
139
\u2014
46
\u2014
46
Investment components and premium
refunds
(1,094)
\u2014
1,094
\u2014
(1,033)
\u2014
1,033
\u2014
Insurance service result
(9,267)
64
8,271
(932)
(8,485)
(21)
7,602
(904)
Net finance expenses/(income) from
insurance contracts
5
2,861
40
\u2014
2,901
(1,236)
20
\u2014
(1,216)
Effect of movements in exchange rates
31
2
13
46
(109)
(3)
(11)
(123)
Total changes in comprehensive income
(6,375)
106
8,284
2,015
(9,830)
(4)
7,591
(2,243)
Cash flows
Premiums received
9,396
\u2014
\u2014
9,396
12,668
\u2014
\u2014
12,668
Claims and other insurance service
expenses paid, including investment
component
\u2014
\u2014
(7,774)
(7,774)
\u2014
\u2014
(7,508)
(7,508)
Insurance acquisition cash flows
(649)
\u2014
\u2014
(649)
(633)
\u2014
\u2014
(633)
Total cash flows
8,747
\u2014
(7,774)
973
12,035
\u2014
(7,508)
4,527
Effect of portfolio transfers, acquisitions
and disposals
(58)
\u2014
\u2014
(58)
872
\u2014
162
1,034
Closing liabilities at 31 December
71,864
520
1,998
74,382
69,550
414
1,488
71,452
The 2025 acquisition movements for Life risk insurance contracts reflect the settlement of pre-existing balances in respect of
insurance contract liabilities arising from a buy-in contract held by the Direct Line staff pension scheme.
The following table shows life risk insurance contracts analysed by measurement component:
Estimates of
present value
of future cash
flows
Risk
adjustment for
non-financial
risk
Contractual service margin (CSM)
Total
2025 Carrying amount
Contracts
under
modified
retrospective
transition
approach
Contracts
under fair
value
transition
approach
Other
contracts
CSM
Total
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Opening liabilities at 1 January
61,565
1,390
\u2014
3,718
4,779
8,497
71,452
Changes in comprehensive income
CSM recognised for services provided
\u2014
\u2014
\u2014
(377)
(511)
(888)
(888)
Change in risk adjustment for risk expired
\u2014
(122)
\u2014
\u2014
\u2014
\u2014
(122)
Experience adjustments
(61)
\u2014
\u2014
\u2014
\u2014
\u2014
(61)
Changes that relate to current services
(61)
(122)
\u2014
(377)
(511)
(888)
(1,071)
Contracts initially recognised in the period
(607)
130
\u2014
\u2014
482
482
5
Changes in estimates that adjust the CSM
(36)
(178)
\u2014
(40)
254
214
\u2014
Changes in estimates that result in losses
and reversal of losses on onerous
contracts
134
\u2014
\u2014
\u2014
\u2014
\u2014
134
Changes that relate to future services
(509)
(48)
\u2014
(40)
736
696
139
Insurance service result
(570)
(170)
\u2014
(417)
225
(192)
(932)
Net finance expenses from insurance
contracts
5
2,535
30
\u2014
170
166
336
2,901
Effect of movements in exchange rates
24
6
\u2014
9
7
16
46
Total changes in comprehensive income
1,989
(134)
\u2014
(238)
398
160
2,015
Cash flows
Premiums received
9,396
\u2014
\u2014
\u2014
\u2014
\u2014
9,396
Claims and other insurance service expenses
paid, including investment components
(7,774)
\u2014
\u2014
\u2014
\u2014
\u2014
(7,774)
Insurance acquisition cash flows
(649)
\u2014
\u2014
\u2014
\u2014
\u2014
(649)
Total cash flows
973
\u2014
\u2014
\u2014
\u2014
\u2014
973
Effect of portfolio transfers, acquisitions and
disposals
(51)
(1)
\u2014
\u2014
(6)
(6)
(58)
Closing liabilities at 31 December
64,476
1,255
\u2014
3,480
5,171
8,651
74,382
Estimates of
present value
of future cash
flows
Risk
adjustment
for
non-financial
risk
Contractual service margin (CSM)
Total
2024 Carrying amount
Contracts
under
modified
retrospective
transition
approach
Contracts
under fair
value
transition
approach
Other
contracts
CSM
Total
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Opening liabilities at 1 January
59,393
1,363
1
3,652
3,725
7,378
68,134
Changes in comprehensive income
CSM recognised for services provided
\u2014
\u2014
\u2014
(392)
(429)
(821)
(821)
Change in risk adjustment for risk expired
\u2014
(109)
\u2014
\u2014
\u2014
\u2014
(109)
Experience adjustments
(20)
\u2014
\u2014
\u2014
\u2014
\u2014
(20)
Changes that relate to current services
(20)
(109)
\u2014
(392)
(429)
(821)
(950)
Contracts initially recognised in the period
(971)
222
\u2014
\u2014
750
750
1
Changes in estimates that adjust the CSM
(519)
(23)
(1)
301
242
542
\u2014
Changes in estimates that result in losses and
reversal of losses on onerous contracts
45
\u2014
\u2014
\u2014
\u2014
\u2014
45
Changes that relate to future services
(1,445)
199
(1)
301
992
1,292
46
Insurance service result
(1,465)
90
(1)
(91)
563
471
(904)
Net finance (income)/expenses from insurance
contracts
5
(1,382)
(132)
\u2014
165
133
298
(1,216)
Effect of movements in exchange rates
(102)
(6)
\u2014
(8)
(7)
(15)
(123)
Total changes in comprehensive income
(2,949)
(48)
(1)
66
689
754
(2,243)
Cash flows
Premiums received
12,668
\u2014
\u2014
\u2014
\u2014
\u2014
12,668
Claims and other insurance service expenses
paid, including investment components
(7,508)
\u2014
\u2014
\u2014
\u2014
\u2014
(7,508)
Insurance acquisition cash flows
(633)
\u2014
\u2014
\u2014
\u2014
\u2014
(633)
Total cash flows
4,527
\u2014
\u2014
\u2014
\u2014
\u2014
4,527
Effect of portfolio transfers, acquisitions and
disposals
594
75
\u2014
\u2014
365
365
1,034
Closing liabilities at 31 December
61,565
1,390
\u2014
3,718
4,779
8,497
71,452
Key changes that impac t the income statement include the release of CSM for services provided and the release of risk
adjustment for expired risks.
Changes that relate to future service include:
\u2022 New contracts initially recognised in the year which give rise to a CSM liability representing unearned future profit on service
yet to be provided;
\u2022 Experience variances and assumption changes on profitable contracts that impact the expected fulfilment cash flows and
adjust the CSM liability; and
\u2022 Recognition of new onerous contracts and experience variances or assumption changes on onerous contracts impacting the
income statement immediately.
The changes in estimates that increase the CSM include the effect of both experience variances and assumption changes on
expected future cash flows. Assumption changes are explained in more detail in note 41.
The net finance expenses from insurance contracts of \u00a32,901 million (2024: \u00a3(1,216) million net finance income) recognised in the
income statement includes the impact of the change in financial assumptions, the unwind of discounting on the fulfilment cash
flows and interest accretion on the CSM. The change in discount rates during 2025, with rates decreasing at shorter durations
and increasing at longer durations, resulting in an overall increase in the value of the liabilities.
Reinsurance contracts
The following table shows life risk reinsurance contracts analysed by remaining coverage and incurred claims:
2025
2024
Assets for remaining
coverage
Assets for
incurred
claims
Total
Assets for remaining
coverage
Assets for
incurred
claims
Total
Carrying amount
Excluding
loss
recovery
component
Loss
recovery
component
Excluding
loss
recovery
component
Loss
recovery
component
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Opening assets at 1 January
6,876
(56)
759
7,579
5,245
(11)
505
5,739
Changes in comprehensive income
Allocation of reinsurance premiums paid
(3,808)
\u2014
\u2014
(3,808)
(3,287)
\u2014
\u2014
(3,287)
Recoveries of incurred claims and other
insurance service expenses
\u2014
(7)
3,497
3,490
\u2014
(2)
3,116
3,114
Recoveries and reversals of recoveries of
losses on onerous underlying contracts
\u2014
58
\u2014
58
\u2014
(45)
\u2014
(45)
Adjustments to assets for incurred claims
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Amounts recoverable from reinsurers
\u2014
51
3,497
3,548
\u2014
(47)
3,116
3,069
Investment components and premium
refunds
(1)
\u2014
1
\u2014
(3)
\u2014
3
\u2014
Net expenses from reinsurance contracts
(3,809)
51
3,498
(260)
(3,290)
(47)
3,119
(218)
Net finance income/(expenses) from
reinsurance contracts
5
141
5
\u2014
146
(213)
2
\u2014
(211)
Effect of movements in exchange rates
32
\u2014
4
36
(32)
\u2014
(4)
(36)
Total changes in comprehensive income
(3,636)
56
3,502
(78)
(3,535)
(45)
3,115
(465)
Cash flows
Premiums paid
4,005
\u2014
\u2014
4,005
4,366
\u2014
\u2014
4,366
Amounts received
\u2014
\u2014
(3,444)
(3,444)
\u2014
\u2014
(3,045)
(3,045)
Total cash flows
4,005
\u2014
(3,444)
561
4,366
\u2014
(3,045)
1,321
Effect of portfolio transfers, acquisitions and
disposals
\u2014
\u2014
\u2014
\u2014
800
\u2014
184
984
Closing assets at 31 December
7,245
\u2014
817
8,062
6,876
(56)
759
7,579
The following table shows life risk reinsurance contracts analysed by measurement component:
Estimates of
present value
of future cash
flows
Risk
adjustment for
non-financial
risk
Contractual service margin (CSM)
Total
Contracts
under
modified
retrospective
transition
approach
Contracts
under fair
value
transition
approach
Other
contracts
CSM
Total
2025 Carrying amount
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Opening assets at 1 January
4,992
735
(66)
459
1,459
1,852
7,579
Changes in comprehensive income
CSM recognised for services provided
\u2014
\u2014
6
(49)
(108)
(151)
(151)
Change in risk adjustment for risk expired
\u2014
(57)
\u2014
\u2014
\u2014
\u2014
(57)
Experience adjustments
(110)
\u2014
\u2014
\u2014
\u2014
\u2014
(110)
Changes that relate to current services
(110)
(57)
6
(49)
(108)
(151)
(318)
Contracts initially recognised in the period
(133)
79
\u2014
\u2014
59
59
5
Changes in estimates that adjust the CSM
(49)
(177)
5
(18)
239
226
\u2014
Changes in estimates that relate to losses and
reversals of losses on onerous underlying
contracts
53
\u2014
\u2014
\u2014
\u2014
\u2014
53
Changes that relate to future services
(129)
(98)
5
(18)
298
285
58
Net (expenses)/income from reinsurance
contracts
(239)
(155)
11
(67)
190
134
(260)
Net finance income/(expenses) from reinsurance
contracts
5
46
30
(2)
19
53
70
146
Effect of movements in exchange rates
31
2
\u2014
3
\u2014
3
36
Total changes in comprehensive income
(162)
(123)
9
(45)
243
207
(78)
Cash flows
Premiums paid
4,005
\u2014
\u2014
\u2014
\u2014
\u2014
4,005
Amounts received
(3,444)
\u2014
\u2014
\u2014
\u2014
\u2014
(3,444)
Total cash flows
561
\u2014
\u2014
\u2014
\u2014
\u2014
561
Closing assets at 31 December
5,391
612
(57)
414
1,702
2,059
8,062
Estimates of
present value
of future cash
flows
Risk
adjustment for
non-financial
risk
Contractual service margin (CSM)
Total
Contracts
under
modified
retrospective
transition
approach
Contracts
under fair
value
transition
approach
Other
contracts
CSM
Total
2024 Carrying amount
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Opening assets at 1 January
3,930
639
(76)
451
795
1,170
5,739
Changes in comprehensive income
CSM recognised for services provided
\u2014
\u2014
7
(53)
(83)
(129)
(129)
Change in risk adjustment for risk expired
\u2014
(44)
\u2014
\u2014
\u2014
\u2014
(44)
Experience adjustments
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Changes that relate to current services
\u2014
(44)
7
(53)
(83)
(129)
(173)
Contracts initially recognised in the period
(347)
186
\u2014
\u2014
162
162
1
Changes in estimates that adjust the CSM
(236)
(46)
6
46
230
282
\u2014
Changes in estimates that relate to losses and
reversals of losses on onerous underlying
contracts
(46)
\u2014
\u2014
\u2014
\u2014
\u2014
(46)
Changes that relate to future services
(629)
140
6
46
392
444
(45)
Net (expenses)/income from reinsurance
contracts
(629)
96
13
(7)
309
315
(218)
Net finance (expenses)/income from reinsurance
contracts
5
(206)
(59)
(3)
18
39
54
(211)
Effect of movements in exchange rates
(30)
(3)
\u2014
(3)
\u2014
(3)
(36)
Total changes in comprehensive income
(865)
34
10
8
348
366
(465)
Cash flows
Premiums paid
4,366
\u2014
\u2014
\u2014
\u2014
\u2014
4,366
Amounts received
(3,045)
\u2014
\u2014
\u2014
\u2014
\u2014
(3,045)
Total cash flows
1,321
\u2014
\u2014
\u2014
\u2014
\u2014
1,321
Effect of portfolio transfers, acquisitions and
disposals
606
62
\u2014
\u2014
316
316
984
Closing assets at 31 December
4,992
735
(66)
459
1,459
1,852
7,579
Some gross onerous contracts do not have reinsurance in place so movements in the gross loss component occur without a
corresponding movement being seen in the reinsurance loss recovery component.
(ii) Participating
Insurance contracts
The following table shows participating insurance contracts analysed by remaining coverage and incurred claims:
2025
2024
Liabilities for remaining
coverage
Liabilities for
incurred
claims
Total
Liabilities for remaining
coverage
Liabilities for
incurred
claims
Total
Carrying amount
Excluding loss
component
Loss
component
Excluding loss
component
Loss
component
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Opening liabilities at 1 January
36,532
18
675
37,225
38,677
9
858
39,544
Changes in comprehensive income
Insurance revenue
4
(682)
\u2014
\u2014
(682)
(533)
\u2014
\u2014
(533)
Contracts under the modified
retrospective transition approach
(158)
\u2014
\u2014
(158)
(147)
\u2014
\u2014
(147)
Contracts under the fair value
transition approach
(484)
\u2014
\u2014
(484)
(354)
\u2014
\u2014
(354)
Other contracts
(40)
\u2014
\u2014
(40)
(32)
\u2014
\u2014
(32)
Insurance service expenses
6
12
337
355
7
11
312
330
Incurred claims and other
insurance service expenses
\u2014
(1)
337
336
\u2014
(2)
312
310
Amortisation of insurance
acquisition cash flows
6
\u2014
\u2014
6
7
\u2014
\u2014
7
Losses and reversals of losses on
onerous contracts
\u2014
13
\u2014
13
\u2014
13
\u2014
13
Investment components and
premium refunds
(3,606)
\u2014
3,606
\u2014
(3,973)
\u2014
3,973
\u2014
Insurance service result
(4,282)
12
3,943
(327)
(4,499)
11
4,285
(203)
Net finance expenses from insurance
contracts
5
3,838
7
\u2014
3,845
1,986
(2)
\u2014
1,984
Effect of movements in exchange
rates
(5)
(1)
\u2014
(6)
(41)
\u2014
(1)
(42)
Total changes in comprehensive
income
(449)
18
3,943
3,512
(2,554)
9
4,284
1,739
Cash flows
Premiums received
305
\u2014
\u2014
305
434
\u2014
\u2014
434
Claims and other insurance service
expenses paid, including investment
component
\u2014
\u2014
(4,045)
(4,045)
\u2014
\u2014
(4,467)
(4,467)
Insurance acquisition cash flows
(15)
\u2014
\u2014
(15)
(25)
\u2014
\u2014
(25)
Total cash flows
290
\u2014
(4,045)
(3,755)
409
\u2014
(4,467)
(4,058)
Closing liabilities at 31 December
36,373
36
573
36,982
36,532
18
675
37,225
The following table shows participating insurance contracts analysed by measurement component:
Estimates of
present
value of
future cash
flows
Risk
adjustment for
non-financial
risk
Contractual service margin (CSM)
Total
2025 Carrying amount
Contracts
under
modified
retrospective
transition
approach
Contracts
under fair
value
transition
approach
CSM
Total
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Opening liabilities at 1 January
36,047
55
383
740
1,123
37,225
Changes in comprehensive income
CSM recognised for services provided
\u2014
\u2014
(68)
(82)
(150)
(150)
Change in risk adjustment for risk expired
\u2014
(4)
\u2014
\u2014
\u2014
(4)
Experience adjustments
43
\u2014
\u2014
\u2014
\u2014
43
Revenue recognised for incurred policyholder tax
expenses
(229)
\u2014
\u2014
\u2014
\u2014
(229)
Changes that relate to current services
(186)
(4)
(68)
(82)
(150)
(340)
Changes in estimates that adjust the CSM
(142)
8
99
35
134
\u2014
Changes in estimates that result in losses and reversal
of losses on onerous contracts
13
\u2014
\u2014
\u2014
\u2014
13
Changes that relate to future services
(129)
8
99
35
134
13
Insurance service result
(315)
4
31
(47)
(16)
(327)
Net finance expenses from insurance contracts
5
3,835
7
\u2014
3
3
3,845
Effect of movements in exchange rates
(7)
\u2014
\u2014
1
1
(6)
Total changes in comprehensive income
3,513
11
31
(43)
(12)
3,512
Cash flows
Premiums received
305
\u2014
\u2014
\u2014
\u2014
305
Claims and other insurance service expenses paid,
including investment components
(4,045)
\u2014
\u2014
\u2014
\u2014
(4,045)
Insurance acquisition cash flows
(15)
\u2014
\u2014
\u2014
\u2014
(15)
Total cash flows
(3,755)
\u2014
\u2014
\u2014
\u2014
(3,755)
Closing liabilities at 31 December
35,805
66
414
697
1,111
36,982
Estimates of
present value
of future cash
flows
Risk
adjustment for
non-financial
risk
Contractual service margin (CSM)
Total
Full year 2024
Contracts
under
modified
retrospective
transition
approach
Contracts
under fair
value
transition
approach
CSM
Total
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Opening liabilities at 1 January
38,439
65
388
652
1,040
39,544
Changes in comprehensive income
CSM recognised for services provided
\u2014
\u2014
(90)
(88)
(178)
(178)
Change in risk adjustment for risk expired
\u2014
(3)
\u2014
\u2014
\u2014
(3)
Experience adjustments
(22)
\u2014
\u2014
\u2014
\u2014
(22)
Revenue recognised for incurred policyholder tax
expenses
(13)
\u2014
\u2014
\u2014
\u2014
(13)
Changes that relate to current services
(35)
(3)
(90)
(88)
(178)
(216)
Changes in estimates that adjust the CSM
(259)
1
85
173
258
\u2014
Changes in estimates that result in losses and reversal
of losses on onerous contracts
13
\u2014
\u2014
\u2014
\u2014
13
Changes that relate to future services
(246)
1
85
173
258
13
Insurance service result
(281)
(2)
(5)
85
80
(203)
Net finance expenses/(income) from insurance contracts
5
1,989
(8)
\u2014
3
3
1,984
Effect of movements in exchange rates
(42)
\u2014
\u2014
\u2014
\u2014
(42)
Total changes in comprehensive income
1,666
(10)
(5)
88
83
1,739
Cash flows
Premiums received
434
\u2014
\u2014
\u2014
\u2014
434
Claims and other insurance service expenses paid,
including investment components
(4,467)
\u2014
\u2014
\u2014
\u2014
(4,467)
Insurance acquisition cash flows
(25)
\u2014
\u2014
\u2014
\u2014
(25)
Total cash flows
(4,058)
\u2014
\u2014
\u2014
\u2014
(4,058)
Closing liabilities at 31 December
36,047
55
383
740
1,123
37,225
Key changes that impact the income statement include the release of CSM for services provided and experience variances for
the period. Other changes that relate to current services include revenue recognised for policyholder tax expenses, representing
income tax on policyholders' investment return, charged to the policyholder funds.
Net finance (income)/expenses mainly represents investment returns on the net assets held in policyholder funds.
(iii) Non-life
Claims in settlement acquired in business combination are assigned to groups based on the nature of the risks as at the
acquisition date. Liabilities for acquired claims in settlement (and reinsurance assets thereof) are measured at their fair value as
at the acquisition date, with a CSM established equal to the fair value less fulfilment cashflows (where this is negative a loss
component is established). For the Direct Line acquisition, the CSM in respect of acquired claims in settlement (and reinsurance
assets thereof) was determined to be \u00a3nil at the acquisition date.
Acquired claims in settlement are subsequently measured under the GMM. Where fewer of these acquired claims were settled in
the period than was expected, this leads to a positive experience variance within the insurance service result: expected claims
are reported in insurance revenue (in contrast with the PAA treatment of equivalent non-acquired claims, for which no further
insurance revenue would be recognised); and settled claims are reported in insurance service expenses. Consequently, there is
an unexpected increase in the end of period fulfilment cash flows. If there is no CSM for that group of contracts this causes a loss
component to be established, which offsets the positive experience variance within the insurance service result. Acquired claims
in settlement have been settled more slowly than expected during 2025 resulting in a loss component being established for some
groups, but this is a result of a timing difference and is not indicative of adverse claims development. The insurance service result
for acquired claims in settlement is positive in 2025.
Insurance contracts
The following table shows non-life insurance contracts analysed by remaining coverage and incurred claims (contracts
measured under the PAA or GMM):
Liabilities for remaining
coverage
Liabilities for incurred claims
Total
Contracts under PAA
2025 Carrying amount
Excluding
loss
component
Loss
component
Contracts
not under
PAA
Estimates
of present
value of
future cash
flows
Risk
adjustment
for non-
financial
risk
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Opening liabilities at 1 January
3,246
26
\u2014
11,872
550
15,694
Changes in comprehensive income
Insurance revenue
4
(16,241)
\u2014
\u2014
\u2014
\u2014
(16,241)
Incurred claims and other insurance service expenses
\u2014
(57)
676
10,289
214
11,122
Amortisation of insurance acquisition cash flows
3,072
\u2014
\u2014
\u2014
\u2014
3,072
Losses and reversals of losses on onerous contracts
\u2014
264
\u2014
\u2014
\u2014
264
Adjustments to liabilities for incurred claims
\u2014
\u2014
\u2014
(91)
(107)
(198)
Insurance service expenses
3,072
207
676
10,198
107
14,260
Insurance service result
(13,169)
207
676
10,198
107
(1,981)
Net finance expenses from insurance contracts
5
130
\u2014
\u2014
496
21
647
Effect of movements in exchange rates
(11)
\u2014
\u2014
(64)
(2)
(77)
Total changes in comprehensive income
(13,050)
207
676
10,630
126
(1,411)
Cash flows
Premiums received
15,044
\u2014
\u2014
\u2014
\u2014
15,044
Claims and other insurance service expenses paid, including
investment component
\u2014
\u2014
(676)
(8,865)
\u2014
(9,541)
Insurance acquisition cash flows
(3,154)
\u2014
\u2014
\u2014
\u2014
(3,154)
Total cash flows
11,890
\u2014
(676)
(8,865)
\u2014
2,349
Effect of portfolio transfers, acquisitions and disposals
5,078
\u2014
\u2014
\u2014
\u2014
5,078
Closing liabilities at 31 December
7,164
233
\u2014
13,637
676
21,710
The \u00a3(107) million adjustment to the risk adjustment in the liability for incurred claims comprises the release of the risk adjustment
as claims are paid and also includes assumption changes in calculating the risk adjustment.
Liabilities for remaining
coverage
Liabilities for incurred claims
Total
Contracts under PAA
2024 Carrying amount
Excluding loss
component
Loss
component
Contracts
not under
PAA
Estimates of
present
value of
future cash
flows
Risk
adjustment
for non-
financial risk
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Opening liabilities at 1 January
2,727
31
\u2014
11,091
523
14,372
Changes in comprehensive income
Insurance revenue
4
(12,426)
\u2014
\u2014
\u2014
\u2014
(12,426)
Incurred claims and other insurance service expenses
\u2014
(50)
6
8,204
171
8,331
Amortisation of insurance acquisition cash flows
2,762
\u2014
\u2014
\u2014
\u2014
2,762
Losses and reversals of losses on onerous contracts
\u2014
47
\u2014
\u2014
\u2014
47
Adjustments to liabilities for incurred claims
\u2014
\u2014
\u2014
27
(141)
(114)
Insurance service expenses
2,762
(3)
6
8,231
30
11,026
Insurance service result
(9,664)
(3)
6
8,231
30
(1,400)
Net finance expenses from insurance contracts
5
4
\u2014
\u2014
338
11
353
Effect of movements in exchange rates
(67)
(2)
\u2014
(323)
(14)
(406)
Total changes in comprehensive income
(9,727)
(5)
6
8,246
27
(1,453)
Cash flows
Premiums received
12,826
\u2014
\u2014
\u2014
\u2014
12,826
Claims and other insurance service expenses paid, including
investment component
\u2014
\u2014
(6)
(7,465)
\u2014
(7,471)
Insurance acquisition cash flows
(2,899)
\u2014
\u2014
\u2014
\u2014
(2,899)
Total cash flows
9,927
\u2014
(6)
(7,465)
\u2014
2,456
Effect of portfolio transfers, acquisitions and disposals
319
\u2014
\u2014
\u2014
\u2014
319
Closing liabilities at 31 December
3,246
26
\u2014
11,872
550
15,694
The \u00a3(141) million adjustment to the risk adjustment in the liability for incurred claims comprises the release of the risk adjustment
as claims are paid and also includes assumption changes in calculating the risk adjustment.
The following table shows non-life insurance contracts analysed by measurement component (contracts measured under the
GMM).
Estimates of
present value
of future cash
flows
Contractual service margin
(CSM)
Risk
adjustment for
non-financial
risk
Total
2025 Carrying amount
Other
contracts
CSM Total
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Opening liabilities at 1 January
166
9
6
6
181
Changes in comprehensive income
CSM recognised for services provided
\u2014
\u2014
(8)
(8)
(8)
Change in risk adjustment for risk expired
\u2014
(83)
\u2014
\u2014
(83)
Experience adjustments
(442)
\u2014
\u2014
\u2014
(442)
Changes that relate to current services
(442)
(83)
(8)
(8)
(533)
Changes in estimates that adjust the CSM
(3)
(17)
20
20
\u2014
Changes in estimates that result in losses and reversal of
losses on onerous contracts
224
21
\u2014
\u2014
245
Changes that relate to future services
221
4
20
20
245
Insurance service result
(221)
(79)
12
12
(288)
Net finance expenses from insurance contracts
119
13
\u2014
\u2014
132
Effect of movements in exchange rates
\u2014
\u2014
\u2014
\u2014
\u2014
Total changes in comprehensive income
(102)
(66)
12
12
(156)
Cash flows
Premiums received
\u2014
\u2014
\u2014
\u2014
\u2014
Claims and other insurance service expenses paid, including
investment components
(676)
\u2014
\u2014
\u2014
(676)
Insurance acquisition cash flows
\u2014
\u2014
\u2014
\u2014
\u2014
Total cash flows
(676)
\u2014
\u2014
\u2014
(676)
Effect of portfolio transfers, acquisitions and disposals
4,185
355
\u2014
\u2014
4,540
Closing liabilities at 31 December
3,573
298
18
18
3,890
Estimates of
present value
of future cash
flows
Risk
adjustment for
non-financial
risk
Contractual service margin
(CSM)
Total
2024 Carrying amount
Other
contracts
CSM Total
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Opening liabilities at 1 January
\u2014
\u2014
\u2014
\u2014
\u2014
Changes in comprehensive income
CSM recognised for services provided
\u2014
\u2014
(1)
(1)
(1)
Change in risk adjustment for risk expired
\u2014
(1)
\u2014
\u2014
(1)
Experience adjustments
(6)
\u2014
\u2014
\u2014
(6)
Changes that relate to current services
(6)
(1)
(1)
(1)
(8)
Changes in estimates that adjust the CSM
(6)
(1)
7
7
1
Changes in estimates that result in losses and reversal of losses on
onerous contracts
\u2014
\u2014
\u2014
\u2014
\u2014
Changes that relate to future services
(6)
(1)
7
7
1
Insurance service result
(12)
(2)
6
6
(7)
Net finance expenses from insurance contracts
4
1
\u2014
\u2014
5
Effect of movements in exchange rates
\u2014
\u2014
\u2014
\u2014
\u2014
Total changes in comprehensive income
(8)
(1)
6
6
(3)
Cash flows
Premiums received
\u2014
\u2014
\u2014
\u2014
\u2014
Claims and other insurance service expenses paid, including
investment components
(6)
\u2014
\u2014
\u2014
(6)
Insurance acquisition cash flows
\u2014
\u2014
\u2014
\u2014
\u2014
Total cash flows
(6)
\u2014
\u2014
\u2014
(6)
Effect of portfolio transfers, acquisitions and disposals
180
10
\u2014
\u2014
190
Closing liabilities at 31 December
166
9
6
6
181
Reinsurance contracts
The following table shows non-life reinsurance contracts analysed by remaining coverage and incurred claims (contracts
measured under the PAA or GMM):
Assets for remaining
coverage
Contracts
not under
PAA
Assets for incurred
claims
Total
2025 Carrying amount
Excluding
loss
recovery
component
Loss
recovery
component
Estimates
of present
value of
future
cash
flows
Risk
adjustme
nt for
non-
financial
risk
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Opening assets at 1 January
852
1
\u2014
1,197
71
2,121
Changes in comprehensive income
\u2014
Allocation of reinsurance premiums paid
(2,077)
\u2014
\u2014
\u2014
\u2014
(2,077)
Recoveries of incurred claims and other insurance service
expenses
74
36
301
886
49
1,346
Adjustments to assets for incurred claims
\u2014
\u2014
\u2014
21
(15)
6
Amounts recoverable from reinsurers
74
36
301
907
34
1,352
Effect of changes in non-performance risk of reinsurers
13
\u2014
\u2014
(8)
\u2014
5
Net (expenses)/income from reinsurance contracts
(1,990)
36
301
899
34
(720)
Net finance income from reinsurance contracts
5
104
\u2014
\u2014
29
2
135
Effect of movements in exchange rates
\u2014
\u2014
\u2014
3
(1)
2
Total changes in comprehensive income
(1,886)
36
301
931
35
(583)
Cash flows
Premiums paid
1,716
\u2014
\u2014
\u2014
\u2014
1,716
Amounts received
\u2014
\u2014
(301)
(699)
\u2014
(1,000)
Total cash flows
1,716
\u2014
(301)
(699)
\u2014
716
Effect of portfolio transfers, acquisitions and disposals
1,102
\u2014
\u2014
453
\u2014
1,555
Closing assets at 31 December
1,784
37
\u2014
1,882
106
3,809
Assets for remaining
coverage
Assets for incurred claims
Total
Contracts
not under
PAA
Contracts under PAA
2024 Carrying amount
Excluding
loss recovery
component
Loss
recovery
component
Estimates
of present
value of
future
cash flows
Risk
adjustment
for non-
financial
risk
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Opening assets at 1 January
844
\u2014
\u2014
1,041
80
1,965
Changes in comprehensive income
Allocation of reinsurance premiums paid
(1,049)
\u2014
\u2014
\u2014
\u2014
(1,049)
Recoveries of incurred claims and other insurance service
expenses
19
1
77
446
21
564
Adjustments to assets for incurred claims
\u2014
\u2014
\u2014
49
(31)
18
Amounts recoverable from reinsurers
19
1
77
495
(10)
582
Effect of changes in non-performance risk of reinsurers
1
\u2014
\u2014
(4)
\u2014
(3)
Net (expenses)/income from reinsurance contracts
(1,029)
1
77
491
(10)
(470)
Net finance income from reinsurance contracts
5
14
\u2014
\u2014
27
2
43
Effect of movements in exchange rates
(10)
\u2014
\u2014
(33)
(1)
(44)
Total changes in comprehensive income
(1,025)
1
77
485
(9)
(471)
Cash flows
Premiums paid
880
\u2014
\u2014
\u2014
\u2014
880
Amounts received
\u2014
\u2014
(77)
(329)
\u2014
(406)
Total cash flows
880
\u2014
(77)
(329)
\u2014
474
Effect of portfolio transfers, acquisitions and disposals
153
\u2014
\u2014
\u2014
\u2014
153
Closing assets at 31 December
852
1
\u2014
1,197
71
2,121
The following table shows non-life reinsurance contracts analysed by measurement component (contracts measured under
the\u00a0GMM):
Estimates of
present
value of
future cash
flows
Risk
adjustment for
non-financial
risk
Contractual service margin (CSM)
Total
2025 Carrying amount
Contracts
under fair
value
transition
approach
Other
contracts
CSM Total
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Opening assets at 1 January
854
80
\u2014
2
2
936
Changes in comprehensive income
Change in risk adjustment for risk expired
\u2014
(55)
\u2014
\u2014
\u2014
(55)
Experience adjustments
(170)
\u2014
\u2014
\u2014
\u2014
(170)
Changes that relate to current services
(170)
(55)
\u2014
\u2014
\u2014
(225)
Changes in estimates that adjust the CSM
14
(11)
(2)
(1)
(3)
\u2014
Changes in estimates for adverse development cover
67
14
\u2014
(1)
(1)
80
Changes in estimates that relate to losses and reversals
of losses on onerous underlying contracts
24
24
\u2014
\u2014
\u2014
48
Changes that relate to future services
105
27
(2)
(2)
(4)
128
Effect of changes in non-performance risk of reinsurers
13
\u2014
\u2014
\u2014
\u2014
13
Net expenses from reinsurance contracts
(52)
(28)
(2)
(2)
(4)
(84)
Net finance income from reinsurance contracts
92
11
\u2014
\u2014
\u2014
103
Effect of movements in exchange rates
1
\u2014
\u2014
\u2014
\u2014
1
Total changes in comprehensive income
41
(17)
(2)
(2)
(4)
20
Cash flows
Premiums paid
6
\u2014
\u2014
\u2014
\u2014
6
Amounts received
(301)
\u2014
\u2014
\u2014
\u2014
(301)
Total cash flows
(295)
\u2014
\u2014
\u2014
\u2014
(295)
Effect of portfolio transfers, acquisitions and disposals
1,557
188
\u2014
\u2014
\u2014
1,745
Closing assets at 31 December
2,157
251
(2)
\u2014
(2)
2,406
Estimates of
present value
of future cash
flows
Contractual service margin (CSM)
Risk
adjustment for
non-financial
risk
Total
Contracts
under fair
value
transition
approach
Other
contracts
CSM Total
2024 Carrying amount
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Opening assets at 1 January
852
70
\u2014
\u2014
\u2014
922
Changes in comprehensive income
Change in risk adjustment for risk expired
\u2014
(8)
\u2014
\u2014
\u2014
(8)
Experience adjustments
(5)
\u2014
\u2014
\u2014
\u2014
(5)
Changes that relate to current services
(5)
(8)
\u2014
\u2014
\u2014
(13)
Changes in estimates that adjust the CSM
(2)
\u2014
\u2014
2
2
\u2014
Changes in estimates for adverse development cover
7
7
\u2014
\u2014
\u2014
14
Changes in estimates that relate to losses and reversals
of losses on onerous underlying contracts
(3)
6
\u2014
\u2014
\u2014
3
Changes that relate to future services
2
13
\u2014
2
2
17
Effect of changes in non-performance risk of reinsurers
2
\u2014
\u2014
\u2014
\u2014
2
Net (expenses)/income from reinsurance contracts
(1)
5
\u2014
2
2
6
Net finance income from reinsurance contracts
5
\u2014
\u2014
\u2014
\u2014
5
Effect of movements in exchange rates
(14)
\u2014
\u2014
\u2014
\u2014
(14)
Total changes in comprehensive income
(10)
5
\u2014
2
2
(3)
Cash flows
Premiums paid
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Amounts received
(77)
\u2014
\u2014
\u2014
\u2014
(77)
Total cash flows
(77)
\u2014
\u2014
\u2014
\u2014
(77)
Effect of portfolio transfers, acquisitions and disposals
89
5
\u2014
\u2014
\u2014
94
Closing assets at 31 December
854
80
\u2014
2
2
936
(c) Assets for insurance acquisition cashflows
The following table sets out carrying amount and movement of assets for non-life insurance acquisition cash flows at
31 December:
2025
2024
Carrying amount
\u00a3m
\u00a3m
At 1 January
220
175
Effect of portfolio transfers, acquisitions and disposals
37
28
Amounts incurred during the year
97
70
Amounts derecognised and included in the measurement of insurance contracts
(134)
(53)
Impairment losses and reversals
(1)
\u2014
Balance at 31 December
219
220
The following table sets out when the Group expects to derecognise assets for non-life insurance acquisition cash flows after the
reporting date:
2025
2024
\u00a3m
\u00a3m
Less than one year
75
88
One to two years
52
45
Two to three years
37
38
Three to four years
29
30
Four to five years
9
6
Five to ten years
17
13
Total
219
220
(d) Effect of contracts initially recognised in the year
2025
2024
Life risk
Participating
Total
Life risk
Participating
Total
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Expected premiums from new insurance contracts
8,172
\u2014
8,172
11,576
\u2014
11,576
The following tables summarise the effect on the measurement components arising from the initial recognition of insurance and
reinsurance contracts not measured under the PAA in the year.
(i) Life risk
Insurance contracts
2025
2024
Profitable
contracts
issued
Onerous
contracts
issued
Total
Profitable
contracts
issued
Onerous
contracts
issued
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Claims and other insurance service expenses payable
6,675
261
6,936
9,627
315
9,942
Insurance acquisition cash flows
622
7
629
538
125
663
Estimates of present value of cash outflows
7,297
268
7,565
10,165
440
10,605
Estimates of present value of cash inflows
(7,904)
(268)
(8,172)
(11,126)
(450)
(11,576)
Risk adjustment
125
5
130
211
11
222
CSM
482
\u2014
482
750
\u2014
750
Losses recognised on initial recognition
\u2014
5
5
\u2014
1
1
Reinsurance contracts
2025
2024
Contracts
initiated
without a
loss
recovery
component
Contracts
initiated
with a loss
recovery
component
Total
Contracts
initiated
without a
loss
recovery
component
Contracts
initiated with
a loss
recovery
component
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Estimates of present value of cash outflows
4,158
335
4,493
8,659
267
8,926
Estimates of present value of cash inflows
(4,036)
(324)
(4,360)
(8,295)
(284)
(8,579)
Risk adjustment
(74)
(5)
(79)
(177)
(9)
(186)
CSM
(48)
(11)
(59)
(187)
25
(162)
Income recognised on initial recognition
\u2014
(5)
(5)
\u2014
(1)
(1)
(ii) Participating
There were no Participating business contracts initially recognised in either the current or prior year.
(iii) Non-life
There were no non-life insurance contracts initially recognised (due to writing new business) in the prior year or current year
measured under the GMM. The effect of non-life insurance contracts measured under the GMM initially recognised as a result of
acquisitions in the year are disclosed in 39b(iii).
(e) Contractual service margin emergence
The following tables set out when the Group expects to recognise the remaining CSM in the income statement for contracts
measured under the GMM or VFA, after allowing for future accretion of interest on the CSM for GMM contracts. The amounts
presented represent the net impact in each period of expected release of the CSM recognised in revenue less the accretion of
interest on the CSM recognised in insurance finance expenses.
Less than
one year
One to
two years
Two to
three
years
Three to
four years
Four to
five years
Five to ten
years
10 to 15
years
15 to 20
years
Greater
than 20
years
Total
2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Life risk
585
520
469
437
415
1,784
1,402
1,079
1,960
8,651
Participating
143
127
113
99
87
295
139
60
48
1,111
Non-life
\u2014
1
1
\u2014
1
3
3
2
7
18
Insurance contracts
728
648
583
536
503
2,082
1,544
1,141
2,015
9,780
Life risk
78
75
72
72
71
347
335
310
699
2,059
Participating
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Non-life
\u2014
\u2014
\u2014
\u2014
\u2014
(1)
\u2014
\u2014
(1)
(2)
Reinsurance contracts
78
75
72
72
71
346
335
310
698
2,057
Net CSM
650
573
511
464
432
1,736
1,209
831
1,317
7,723
Less than
one year
One to two
years
Two to
three
years
Three to
four years
Four to
five years
Five to ten
years
10 to 15
years
15 to 20
years
Greater
than 20
years
Total
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Life risk
514
476
428
407
391
1,713
1,362
1,055
2,151
8,497
Participating
117
109
99
90
81
296
160
83
88
1,123
Non-life
1
1
1
1
1
1
\u2014
\u2014
\u2014
6
Insurance contracts
632
586
528
498
473
2,010
1,522
1,138
2,239
9,626
Life risk
59
62
58
59
59
298
291
271
695
1,852
Participating
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Non-life
1
1
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
2
Reinsurance contracts
60
63
58
59
59
298
291
271
695
1,854
Net CSM
572
523
470
439
414
1,712
1,231
867
1,544
7,772
(f) Non-life claims development
The table illustrates how estimate s of cumulative claims for the Group\u2019s non-life business have developed over time on a gross
and net of reinsurance basis. Each table shows how the Group\u2019s estimates of total claims for each accident year have developed
over time and reconciles the cumulative claims to the amount included in the statement of financial position. Balances have been
translated at the exchange rates prevailing at the reporting date as per note 1.
In the claims development table, the cumulative claim payments and estimates of cumulative claims for each accident year
are\u00a0translated into sterling at the exchange rates that applied at the end of that accident year. The impact of using varying
exchange rates is shown at the bottom of each table. Disposals are dealt with by treating all outstanding and IBNR claims of the
disposed entity as \u2018paid\u2019 at the date of disposal.
The claims development table include information on asbestos and environmental pollution claims provisions from business
written more than 10 years ago. The undiscounted claim provisions, net of reinsurance, in respect of this business at 31 December
2025 were \u00a380 million (2024: \u00a382 million). The movement in asbestos and environmental pollution liabilities in the year reflects a
decrease of \u00a32 million due to favourable movement within Agencies & Branches.
All
prior
years
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Gross of reinsurance
Estimates of undiscounted
cumulative claims
5,287
5,270
5,719
5,471
5,426
4,973
6,299
7,200
8,296
16,148
At end of accident year
5,334
5,354
5,613
5,422
5,345
5,044
6,123
7,239
8,502
16,148
\u2014
One year
5,362
5,310
5,644
5,384
5,383
5,104
6,216
7,159
8,296
\u2014
\u2014
Two years
5,312
5,307
5,710
5,431
5,378
4,987
6,292
7,200
\u2014
\u2014
\u2014
Three years
5,286
5,301
5,741
5,414
5,460
4,974
6,299
\u2014
\u2014
\u2014
\u2014
Four years
5,305
5,291
5,734
5,423
5,380
4,973
\u2014
\u2014
\u2014
\u2014
\u2014
Five years
5,307
5,283
5,706
5,451
5,426
\u2014
\u2014
\u2014
\u2014
\u2014
Six years
5,319
5,282
5,690
5,471
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Seven years
5,298
5,302
5,719
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Eight years
5,289
5,270
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Nine years
5,287
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Cumulative gross claims paid
(5,157)
(5,112)
(5,487)
(5,075)
(4,675)
(4,286)
(5,088)
(5,582)
(5,560)
(5,960)
2,900
130
158
232
396
751
687
1,211
1,618
2,736
10,188
21,007
Effect of discounting
(1,165)
(23)
(17)
(21)
(75)
(33)
(45)
(84)
(123)
(193)
(1,905)
(3,684)
Effect of the risk adjustment for non-
financial risk
169
4
6
10
15
25
29
50
64
101
501
974
Effect of claims payable
1
1
1
1
1
1
1
2
3
7
13
32
Cumulative effect of foreign
exchange movements
4
(5)
(6)
(6)
(7)
(15)
(14)
(46)
(52)
(14)
\u2014
(161)
Effect of acquisitions
14
2
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
16
Claims liabilities classified within
liability for remaining coverage
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(162)
(3,709)
(3,871)
Gross liabilities for incurred claims
included in the statement of
financial position
1,923
109
142
216
330
729
658
1,133
1,510
2,475
5,088
14,313
Net of reinsurance
Estimates of undiscounted net
cumulative claims
4,909
5,135
5,531
5,275
4,915
4,728
5,921
6,877
7,691
12,440
At end of accident year
4,996
5,193
5,457
5,263
4,889
4,876
5,794
6,912
7,909
12,440
\u2014
One year
5,008
5,138
5,457
5,247
4,861
4,838
5,893
6,885
7,691
\u2014
\u2014
Two years
4,939
5,146
5,530
5,285
4,858
4,762
5,911
6,877
\u2014
\u2014
\u2014
Three years
4,917
5,144
5,562
5,262
4,890
4,721
5,921
\u2014
\u2014
\u2014
\u2014
Four years
4,923
5,135
5,560
5,253
4,832
4,728
\u2014
\u2014
\u2014
\u2014
\u2014
Five years
4,922
5,115
5,516
5,230
4,915
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Six years
4,929
5,141
5,516
5,275
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Seven years
4,912
5,149
5,531
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Eight years
4,908
5,135
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Nine years
4,909
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Cumulative net claims paid
(4,793)
(4,979)
(5,322)
(4,951)
(4,312)
(4,109)
(4,831)
(5,357)
(5,265)
(5,438)
1,259
116
156
209
324
603
619
1,090
1,520
2,426
7,002
15,324
Effect of discounting
(400)
(17)
(17)
(18)
(36)
(30)
(41)
(76)
(117)
(173)
(1,048)
(1,973)
Effect of the risk adjustment for non-
financial risk
49
4
6
8
12
16
25
41
59
83
314
617
Effect of non-performance risk of
reinsurers
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Effect of claims payable
4
\u2014
\u2014
\u2014
7
(52)
7
(1)
(7)
(19)
5
(56)
Cumulative effect of foreign
exchange movements
13
(10)
(5)
(6)
(7)
(12)
(13)
(40)
(48)
(12)
\u2014
(140)
Effect of acquisitions
14
2
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
16
Claims liabilities classified within\u00a0
liability for remaining coverage
897
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(80)
(2,280)
(1,463)
Net liabilities for incurred claims
included in the statement of
financial position
1,836
95
140
193
300
525
597
1,014
1,407
2,225
3,993
12,325
(g) Significant judgements, estimates and assumptions
This note gives details of the significant judgements made in applying IFRS 17, explaining the inputs, assumptions, methods and
estimation techniques used to measure insurance, participating investment and reinsurance contracts. Accounting policy C sets
out the critical accounting judgements and the material accounting estimates that are considered particularly susceptible to
changes in estimates and assumptions. This note provides further detail of how these are applied in the context of IFRS 17.
The Group underwrites life business primarily in the UK and Ireland. This is mainly written in the \u2018Non-Profit\u2019 funds and in a
number of \u2018With-Profits\u2019 sub-funds. In the \u2018Non-Profit\u2019 funds shareholders are entitled to 100% of the distributed profits. In the
\u2018With-Profits\u2019 sub-funds the with-profits policyholders are entitled to between 40% and 100% of distributed profits, depending on
the fund rules. There is also the Reattributed Inherited Estate External Support Account (RIEESA) in the UK, which does not itself
underwrite any business, but provides capital support to one of the 'With-Profits' sub-funds and receives any surplus or deficit
emerging from it. In the RIEESA, shareholders are entitled to 100% of the distributed profits, but these can only be distributed in
line with the criteria set by the Reattribution Scheme.
The Group underwrites non-life business in the UK, Ireland and Canada, providing individual and corporate customers with
a\u00a0wide range of insurance products.
Significant judgments, estimates and assumptions associated with measuring insurance products and associated reinsurance
are\u00a0outlined below.
(i) Fulfilment cash flows
Fulfilment cash flows comprise:
\u2022 estimates of future cash flows;
\u2022 an adjustment (discount rate) to reflect the time value of money and the financial risks related to future cash flows, to the
extent that the financial risks are not included in the estimates of future cash flows; and
\u2022 a risk adjustment.
The Group\u2019s objective in estimating future cash flows is to determine the expected value of a range of scenarios that reflects
the\u00a0full range of possible outcomes. A deterministic approach, producing point estimates based on best estimate assumptions,
is\u00a0used for valuing most of the Group\u2019s business. The exception is for contracts with embedded options and guarantees,
in\u00a0particular with-profits participation business, where a stochastic approach based on the average of a number of scenarios
is\u00a0used. Stochastic modelling involves projecting future cash flows under a large number of possible economic scenarios for
market variables such as interest rates and equity returns.
Estimates of future cash flows
In estimating future cash flows, the Group incorporates, in an unbiased way, all reasonable and supportable information that is
available without undue cost or effort at the reporting date. This information includes both internal and external historical data
about claims and other experience, updated to reflect current expectations of future events.
The estimates of future cash flows reflect the Group\u2019s view of current conditions at the reporting date, using market variables
consistent with observable market prices, where applicable.
When estimating future cash flows, the Group takes into account current expectations of future events that might affect those
cash flows. However, expectations of future changes in legislation that would change or discharge a present obligation or create
new obligations under existing contracts are not taken into account until the change in legislation is substantively enacted. For
cash flows which are contractually linked to an index of prices or wages, the Group derives an assumption for future RPI from RPI
swap curves, and adjusts this to derive future inflation assumptions for other price and wage indices.
Cash flows within the boundary of a contract relate directly to the fulfilment of the contract, including those for which the Group
has discretion over the amount or timing. These include payments to (or on behalf of) policyholders, insurance acquisition cash
flows and other costs that are incurred in fulfilling contracts.
Insurance acquisition cash flows arise from the activities of selling, underwriting and starting a group of contracts that are
directly attributable to the portfolio of contracts to which the group belongs. This includes initial and recurring commissions
payable on instalment premiums receivable within the contract boundary. Other costs that are incurred in fulfilling the
contracts\u00a0include:
\u2022 claims handling, maintenance and administration costs;
\u2022 costs that the Group will incur in providing investment services;
\u2022 costs that the Group will incur in performing investment activities to the extent that the Group performs them to enhance
benefits from insurance coverage for policyholders by generating an investment return from which policyholders will benefit
if\u00a0an insured event occurs; and
\u2022 income tax and other costs specifically chargeable to the policyholders under the terms of the contracts.
Insurance acquisition cash flows and other costs that are incurred in fulfilling contracts comprise both direct costs and an
allocation of fixed and variable overheads.
Cash flows are attributed to acquisition activities, other fulfilment activities and other activities at local entity level using
activity-based costing techniques. Cash flows attributable to acquisition and other fulfilment activities are allocated to
groups\u00a0of\u00a0contracts using methods that are systematic and rational and are consistently applied to all costs that have similar
characteristics.
Contract boundaries
The assessment of the contract boundary, that defines which future cash flows are included in the measurement of a contract,
requires judgement and consideration of the Group\u2019s substantive rights and obligations under the contract as follows.
Insurance contracts
Group protection policies issued by the Group have terms that are guaranteed to be renewable every two or three years.
The\u00a0Group determines that the cash flows related to future renewals (i.e. the guaranteed renewable terms) of these contracts
are\u00a0outside the contract boundary. This is because the premium charged for the period reflects the Group\u2019s expectation of its
exposure to risk for that period and, on renewal, the Group can reprice the premium to reflect the reassessed risks for the next
period based on claims experience and expectations for the respective portfolio. Any renewal of the contract is treated as a new
contract and is recognised, separately from the initial contract, when the recognition criteria are met.
Pension savings contracts with guaranteed annuity terms allow the policyholder to convert, on maturity of the stated term,
the\u00a0maturity benefit into an immediately starting life-contingent annuity at a predetermined rate. The Group has assessed the
contract boundary for the entire contract, including the option, and concluded that the cash flows related to the fulfilment of
the\u00a0annuity option fall within the boundary of the contract. This is because the Group does not have the practical ability to
reprice\u00a0the contract on maturity of the stated term.
Reinsurance contracts
Quota share - The Group manages risks arising from Life insurance contracts through external quota share reinsurance
contracts. These reinsurance contracts cover underlying contracts issued within the term on a risk-attaching basis and provides
unilateral rights to both the Group and the reinsurer to terminate the cession of new business subject to giving notice to the other
party. Notice can usually be given at any time, with termination to new business effective three months from notice being given,
albeit a limited number of the Group\u2019s quota share reinsurance contract currently stipulate a different notice period. On initial
recognition, the cash flows within the reinsurance contract boundary are determined to be those arising from underlying
contracts that the Group expects to issue and cede under the reinsurance contract within the next three months. Subsequently
risks expected to attach beyond the end of this initial notice period are considered cash flows of new reinsurance contracts and
are recognised, separately from the initial contract, as they fall within the rolling three-month notice period.
Excess of loss - The Group\u2019s non-Life excess of loss reinsurance contracts held provide coverage for claims incurred during an
accident year. Thus, all cash flows arising from claims incurred and expected to be incurred in the accident year are included in
the measurement of the reinsurance contracts held. Some of these contracts include mandatory reinstatement premiums, which
are guaranteed per the contractual arrangements and are thus within the contract boundary. Estimated reinstatement premiums
due are offset against recoveries within the liability for incurred claims.
Risk attaching reinsurance - The Group\u2019s risk-attaching non-life treaties have varying coverage periods, ranging from annual
treaties to indefinite treaties. Such treaties provide unilateral rights to the Group and reinsurer to either terminate the cession of
new business or change the reinsurance premium rates to fully reflect the risks, by giving notice to the other party based upon
notice periods defined by the treaty. On initial recognition, the cash flows within the reinsurance contract boundary are
determined to be those arising from underlying contracts that the Group expects to issue and cede under the reinsurance
contract within the notice period. Subsequently risks attaching beyond the end of the initial notice period are considered cash
flows of new reinsurance contracts and are recognised, separately from the initial contract, as they fall within subsequent notice
periods.
Adverse development cover - The Group\u2019s non-Life adverse development cover treaties are deemed to expire when all
uncertainty associated with the ceded claims liabilities has expired. The contract boundary is based upon the best estimate of
when all obligations associated with the liabilities will be extinguished.
Life contracts
Death and other claim benefits
Death and other claim benefits are projected using decrements appropriate to each class of business, including persistency,
mortality and morbidity.
Mortality assumptions are set with regard to recent Company experience and general industry trends. Local, generally accepted,
published standard mortality tables are used for different categories of business as appropriate.
The mortality tables used in the valuation for the most material lines of business are summarised below:
2025
2024
UK business
Life protection
AM00/AF00 or TM16/TF16 adjusted for
smoker status and age/sex specific
factors with allowance for future
mortality improvements
AM00/AF00 or TM16/TF16 adjusted for
smoker status and age/sex specific
factors with allowance for future
mortality improvements
Pure endowments
and\u00a0deferred annuities
before vesting
AM00/AF00 adjusted with allowance
for improvements
AM00/AF00 adjusted with allowance for
improvements
Ireland business
Life protection
TMS08/TMN08/TFS08/TFN08
adjusted
plus allowance for future mortality
improvement
TMS08/TMN08/TFS08/TFN08 adjusted
plus allowance for future mortality
improvement
Annuity payments
The conventional immediate and deferred annuity business is valued by discounting future benefit payments with an allowance
for mortality, including future improvements in mortality. Mortality assumptions are set with regard to company experience and
general industry trends.
The most material mortality tables used are summarised below:
2025
2024
UK business
Pensions business and
general annuity business
PMA16_IND/PFA16_IND or
PMA16_IND_INT/PFA16_IND_INT plus
allowance for future mortality
improvement
PMA16_IND/PFA16_IND or
PMA16_IND_INT/PFA16_IND_INT plus
allowance for future mortality
improvement
Bulk purchase annuities
CV6 plus allowance for future
mortality improvement
CV6 plus allowance for future mortality
improvement
Ireland business
Annuities
PMA08/PFA08 (conventional) adjusted
plus allowance for future mortality
improvement
PMA08/PFA08 (conventional) adjusted
plus allowance for future mortality
improvement
For the largest portfolio of pensions annuity business, the underlying mortality assumptions for males, before risk adjustment are
102.8% of PMA16_IND with base year 2016 (2024: 104.1% of PMA16_IND with base year 2016). For females the underlying mortality
assumptions, before risk adjustment, are 100.9% of PFA16_IND with base year 2016 (2024: 100.0% of PFA16_IND with base year
2016). The base rates on some contracts are adjusted for lifestyle, medical, and other factors.
Improvements before risk adjustment are based on \u2018CMI_2024 (S=7.25) Advanced with adjustments\u2019 (2024: \u2018CMI_2023 (S=7.25)
Advanced with adjustments\u2019) with zero weight on 2020-2024 data within the model (2024: zero weight on 2020-2023). Instead of
placing weight on post-pandemic data within the CMI improvements model, a separate adjustment is made to reflect the impact
that the drivers of excess mortality post-pandemic are expected to have in future years (for 2024 the same approach was taken
with respect to CMI_2023). We use a long-term improvement rate of 1.5% for both males and females (31 December 2024: 1.5%
for both males and females). An allowance has been made to adjust for greater mortality improvements in the annuitant
population relative to the general population on which CMI_2024 is based, using a parameter of 0.15% for males and 0.20% for
females (for 2024 the same approach was taken with respect to CMI_2023).
Expenses
Maintenance expense assumptions for life business are generally expressed as a per policy charge set with regards to an
allocation of current year expense levels by category of business, adjusted for known changes in contractual arrangements with
external suppliers and using the policy counts for in-force business. Expenses are generally charged to with-profits funds using a
fixed per policy charge in line with a memorandum of understanding between the with-profits funds and the non-profit fund
within the company. Any differential between that and the total charge for each policy accrues to the non-profit fund and is also
included in the fulfilment cash flows. The assumptions also include an allowance for future expense inflation over the lifetime of
each contract, which is assumed to be in line with RPI. An additional liability is held if projected per policy expenses in future
years are expected to exceed current assumptions. A\u00a0further allowance is made for non-discretionary project costs that typically
relate to mandatory requirements. Investment expense assumptions are generally expressed as a proportion of the assets
backing the liabilities.
Non-life contracts
The Group establishes reserves for claim events that occurred before the valuation date, whether reported or not. When
calculating claim costs, the Group takes into account estimated future recoveries from salvage and subrogation. Where non-Life
contracts are onerous, the measurement of the loss component includes an estimate of future claims that are expected to occur
within the remaining coverage period.
The undiscounted ultimate cost of outstanding claims is estimated by using a range of standard actuarial claims projection
techniques, such as the Chain Ladder and Bornhuetter-Ferguson methods. Historical claims development is\u00a0mainly analysed by
accident period, although underwriting or notification period is also used where this is considered\u00a0appropriate.
The assumptions used in most non-life actuarial projection techniques, including future rates of claims inflation or loss ratio
assumptions, are implicit in the historical claims development data on which the projections are based. Additional qualitative
judgement is used to assess the extent to which past trends may not apply in the future in order to arrive at a point estimate for
the ultimate cost of claims that represents the likely outcome. The ultimate cost of outstanding claims includes provision for
expenses associated with handling claims.
UK mesothelioma claims
The level of uncertainty associated with latent claims is considerable due to the relatively small number of claims and the long-
tail nature of the liabilities. UK mesothelioma claims account for a large proportion of the Group\u2019s latent claims. The key
assumptions underlying the estimation of these claims include claim numbers, the base average cost per claim, future inflation in
the average cost of claims and legal fees. The best estimate of the liabilities considers the latest available market information and
studies and how these might impact Aviva\u2019s liabilities.
Lump sums payable to bodily injury claimants
Lump sum payments in settlement of UK bodily injury claims are influenced by the Ogden discount rate among other factors.
The\u00a0Ogden discount rate is set by the Lord Chancellor and is applied when calculating the present value of future care costs and
loss of earnings for claims settlement purposes. The Lord Chancellor announced in December 2024 that the Ogden discount rate
applicable to claims settled from 11th January 2025 is +0.5% (previously -0.25%).
Discount rates
All cash flows are discounted using risk-free yield curves adjusted to reflect the characteristics of the cash flows and the liquidity
of the insurance contracts. For the risk-free yield curves, the Group generally uses the risk-free interest rate curves published by
the PRA and EIOPA for regulatory reporting, which are based on swap rates and in the UK based on SONIA (Sterling Over Night
Index Average). In Canada, the Group uses the Bank of Canada zero-coupon bond curve. Where necessary, yield curves are
interpolated between the last available market data point and an ultimate forward rate, which reflects long-term real interest rate
and inflation expectations.\u00a0
The Group uses a bottom-up discount rate for all life and non-life insurance contracts except for annuities. A top-down discount
rate is applied to annuities to reflect more appropriately the characteristics of the annuity liabilities. For other contracts where
liabilities are subject to lapse risk or where cash flows depend on underlying asset performance (such as unit-linked and with-
profits), the characteristics of the liability can be reflected using the bottom-up method which requires the application of less
judgement.
Under the top-down approach, the discount rate is determined from the yield implicit in the fair value of an appropriate reference
portfolio of assets that reflects the characteristics of the liabilities. Adjustments are made for differences between the reference
portfolio and liability cash flows, including an allowance for defaults which reflects the compensation a market participant would
require for credit risk.
For the measurement of new annuity business at inception only, the discount rates are based on assets expected to be originated
for new business at initial recognition of the contracts. On subsequent measurement of the fulfilment cash flows the reference
portfolio is based on the assets held to match the portfolio of liabilities. For recently written contracts, an adjustment is made to
liabilities where appropriate assets are yet to be sourced.
Under the bottom-up approach, the discount rate is determined as the risk-free yield, adjusted for differences in liquidity
characteristics between the financial assets used to derive the risk-free yield and the relevant liability cash flows (known as an
\u2018illiquidity premium\u2019).
For UK and Ireland business, the illiquidity premium is determined as a percentage of the current spread over the risk-free yield
on an index of covered bonds. For Canadian business, the illiquidity premium is determined with reference to a spread of bonds
available on the market. The percentage applied reflects the liquidity characteristics of the liabilities including the propensity and
ability of policyholders to lapse or surrender their contracts; for example, 100% for structured settlements where surrenders are
not possible, and 0% for unit-linked contracts where policyholders can normally immediately surrender their contract for the unit
value. An intermediate percentage is applied for other types of business. In Canada, a single illiquidity premium is selected given
the limited duration differences and similar liquidity characteristics.
The tables below set out key points on the yield curves used to discount the cash flows of insurance contracts for major
currencies:
2025
2024
1 year
5 years
10
years
15
years
20
years
40
years
1 year
5 years
10
years
15
years
20
years
40
years
Life contracts
Immediate and deferred annuities
GBP
5.2%
5.4%
5.7%
6.0%
6.2%
6.1%
6.2%
5.8%
5.8%
6.0%
6.0%
5.8%
EUR
3.1%
3.3%
3.7%
3.9%
3.9%
4.1%
3.4%
3.3%
3.4%
3.4%
3.4%
3.7%
Life protection contracts
GBP
3.7%
3.8%
4.2%
4.5%
4.7%
4.6%
4.7%
4.3%
4.3%
4.4%
4.5%
4.2%
EUR
2.1%
2.4%
2.7%
2.9%
2.9%
3.1%
2.5%
2.4%
2.5%
2.6%
2.5%
2.7%
With-profits contracts
GBP
3.8%
3.9%
4.3%
4.6%
4.8%
4.7%
4.8%
4.4%
4.4%
4.5%
4.6%
4.3%
EUR
2.1%
2.4%
2.7%
2.9%
2.9%
3.1%
2.5%
2.4%
2.5%
2.6%
2.5%
2.7%
Unit-linked contracts
GBP
3.5%
3.7%
4.0%
4.4%
4.5%
4.4%
4.5%
4.0%
4.1%
4.2%
4.3%
4.0%
EUR
2.1%
2.4%
2.7%
2.9%
2.9%
3.1%
2.5%
2.4%
2.5%
2.6%
2.5%
2.7%
Non-life contracts
Structured settlements
GBP
3.8%
4.0%
4.3%
4.7%
4.8%
4.7%
4.9%
4.5%
4.5%
4.7%
4.7%
4.5%
Latent claims
GBP
3.8%
3.9%
4.3%
4.6%
4.8%
4.7%
4.8%
4.4%
4.4%
4.5%
4.6%
4.3%
EUR
2.3%
2.7%
3.1%
3.3%
3.4%
3.5%
2.6%
2.5%
2.7%
2.7%
2.6%
2.9%
Other general insurance claims
GBP
3.7%
3.8%
4.2%
4.5%
4.7%
4.6%
4.7%
4.3%
4.3%
4.4%
4.5%
4.2%
EUR
2.2%
2.6%
3.0%
3.3%
3.4%
3.5%
2.5%
2.4%
2.5%
2.6%
2.5%
2.8%
CAD
2.9%
3.5%
3.9%
4.1%
4.3%
4.4%
3.6%
3.6%
3.8%
3.9%
3.9%
4.0%
The yields used are after a reduction for risk, but before allowance for investment expenses (which are included in the expected
future cash flows).
For annuity business, the allowance for risk comprises long-term assumptions for defaults or, in the case of equity release
assets, expected losses arising from the No-Negative-Equity Guarantee. These allowances vary by asset category and for some
asset classes by rating.
The risk allowances made for corporate bonds (including overseas government bonds and structured finance assets), mortgages
(including healthcare mortgages, commercial mortgages and infrastructure assets), and equity release equated to 24bps, 29bps,
and 49bps respectively at 31 December 2025 (2024: 34bps, 23bps, and 52bps respectively).
For with-profits business, the liabilities associated with guarantees and options are measured using a market-consistent
stochastic model. The cash flows are discounted at scenario-specific rates calibrated, on average, to be the bottom-up discount
rates. Volatility assumptions are set with reference to implied volatility data on traded market instruments, where available, or on
a best estimate basis where not.
2025
2024
Equity returns
15.2%
15.3%
Property returns
14.5%
14.5%
The equity volatility used depends on term, moneyness and region. The figure shown is for a sample UK equity, at the money,
with a ten-year term.
Risk adjustments for non-financial risk
The risk adjustment for non-financial risk reflects the compensation required by the Group to accept the uncertainty about the
amount and timing of future cash flows that arises from non-financial risk. The calculation of the risk adjustment is calibrated
with reference to the Group\u2019s pricing and capital allocation framework. The calibration leverages the Solvency II view of non-
financial risk, considering a lifetime view, but excludes financial risks which are included within the Solvency II risk margin. The
risk adjustment includes diversification between different portfolios of insurance and participating investment contracts, financial
and non-financial risks, non-participating investment contracts and other non-insurance contracts using correlation matrix
techniques. Diversification between entities across the Group is not included.
For life business, the risk adjustment is allocated to individual contracts, including reinsurance contracts, using provisions for
adverse deviation (PADs) applied to the best estimate non-financial assumptions.
For non-life business, the risk adjustment is allocated to groups of contract level based upon their capital intensity, with\u00a0a\u00a0greater
amount allocated to contract groups with greater valuation uncertainty. Initially the Group applies these techniques on a net of
reinsurance basis before calculating gross up factors for each group of contracts and calculating the reinsurance risk adjustment
as the difference between net and gross.
For with-profits contracts the risk adjustment reflects the shareholder\u2019s interest in the with-profits fund. However, for non-profit
contracts in the with-profit funds, the fund is treated as the entity and the risk adjustment reflects a 100% share of the risk, as for
other non-profit business.
The Group estimates the Risk Adjustment\u2019s corresponding confidence level by comparing the combined value of best estimate
cash flows and Risk Adjustment with a distribution of possible outcomes on an ultimate horizon. For\u00a0life and participating
contracts the confidence interval, net of reinsurance corresponds to the 72nd percentile (2024: 68th percentile), for non-life
contracts it corresponds to the 83rd percentile (2024: 80th percentile). The percentiles disclosed benefit from the diverse profile
of entities within the Group, but not from diversification between the Group's Life and non-Life segments and are uncertain
estimates made as of 31 December, which could reasonably change within 12 months. Factors which could cause them to change
include variations in the Company's risk profile or quantification thereof, for example as might arise from economic factors such
as changes in risk-free discount rates or changes in the composition of insurance liabilities. the movements in the value of the net
risk adjustment required to move the confidence level by 2.5 percentage points can be seen in the table below. The figures
assume that there are no changes in estimate of future cashflows when in reality a lot of factors which influence the risk
adjustment calibration will also impact the estimate of future cashflows.
2025
2024
\u00a3m
\u00a3m
Life and participating business
Movement in net risk adjustment required for 2.5pp confidence level increase
65
54
Movement in net risk adjustment required for 2.5pp confidence level reduction
(65)
(54)
Non-life business
Movement in net risk adjustment required for 2.5pp confidence level increase
73
46
Movement in net risk adjustment required for 2.5pp confidence level reduction
(65)
(44)
For life risk and participating contracts, this is the confidence level that the liabilities recognised and associated reinsurance
balances, excluding CSM, are sufficient to cover the ultimate cost of in-force insurance liabilities applying period end
assumptions. For non-life contracts, this represents the confidence level that net claims liabilities recognised are sufficient to
cover the ultimate cost of claims. Net non-life claims liabilities include the liability for incurred claims, asset for incurred claims,
the liability for remaining coverage on claims in settlement acquired in business combinations and the asset for remaining
coverage on reinsurance contracts held that reinsure against adverse development on incurred claims.
(ii) Contractual service margin
Determination of coverage units
The amount of CSM recognised in profit or loss to reflect services provided in each year is determined by considering, for each
group of contracts, coverage units that reflect the quantity of the benefits provided in each period and the expected coverage
period. The coverage units are reviewed and updated at each reporting date.
The coverage units used by major product lines are:
Product line
Coverage units
Immediate annuity
Annuity outgo
Deferred annuity
Annuity outgo for insurance service post retirement and weighted expected
investment return for the investment return service provided prior to retirement
Individual and Group Protection
Sum assured
Individual and Group Income Protection
Benefit amount payable
Unit linked insurance
Sum assured including unit value
With-profits
Cost of guarantees plus asset share
For deferred annuities, judgement has been applied in determining the appropriate method for measuring coverage units\u00a0and the
weighting of those coverage units across the investment return service provided prior to retirement and the\u00a0insurance service
provided post-retirement. That judgement was supported by evidence of market pricing of these services, resulting in an
approach that targets equivalence at retirement with the CSM for immediate annuities (when pricing in an active market) that
provide an insurance service equivalent to that provided by the deferred annuities post-retirement.
The coverage units for the investment return service combine the expected investment return with the weighting that produces
the target CSM after allowing for expected retirement date, transfers and commutations. There is limited estimation uncertainty
arising when applying this approach, not least because the weighting of services does not directly impact on the measurement of
the CSM, instead it impacts on the pattern of CSM release over the long life of these contracts. Expected investment return is
calculated using the locked in discount rate throughout the life of the contract, to represent the investment return that
policyholders benefit from through the pricing of their contract.
Expected rates of transfers taken by retirement date and take up rates for tax free cash (the main commutations taken at
retirement in the UK) are not typically subject to significant fluctuations.
Coverage units for reinsurance contracts held are typically consistent with the underlying gross contracts, adjusted for
differences in the services provided.
Risk mitigation option
The Group uses derivatives and financial investments to mitigate the financial risk arising from equity and interest rate exposures
in UK with-profit funds, in accordance with its documented risk management objective and strategy for mitigating financial risk.
An economic offset exists between the insurance contracts and the risk-mitigating items (derivatives and financial investments
held at FVTPL), and credit risk does not dominate the economic offset.
For the with-profit sub-fund supported by the RIEESA, the Group has chosen to apply the risk mitigation option. Certain changes
in variable fee cash flows are recognised in profit or loss, and do not adjust the CSM, as they arise from changes in equity and
interest rate risks that are mitigated by the use of derivatives and financial investments held at FVTPL.
(iii) Investment components
The Group identifies the investment component of a contract by determining the amount that it would be required to repay to
the\u00a0policyholder in all scenarios with commercial substance. These include circumstances in which an insured event occurs or
the contract matures or is terminated without an insured event occurring. Investment components and rights to withdraw are
both excluded from insurance revenue and insurance service expenses, and variances between actual and expected cash flows
adjust the CSM.
Participating and some non-participating whole-life contracts have explicit surrender values. The non-distinct investment
component excluded from insurance revenue and insurance service expenses is determined as the surrender value specified
in\u00a0the contractual terms.
Immediate annuities with a guarantee period contain a non-distinct investment component equal to the value of those
guaranteed payments.
Deferred annuities include a non-distinct investment component if all of the following features are present:
\u2022 transfer value in the deferral period;
\u2022 death benefit in the deferral period; and
\u2022 guarantee period once the annuity is in payment.
The investment component excluded from insurance revenue and insurance service expenses is determined as the lower of the
present value of each of those possible payments. Any amounts in excess of the investment component, or any payments made
under those features that do not qualify as an investment component, are treated as rights to withdraw. In either case, transfer
values paid during the deferral period are presented as premium refunds.
(iv) Fair value of insurance contracts and measurement of contracts on transition to IFRS 17
When the Group acquires insurance contracts measured under the GMM or VFA in a business combination it measures the CSM
at acquisition by reference to the fair value of the contracts at the acquisition date less the fulfilment cash flows. The Group also
applied the fair value approach on transition to IFRS 17 to all life business written prior to 2016, including annuities, except for
groups to which the modified retrospective approach (MRA) was applied (as described below).
In this context fair value is derived in accordance with IFRS 13 Fair Value Measurement (except, where relevant, a demand
deposit floor is not applied) and represents the price a market participant would require to assume the insurance contract
liabilities in an orderly transaction. As quoted market prices are not available for groups of insurance contracts, valuation models
are used to calculate the fair value of each group at the transition or acquisition date. The choice of model and inputs to the
model involves judgement and this gives rise to a range of plausible fair values.
Whilst the fair value at acquisition or transition impacts the size of the CSM that will subsequently be recognised in profit over the
remaining life of the contracts applying the accounting policy set out in accounting policy M, the fair value model and inputs
to\u00a0that model will not be applied to, or result in adjustment to, any subsequent measurement of the CSM.
The valuation models applied at transition and to subsequent acquisitions determined the fair value using a cost of capital
approach. Expected cash flows and the required capital to run the business were projected forward, applying an appropriate
weighted average cost of capital (WACC). Inputs were calibrated to those Aviva would expect market participants to have used
had they priced the insurance contracts for transfer to them at the transition or acquisition date.
The Group also applied the MRA to certain groups of UK individual protection business written in the period 2012-2015 and certain
groups of acquired UK unit-linked and with-profits business on transition to IFRS 17. Where information was not available to
undertake the fully retrospective approach (FRA) in relation to UK unit-linked and with-profit business, modifications were
applied in respect of: calculation of the CSM at the transition date and use of information available at the transition date for the
assessment of contracts within the scope of IFRS 17, eligibility for the VFA measurement model and grouping of contracts.
The\u00a0aim was to achieve the closest possible outcome to the FRA.
40 \u2013 NON-PARTICIPATING INVESTMENT CONTRACTS
This note analyses our gross liabilities and reinsurance assets for non-participating investment contracts and describes the
calculation of these contracts.
(a) Carrying amount
Non-participating investment contracts as at 31 December comprised:
2025
2024
\u00a3m
\u00a3m
Liabilities for non-participating investment contracts
208,399
179,142
Reinsurance assets for non-participating investment contracts
(5,770)
(5,280)
Net non-participating investment contracts
202,629
173,862
(b) Group practice
Investment contracts are those that do not transfer significant insurance risk from the contract holder to the issuer and if\u00a0they
do\u00a0not contain a significant discretionary participation feature they are treated as financial instruments in scope of\u00a0IFRS 9.
Many investment contracts contain a discretionary participation feature in which the contract holder has a contractual right to
receive additional benefits as a supplement to guaranteed benefits. These are referred to as participating contracts and are
measured according to the methodology as prescribed by IFRS 17 insurance contracts.
Investment contracts that do not contain a discretionary participation feature are referred to as non-participating contracts
and\u00a0the liability is measured at fair value. For non-participating investment contracts designated at FVTPL, the Group elects to
present the change in fair value attributable to a change in the credit risk of the contracts in the income statement.
Of the non-participating investment contracts measured at fair value, \u00a3208,164 million at 2025 (31 December 2024:\u00a0\u00a3179,070
million) are unit\u2011linked in structure. The fair value of the liability is equal to the current unit fund value, including any unfunded
units, plus if required, additional non-unit reserves based on a discounted cash flow analysis.
These contracts are generally classified as Level 1 in the fair value hierarchy, as the unit reserve is calculated as the publicly
quoted unit price multiplied by the number of units in issue, and any non-unit reserve is insignificant.
For unit-linked business, a deferred acquisition cost asset and deferred income reserve liability are recognised in respect of
transaction costs and front-end fees respectively, that relate to the provision of investment management services, and which are
amortised on a systematic basis over the contract term. The amount of the related deferred acquisition cost asset is shown in
note 29 and the deferred income liability is shown in note 47.
For non-participating investment contracts acquired in a business combination, an acquired value of in-force business asset is
recognised in respect of the fair value of the investment management services component of the contracts, which is amortised
on a systematic basis over the useful lifetime of the related contracts. The amount of the acquired value of in-force business
asset is shown in note 17, which relates primarily to the acquisition of Friends Life in 2015 and Friends First in 2018.
(c) Movements in the year
The following movements have occurred in the gross provisions for non-participating investment contracts in the year:
Carrying amount
2025
2024
\u00a3m
\u00a3m
At 1 January
179,142
158,588
Liabilities in respect of new business
9,617
5,212
Expected change in existing business
(5,132)
(5,038)
Variance between actual and expected experience
24,222
20,802
Change in liability
28,707
20,976
Foreign exchange rate movements
550
(422)
At 31 December
208,399
179,142
For unit-linked investment contracts, movements in asset values are offset by corresponding changes in liabilities, limiting the net
impact on profit. The variance between actual and expected experience in 2025 of \u00a324,222\u00a0million\u00a0is primarily due to higher than
expected investment returns following material increases in UK equity markets.
The following movements have occurred in the reinsurance asset for non-participating investment contracts in the year:
Carrying amount
2025
2024
\u00a3m
\u00a3m
At 1 January
5,280
4,713
Assets in respect of new business
82
84
Expected change in existing business assets
(126)
(120)
Variance between actual and expected experience
534
603
Change in asset
490
567
At 31 December
5,770
5,280
", "dimensions": { "concept": "ifrs-full:DisclosureOfInsuranceContractsExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-694": { "value": "2734000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsReceivedClassifiedAsOperatingActivities", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-695": { "value": "2829000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsReceivedClassifiedAsOperatingActivities", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-696": { "value": "
6 - FEE AND COMMISSION INCOME
2025
2024
\u00a3m
\u00a3m
Fee income from non-participating investment contract business
748
753
Fund management fee income
134
136
Other fee income
487
431
Other commission income
95
88
Net change in deferred revenue
3
2
Total fee and commission income
1,467
1,410
", "dimensions": { "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-698": { "value": "
7 - EXPENSES
This note analyses the Group\u2019s expenses in profit or loss.
2025
2024
Note
\u00a3m
\u00a3m
Claims and benefits incurred
Claims and benefits on long-term business
Insurance contracts and participating investment contracts
7,038
6,362
Claims and benefits on general insurance and health business1
9,795
7,490
16,833
13,852
Claim recoveries from reinsurers
Insurance contracts and participating investment contracts
(4,796)
(3,693)
Claims and benefits incurred, net of recoveries from reinsurers1
12,037
10,159
Change in loss components on insurance and participating investment contracts2
307
150
Fee and commission expense
Acquisition costs
Commission expenses
2,935
2,799
Other acquisition costs
1,412
1,218
Amount attributed to insurance acquisition cash flows incurred during the year
(3,820)
(3,557)
Acquisition costs for non-participating investment contracts
527
460
Amortisation of insurance acquisition cash flows
3,454
3,104
Net impairment loss on assets for insurance acquisition cash flows
1
\u2014
Change in deferred acquisition costs for non-participating investment contracts
(3)
(40)
Other fee and commission expense
52
45
Fee and commission expense
4,031
3,569
Other expenses
Staff costs
10(b)
1,595
1,270
Central costs
380
246
Depreciation
78
62
Amortisation of acquired value of in-force business on non-participating investment contracts
55
52
Amortisation of intangible assets
160
130
Impairment of intangible assets
7
16
Other expenses (see below)1
1,270
1,138
Other net foreign exchange gains/(losses)
71
(109)
Other expenses1
3,616
2,804
Total expenses
19,991
16,682
Represented by expenses included within the income statement:
Insurance service expense
22,197
18,240
Expense recovery from reinsurance contracts3
(4,904)
(3,648)
Other operating expenses
2,627
2,200
Other net foreign exchange gains/(losses)
71
(109)
Total expenses
19,991
16,682
1. Comparatives have been re-presented for expense categorisation alignment with Direct Line resulting in a reclassification between claims and benefits on general insurance and
health business and other expenses
2. The recognition of a loss component on acquired claims in settlement is explained in note 39(b)(iii)
3. Expense recovery from reinsurance contracts is presented in the consolidated income statement within net expense from reinsurance contracts, which comprises an allocation of
premiums paid to reinsurers of \u00a3(5,884) million (2024: \u00a3(4,337) million) and amounts recovered from reinsurers of \u00a34,904 million (2024: \u00a33,648 million)
Other expens es were \u00a31,270 million (2024 re-presented: \u00a31,138 million) which mainly included costs relating to written and
maintenance expenses, investment management expenses, software and data services, and outsourced services and integration
and restructuring costs. In 2025, it also included amounts relating to voting fees and costs associated with the cancellation of the
Group\u2019s preference share capital, costs associated with acquisitions and product governance expenses partly offset by
recoveries from professional indemnity insurers. 2024 included \u00a319 million paid to bondholders in respect of modification to the
terms and conditions of the Group's Tier 2 Fixed to Floating notes.
Other operating expenses presented on the consolidated income statement of \u00a32,627 million (2024: \u00a32,200 million) includes
amortisation\u00a0on AVIF and intangibles acquired in business combinations, expenses attributable to non-participating investment
contracts, expenses attributable to non-insurance products such as wealth management services and Corporate Centre costs.
Other operating expenses also includes integration and restructuring (I&R) costs of \u00a3360 million (2024: \u00a3217 million ), which relate
to a well-defined programme that materially changes the scope of our business or the manner in which it is conducted, and are
not directly attributable to insurance contracts.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-697": { "value": "
7 - EXPENSES
This note analyses the Group\u2019s expenses in profit or loss.
2025
2024
Note
\u00a3m
\u00a3m
Claims and benefits incurred
Claims and benefits on long-term business
Insurance contracts and participating investment contracts
7,038
6,362
Claims and benefits on general insurance and health business1
9,795
7,490
16,833
13,852
Claim recoveries from reinsurers
Insurance contracts and participating investment contracts
(4,796)
(3,693)
Claims and benefits incurred, net of recoveries from reinsurers1
12,037
10,159
Change in loss components on insurance and participating investment contracts2
307
150
Fee and commission expense
Acquisition costs
Commission expenses
2,935
2,799
Other acquisition costs
1,412
1,218
Amount attributed to insurance acquisition cash flows incurred during the year
(3,820)
(3,557)
Acquisition costs for non-participating investment contracts
527
460
Amortisation of insurance acquisition cash flows
3,454
3,104
Net impairment loss on assets for insurance acquisition cash flows
1
\u2014
Change in deferred acquisition costs for non-participating investment contracts
(3)
(40)
Other fee and commission expense
52
45
Fee and commission expense
4,031
3,569
Other expenses
Staff costs
10(b)
1,595
1,270
Central costs
380
246
Depreciation
78
62
Amortisation of acquired value of in-force business on non-participating investment contracts
55
52
Amortisation of intangible assets
160
130
Impairment of intangible assets
7
16
Other expenses (see below)1
1,270
1,138
Other net foreign exchange gains/(losses)
71
(109)
Other expenses1
3,616
2,804
Total expenses
19,991
16,682
Represented by expenses included within the income statement:
Insurance service expense
22,197
18,240
Expense recovery from reinsurance contracts3
(4,904)
(3,648)
Other operating expenses
2,627
2,200
Other net foreign exchange gains/(losses)
71
(109)
Total expenses
19,991
16,682
1. Comparatives have been re-presented for expense categorisation alignment with Direct Line resulting in a reclassification between claims and benefits on general insurance and
health business and other expenses
2. The recognition of a loss component on acquired claims in settlement is explained in note 39(b)(iii)
3. Expense recovery from reinsurance contracts is presented in the consolidated income statement within net expense from reinsurance contracts, which comprises an allocation of
premiums paid to reinsurers of \u00a3(5,884) million (2024: \u00a3(4,337) million) and amounts recovered from reinsurers of \u00a34,904 million (2024: \u00a33,648 million)
Other expens es were \u00a31,270 million (2024 re-presented: \u00a31,138 million) which mainly included costs relating to written and
maintenance expenses, investment management expenses, software and data services, and outsourced services and integration
and restructuring costs. In 2025, it also included amounts relating to voting fees and costs associated with the cancellation of the
Group\u2019s preference share capital, costs associated with acquisitions and product governance expenses partly offset by
recoveries from professional indemnity insurers. 2024 included \u00a319 million paid to bondholders in respect of modification to the
terms and conditions of the Group's Tier 2 Fixed to Floating notes.
Other operating expenses presented on the consolidated income statement of \u00a32,627 million (2024: \u00a32,200 million) includes
amortisation\u00a0on AVIF and intangibles acquired in business combinations, expenses attributable to non-participating investment
contracts, expenses attributable to non-insurance products such as wealth management services and Corporate Centre costs.
Other operating expenses also includes integration and restructuring (I&R) costs of \u00a3360 million (2024: \u00a3217 million ), which relate
to a well-defined programme that materially changes the scope of our business or the manner in which it is conducted, and are
not directly attributable to insurance contracts.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-699": { "value": "
8 - OTHER FINANCE COSTS
This note analyses the interest costs on our borrowings (which are described in note 45 ) and similar charges. Other\u00a0finance costs
comprise:
2025
2024
Note
\u00a3m
\u00a3m
Subordinated debt
236
229
Long term senior debt
8
8
Commercial paper
2
2
Interest expense on core structural borrowings at amortised cost
246
239
Amounts owed to financial institutions at amortised cost
16
25
Securitised mortgage loan notes at fair value
61
66
Interest expense on operational borrowings
77
91
Interest on collateral received
18
32
Net finance charge on pension schemes
44(b)(i)
25
23
Interest on lease liabilities
12
10
Other similar charges
100
96
Total other finance costs
478
491
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-701": { "value": "
10 - EMPLOYEE INFORMATION
This note shows where our staff are employed, excluding staff employed by our joint ventures and associates, and analyses the
total staff costs.
(a) Employee numbers
The number of persons employed by the Group, including directors under a service contract, was:
At 31 December
Average for the year2
2025
2024
2025
2024
Number
Number
Number
Number
UK & Ireland General Insurance1
19,041
10,000
14,589
9,443
Canada General Insurance
5,299
5,132
5,302
5,003
Insurance, Wealth & Retirement (IWR)
11,781
10,944
11,463
10,388
Aviva Investors
957
973
957
959
International investments (India)
1,502
1,300
1,401
1,398
Other operations
779
742
753
682
Total employee numbers
39,359
29,091
34,465
27,873
1. Employee numbers increase driven by acquisition of Direct Line. Average employee numbers include Direct Line from 1 July 2025 to 31 December 2025.
2. Average employee numbers have been calculated using a monthly average that takes into account recruitment, leavers, transfers, acquisitions and disposals of businesses during
the year
(b) Employee costs
2025
2024
Note
\u00a3m
\u00a3m
Wages and salaries
1,749
1,381
Social security costs
221
142
Post-retirement obligations
Defined benefit schemes
44(d)
34
29
Defined contribution schemes
44(d)
282
225
Profit sharing and incentive plans
286
190
Equity compensation plans
32(d)
74
61
Termination benefits
29
17
Total staff costs
2,675
2,045
Staff costs are charged within:
2025
2024
Note
\u00a3m
\u00a3m
Acquisition costs
7
570
497
Claims handling expenses
7
434
219
Central costs
7
76
59
Staff costs
7
1,595
1,270
Total staff costs
2,675
2,045
11 - DIRECTORS
Information concerning individual directors\u2019 emoluments, interests and transactions is given in the Directors\u2019 Remuneration
report in the \u2018Corporate governance\u2019 section of this report. For the purposes of the disclosure required by S chedule 5 to the
Companies Act 2006, the total aggregate emoluments of the directors in respect of 2025 was \u00a39 million ( 2024: \u00a38 million).
Employer contributions to pensions for executive directors for qualifying periods were \u00a3nil in both 2025 and 2024 . The aggregate
net value of share awards granted to the directors in t he year was \u00a3nil in both 2025 and 2024. No share options were exercised
by directors during the year in either 2025 and 2024 .
43 \u2013 PENSION DEFICITS AND OTHER PROVISIONS
This note details the non-insurance provisions that the Group holds and shows the movements in these during the year.
(a) Carrying amounts
Note
2025
2024
\u00a3m
\u00a3m
Total IAS 19 obligations to main staff pension schemes
44(a)
374
372
Restructuring provisions
30
28
Other provisions
514
326
Total pension deficits and other provisions
918
726
Restructuring provisions include lease termination penalties and costs relating to disposed entities. They comprise of only the
direct expenditures arising from the restructuring, which are those that are necessarily entailed by the restructuring; and not
associated with the ongoing activities of the entity.
Other provisions are measured based upon our expectation of the value and timing of future economic outflows. Other\u00a0provisions
include a number of product governance provisions totalling \u00a3308 million (2024 : \u00a3189 million), which are measured based upon
the amounts we expect to pay to policyholders or into ring-fenced with-profits funds, and other costs arising directly from
remediation. The final costs are subject to changes in settlement amounts as estimates are refined. The remaining balance
includes amounts for indemnities related to disposal activity, dilapidation provisions associated with leased properties, and
provisions arising on the acquisition of subsidiaries.
(b) Movements on restructuring and other provisions
2025
2024
Restructuring
provisions
Other
provisions
Total
Restructuring
provisions
Other
provisions
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January
28
326
354
44
341
385
Additional provisions
11
375
386
\u2014
153
153
Provisions released during the year
(3)
(59)
(62)
(5)
(75)
(80)
Charge to income statement
8
316
324
(5)
78
73
Utilised during the year
(6)
(130)
(136)
(11)
(91)
(102)
Foreign exchange rate movements
\u2014
2
2
\u2014
(2)
(2)
At 31 December
30
514
544
28
326
354
Of the total restructuring and other provisions, \u00a3109 million (2024: \u00a3105 million) is expected to be settled more than one year after
the statement of financial position date.
44 \u2013 PENSION OBLIGATIONS
(a) Introduction
The Group operates a number of defined benefit and defined contribution pension schemes. The material defined benefit
schemes are in the UK, Ireland and Canada. The assets and liabilities of these defined benefit schemes as at 31 December are
shown below.
2025
2024
Note
UK
Ireland
Canada
Total
UK
Ireland
Canada
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Total fair value of scheme assets
44(b)(ii)
8,900
569
160
9,629
8,972
621
171
9,764
Present value of defined benefit
obligation
(8,694)
(540)
(208)
(9,442)
(8,866)
(593)
(226)
(9,685)
Net IAS 19 surpluses in the schemes
206
29
(48)
187
106
28
(55)
79
Surpluses included in other assets
30
532
29
\u2014
561
423
28
\u2014
451
Deficits included in provisions
43
(326)
\u2014
(48)
(374)
(317)
\u2014
(55)
(372)
Net IAS 19 surpluses in the schemes
206
29
(48)
187
106
28
(55)
79
This note relates to the defined benefit pension schemes included in the table above. The charges to the income statement for the
main schemes are shown in section (b)(i) below, whilst the total charges for all pension schemes are disclosed in section (d) below.
Under the IAS 19 valuation basis, the Group applies the principles of IFRIC 14 IAS 19 \u2013 The Limit on a Defined Benefit Asset,
Minimum Funding Requirements and their Interaction, whereby a surplus is only recognised to the extent that the company is
able to access the surplus either through an unconditional right of refund to the surplus or through reduced future contributions
relating to ongoing service, which have been substantively enacted or contractually agreed.
The\u00a0Group has determined that it can derive economic benefit from the surplus in the Aviva Staff Pension Scheme (ASPS) via
a\u00a0reduction to future employer contributions for defined contribution (DC) members, which could theoretically be paid from the
surplus funds in the ASPS. In the RAC (2003) Pension Scheme (RAC Scheme), Friends Provident Pension Scheme (FPPS) and
Direct Line Group Hybrid Scheme (DLGHS), in the UK and in the Aviva Ireland Staff Pension Fund (AISPF) and Friends First Group
Retirement and Death Benefits Scheme (FFPS) in Ireland, the Group has determined that the rules set out in the schemes\u2019
governing documentation provide for an unconditional right to a refund from any future surplus funds in the schemes.
The assets of the UK, Ireland and Canada schemes are held in separate trustee-administered funds to meet long-term pension
liabilities to past and present employees. In all schemes, the appointment of trustees of the funds is determined by their trust
documentation and they are required to act in the best interests of the schemes\u2019 beneficiaries. The long-term investment
objectives of the trustees and the employers are to limit the risk of the assets failing to meet the liabilities of the schemes over
the long term, and to maximise returns consistent with an acceptable level of risk so as to control the long-term costs of these
schemes.
A funding actuarial valuation of each of the defined benefit schemes is carried out at least every three years for the benefit of
scheme trustees and members. Actuarial reports have been submitted for each scheme within this period, using\u00a0appropriate
methods for the respective countries on local funding bases.
The number of scheme members was as follows:
2025
2024
Number
UK
Ireland
Canada
Total
UK
Ireland
Canada
Total
Deferred members
34,606
1,933
253
36,792
35,706
2,008
277
37,991
Pensioners
43,705
1,071
1,178
45,954
42,103
1,044
1,216
44,363
Total members
78,311
3,004
1,431
82,746
77,809
3,052
1,493
82,354
All schemes are closed to future accrual. Closure of the schemes has removed the volatility associated with additional future
accrual for active members.
(i) UK schemes
In the UK, the Group operates four main pension schemes, the ASPS, the RAC Scheme which was retained after the sale of RAC
Limited in September 2011, the FPPS, which was acquired as part of the Friends Life acquisition in 2015 and the DLGHS which was
acquired in 2025. As the defined benefit sections of the UK schemes are now closed to both new members and future accrual,
existing deferred members in active service and new entrants participate principally in the defined contribution section of the
ASPS, with existing arrangements currently continuing for Direct Line Group employees. The UK schemes operate within the UK
pensions regulatory framework.
(ii) Other schemes
In Ireland, the Group operates two main pension schemes, the Aviva Ireland Staff Pension Fund (AISPF) and the Friends First
Group Retirement and Death Benefits Scheme (FFPS) which was acquired as part of the Friends First acquisition in June 2018.
Future accruals for the AISPF and FFPS schemes ceased with effect from 30 April 2013 and 1 April 2014 respectively. The Irish
schemes are regulated by the Pensions Authority in Ireland.
The Canadian defined benefit pension plan ceased accrual with effect from 31 December 2011. The Canadian pension plan
currently in force is a Defined Contribution Pension Plan that is subject to the Pensions Benefits Act (Ontario), Income Tax Act
(Canada), and oversight of the Financial Services Regulatory Authority of Ontario.
(b) IAS 19 disclosures
Disclosures under IAS 19 for the material defined benefit schemes in the UK, Ireland and Canada, are given below. Where
schemes provide both defined benefit and defined contribution pensions, the assets and liabilities shown exclude those relating
to defined contribution pensions.
(i) Movements in the scheme surpluses and deficits
Movements in the pension schemes\u2019 surpluses and deficits comprise:
2025
2024
Fair value
of
Scheme
Assets
Present
value of
defined
benefit
obligation
IAS 19
Pensions
net
surplus/
(deficits)
Fair value
of Scheme
Assets
Present
value of
defined
benefit
obligation
IAS 19
Pensions
net
surplus/
(deficits)
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Net IAS 19 surplus in the schemes at 1 January
9,764
(9,685)
79
11,546
(11,139)
407
Administrative expenses
\u2014
(29)
(29)
\u2014
(25)
(25)
Total pension cost charged to net operating expenses
\u2014
(29)
(29)
\u2014
(25)
(25)
Net interest credited to investment income1
516
(511)
5
498
(479)
19
Total recognised in income statement
516
(540)
(24)
498
(504)
(6)
Actual return on these assets
379
\u2014
379
(1,214)
\u2014
(1,214)
Less: Interest income on scheme assets
(516)
\u2014
(516)
(498)
\u2014
(498)
Return on scheme assets excluding amounts in interest income
(137)
\u2014
(137)
(1,712)
\u2014
(1,712)
Gains from change in financial assumptions
\u2014
224
224
\u2014
1,232
1,232
Gains from change in demographic assumptions
\u2014
42
42
\u2014
108
108
Experience losses
\u2014
(21)
(21)
\u2014
(14)
(14)
Total remeasurements recognised in other comprehensive income
(137)
245
108
(1,712)
1,326
(386)
Acquisitions - gross surplus
45
(44)
1
\u2014
\u2014
\u2014
Acquisitions - consolidation elimination for non-transferable Group
insurance policy
(42)
\u2014
(42)
\u2014
\u2014
\u2014
Acquisitions - net deficit
3
(44)
(41)
\u2014
\u2014
\u2014
Employer contributions
59
\u2014
59
55
\u2014
55
Plan participant contributions
2
(2)
\u2014
2
(2)
\u2014
Benefits paid
(577)
577
\u2014
(559)
559
\u2014
Administrative expenses paid from scheme assets
(29)
29
\u2014
(25)
25
\u2014
Foreign exchange rate movements
28
(22)
6
(41)
50
9
Net IAS 19 surplus in the schemes\u00a0 at 31 December
9,629
(9,442)
187
9,764
(9,685)
79
1. Net interest income of \u00a330 million (2024: \u00a342 million) has been credited to investment income and net interest expense of \u00a325 million (2024: \u00a323 million) has been charged to
finance costs (see note 8)
The present value of unfunded post-retirement benefit obligations included in the table above is \u00a374 million at
31 December 2025 (2024:\u00a0\u00a380 million).
Remeasurement gains of \u00a3108 million (2024: loss of \u00a3386 million) recorded in the statement of comprehensive income for the
period are largely driven by:
\u2022 Positive returns on multi-asset funds in the UK have increased surplus.
\u2022 Narrower spreads on UK government bonds have also increased the surplus. This has been offset by other economic
movements including narrower corporate spreads in the UK, higher interest rates, and lower inflation.
During the period the AISPF completed a bulk annuity buy-in transaction with Aviva Life & Pensions Ireland Designated Activity
Company, a Group Company. Due to different measurement bases applying for accounting purposes, the premium paid by the
scheme exceeded the valuation of the scheme asset recognised. In the table above, this has been recognised as a loss in the
actual return on assets (see note 55 for further information). The scheme asset recognised is transferable and so has not been
subject to consolidation within the Group\u2019s financial statements.
The DLGHS was acquired during 2025. The scheme assets principally comprise a bulk annuity policy held with Aviva Life &
Pensions UK Limited, a Group Company. The scheme asset recognised is not transferable, and so has been eliminated from the
Group's financial statements, resulting in a net reduction in IAS 19 surplus on acquisition.
(ii) Scheme assets
Scheme assets are stated at their fair values at 31 December. Total scheme assets are comprised by country as follows:
2025
2024
UK
Ireland
Canada
Total
UK
Ireland
Canada
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Bonds
5,132
403
7
5,542
5,983
544
5
6,532
Equities
\u2014
18
\u2014
18
\u2014
19
\u2014
19
Property
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Pooled investment vehicles
2,179
234
151
2,564
1,868
236
164
2,268
Derivatives
5
(2)
\u2014
3
50
25
\u2014
75
Insurance policies
4,327
111
\u2014
4,438
4,316
\u2014
\u2014
4,316
Repurchase agreements
(1,648)
(207)
\u2014
(1,855)
(2,423)
(215)
\u2014
(2,638)
Cash and other1
(677)
12
2
(663)
(438)
12
2
(424)
Total fair value of scheme assets
9,318
569
160
10,047
9,356
621
171
10,148
Less: consolidation elimination for non-
transferable Group insurance policies2
(418)
\u2014
\u2014
(418)
(384)
\u2014
\u2014
(384)
Total IAS 19 fair value of scheme assets
8,900
569
160
9,629
8,972
621
171
9,764
1. Cash and other assets comprise cash at bank, receivables, payables, and longevity swaps
2. As at 31 December 2025, the FPPS and DLGHS assets include insurance policies of \u00a3418 million (31 December 2024: \u00a3384 million in FPPS) issued by a Group company that are not
transferable under IAS\u00a019 and are consequently eliminated from the Group\u2019s IAS 19 scheme assets. Insurance policies issued by other Group companies of \u00a34,020 million as at 31
December 2025 (31 December 2024: \u00a33,932 million) included in the ASPS, RAC Scheme and AISPF assets are transferable and so are not subject to consolidation.
Total scheme assets are analysed by those that have a quoted market price in an active market and other as follows:
2025
2024
Quoted in an
active market
Other
Total
Quoted in an
active market
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Bonds
4,739
803
5,542
5,735
797
6,532
Equities
18
\u2014
18
19
\u2014
19
Property
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Pooled investment vehicles
44
2,520
2,564
44
2,224
2,268
Derivatives
(2)
5
3
25
50
75
Insurance policies
\u2014
4,438
4,438
\u2014
4,316
4,316
Repurchase agreements
\u2014
(1,855)
(1,855)
\u2014
(2,638)
(2,638)
Cash and other1
(201)
(462)
(663)
90
(514)
(424)
Total fair value of scheme assets
4,598
5,449
10,047
5,913
4,235
10,148
Less: consolidation elimination for non-transferable Group
insurance policies2
\u2014
(418)
(418)
\u2014
(384)
(384)
Total IAS 19 fair value of scheme assets
4,598
5,031
9,629
5,913
3,851
9,764
1. Cash and other assets comprise cash at bank, receivables, payables, and longevity swaps
2. As at 31 December 2025, the FPPS and DLGHS assets include insurance policies of \u00a3418 million (31 December 2024: \u00a3384 million in FPPS) issued by a Group company that are not
transferable under IAS\u00a019 and are consequently eliminated from the Group\u2019s IAS 19 scheme assets. Insurance policies issued by other Group companies of \u00a34,020 million as at 31
December 2025 (31 December 2024: \u00a33,932 million) included in the ASPS, RAC Scheme and AISPF assets are transferable and so are not subject to consolidation.
IAS 19 plan assets include investments in Group-managed funds of \u00a3674 million (2024: \u00a3876 million) and transferable insurance
policies with other Group companies of \u00a34,020 million (2024: \u00a33,932 million) in the ASPS, RAC Scheme and AISPF. Where the
investments are in segregated funds with specific asset allocations, they are included in the appropriate line in the table above,
otherwise they appear in \u2018Cash and other\u2019. There are no significant judgements involved in the valuation of the scheme assets.
Insurance policies are valued on the same basis as the pension scheme liabilities, as required by IAS 19.
(iii) Assumptions on scheme liabilities
The valuations used for accounting under IAS 19 have been based on the most recent funding actuarial valuations, updated to
take account of the standard\u2019s requirements in order to assess the liabilities of the material schemes at 31 December 2025.
The projected unit credit method
The inherent uncertainties affecting the measurement of scheme liabilities require these to be measured on an actuarial basis.
This involves discounting the best estimate of future cash flows to be paid out by the scheme using the projected unit credit
method. This is an accrued benefits valuation method which calculates the past service liability to members and makes allowance
for their projected future earnings. It is based on a number of actuarial assumptions, which vary according to the economic
conditions of the countries in which the relevant businesses are situated, and changes in these assumptions can materially affect
the measurement of the pension obligations.
Financial assumptions
The main financial assumptions used to calculate scheme liabilities under IAS 19 are:
2025
2024
UK
Ireland
Canada
UK
Ireland
Canada
Inflation rate1
2.8%
2.00%
2.75%
3.2%
2.05%
2.75%
General salary increases2
4.6%
3.5%
3.25%
5.3%
3.6%
3.25%
Pension increases3
3.0%
0.55 %/0.65 %
\u2014%
3.2%
0.55 %/0.65 %
\u2014%
Deferred pension increases3
2.1%
2.00%
\u2014%
2.8%
2.05%
\u2014%
Discount rate4, 5
5.41 %/5.67 % (non-insured
members)
4.2 %/4.45 %
(non-insured
members)
4.72%
5.48 %/5.68 % (non-
insured members)
3.45 %/3.50 %
4.57%
5.61 %/5.52 %/5.33 %/5.6 %
(insured members)
4.05%
(insured
members)
5.63 %/5.56 %/5.41 %
(insured members)
Basis of discount rate
AA-rated corporate bonds
AA-rated corporate bonds
1. For the UK schemes relevant RPI/CPI swap curves are used in the calculation of the DBO; the rate shown is the equivalent single RPI rate for ASPS. In 2025, CPI is derived as RPI
less 86-104 bps (varying from year to year) pre 2030 and RPI less 20bps post 2030 (2024: RPI less 100 bps pre 2030 and RPI less 0bps post 2030).
2. In the UK, the only remaining linkage between pension benefits and general salary increases is in respect of a small amount of Guaranteed Minimum Pension benefits, in line with
National Average Earnings
3. For the UK schemes relevant RPI/CPI swap curves are used, adjusted to reflect the appropriate caps/floors and inflation volatility with full curves used in the calculation of the DBO.
The rates shown are the single equivalent rates for the biggest groups of pensions in payment and deferment respectively in the ASPS.
4. To calculate scheme liabilities in the UK, a discount rate of 5.41 % is used for ASPS, and 5.67 % for FPPS members not included in annuity policies held by the scheme. A discount
rate of 5.61 % is used for ASPS, 5.52 % fpr RAC, 5.33 % for FPPS and 5.6 % for DLGHS members included in annuity policies held by the schemes. The different rates reflect
the\u00a0differences in the duration of the liabilities between the schemes.
5. For the Irish schemes, a discount rate of 4.2 % and for AISPF members and 4.45 % for FFPS members not included in annuity policies held by the scheme. A discount rate of 4.05 %
is used for AISPF members included in the annuity policy held by the scheme. The different rates reflect the differences in the duration of the liabilities between the two\u00a0schemes.
The discount rate and pension increase rate are the two assumptions that have the largest impact on the value of the liabilities,
with the difference between them being known as the net discount rate. For each country, the discount rate is based on current
average yields of high-quality debt instruments taking account of the maturities of the defined benefit obligations.
Mortality assumptions
Mortality assumptions are material in measuring the Group\u2019s obligations under its defined benefit schemes. The assumptions
used are summarised in the table below and have been selected to reflect the characteristics and experience of the membership
of these schemes.
The mortality tables, average life expectancy and pension duration used at 31 December 2025 for scheme members are
as\u00a0follows:
Normal
retirement
age
(NRA)
Life expectancy/(pension
duration) at NRA of a male
Life expectancy/(pension
duration) at NRA of a female
Currently
aged
NRA
20 years
younger
than
NRA
Currently
aged
NRA
20 years
younger than
NRA
UK
ASPS
SAPS tables as a proxy for Club Vita pooled experience,
including an allowance for future improvements
60
88.1
89.4
89.8
91.6
(28.1)
(29.4)
(29.8)
(31.6)
RAC
SAPS, including allowances for future improvement
65
86.9
88.5
88.9
90.6
(21.9)
(23.5)
(23.9)
(25.6)
FPPS
SAPS, including allowances for future improvement
60
87.8
89.7
90.2
91.9
(27.8)
(29.7)
(30.2)
(31.9)
DLGHS
SAPS, including allowances for future improvement
60
87.1
88.7
89.0
90.5
(27.1)
(28.7)
(29.0)
(30.5)
Ireland
AISPF
89% PNA00 with allowance for future improvements
61
88.9
90.5
91.2
92.9
(27.9)
(29.5)
(30.2)
(31.9)
FFPS
88%/91% ILT15 with allowance for future improvements
65
89.2
90.7
91.8
93.4
(24.2)
(25.7)
(26.8)
(28.4)
Canada
Canadian Pensioners\u2019 Mortality 2014 Private Table, including
allowance for future improvements
65
87.5
88.9
89.9
91.3
(22.5)
(23.9)
(24.9)
(26.3)
The assumptions above are based on commonly used mortality tables. The tables make allowance for observed variations in
such factors as age, gender, pension amount, salary and postcode-based lifestyle group, and have been adjusted to reflect
recent research into mortality experience. However, the extent of future improvements in longevity is subject to considerable
uncertainty and judgement is required in setting this assumption. For the ASPS, which is the most material scheme to the Group,
the allowance for mortality improvement is per the actuarial profession\u2019s CMI_2024 (S=7.25) Advanced with adjustments model
(2024: CMI_2023 (S=7.25) Advanced with adjustments model) with zero weight on 2020 to 2024 data within the model. Instead of
placing weight on post-pandemic data within the CMI improvements model, a separate adjustment is made to reflect the impact
that the drivers of excess mortality post-pandemic are expected to have in future years (for 2024 the same approach was taken
with respect to CMI_2023). There is a long-term improvement rate of 1.50% for both males and females (2024: 1.50% for both
males and females). The CMI_2024 tables have been adjusted to allow for greater mortality improvements in the annuitant
population relative to the general population on which CMI_2024 is based, using a parameter of 0.15% for males and 0.20% for
females, tapering to zero between ages 90 and 110 (for 2024\u00a0the same approach was taken with respect to CMI_2023). Long-term
improvement rates are set to taper to zero between ages 85 and 110 (2024: long-term improvement rates taper to zero between
ages 85 and 110).
Illustrative sensitivity analysis
Significant actuarial assumptions for the determination of the defined benefit obligation are discount rate, inflation rate and
mortality. Movements in the defined benefit obligation are mitigated by the impact on the assets from economic movements
including interest rates and price inflation, as well as the longevity sensitivity impact due to the insurance policy and longevity
swap assets held by the UK pension schemes. The sensitivity analysis below has been determined by changing the respective
assumptions while holding all other assumptions constant.
The following table illustrates how the IAS 19 surplus would have increased/(decreased) as a result of changes in interest rates,
price inflation and mortality:
2025
2024
Increase
in
interest
rates
+1%
Decrease
in
interest
rates -1%
Increase
in
inflation
rate +1%
Decrease
in
inflation
rate -1%
1 year
younger1
Increase
in interest
rates +1%
Decrease
in interest
rates -1%
Increase
in
inflation
rate +1%
Decrease
in
inflation
rate -1%
1 year
younger1
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Impact on present value of
defined benefit obligation
970
(1,178)
(882)
726
(243)
1,001
(1,215)
(901)
751
(256)
Impact on fair value of scheme
assets
(1,002)
1,224
882
(769)
248
(1,075)
1,312
956
(800)
261
Impact on IAS 19 surplus
(32)
46
\u2014
(43)
5
(74)
97
55
(49)
5
1. The effect of assuming all members in the schemes were one year younger
It is unlikely that the changes in assumptions would occur in isolation of one another as some of the assumptions may
be\u00a0correlated. It should also be noted that these sensitivities are non-linear, and larger or smaller impacts should not be
interpolated or extrapolated from these results.
Maturity profile of the defined benefit obligation
The discounted scheme liabilities have an average duration of 12 years (2024: 12 years) in ASPS, 12 years (2024: 13 years) in FPPS,
12 years (2024: 12 years) in the RAC scheme, 14 years in DLGHS, 13 years (2024: 14 years) in AISPF, 20 years (2024: 22\u00a0years) in
FFPS and 9 years (2024: 9 years) in the Canadian scheme.
The expected undiscounted benefits payable from the main UK defined benefit scheme, ASPS, is shown in the chart\u00a0below:
Undiscounted benefit payments (\u00a3m)
(iv) Risk management and asset allocation strategy
The investment objectives of the trustees and the employers are to limit the risk of the assets failing to meet the liabilities of the
schemes over the long-term, and to maximise returns consistent with an acceptable level of risk so as to control the long-term
costs of these schemes. To meet these objectives, the schemes\u2019 assets are invested in a portfolio, consisting primarily of debt
securities as detailed in section (b)(ii). The investment strategy continues to evolve over time and is expected to match the
liability profile closely with swap overlays to improve interest rate and inflation matching. The schemes are generally matched to
interest rate and inflation risk relative to the funding bases.
The High Court ruling in June 2023, along with the subsequent appeal in July 2024, ruled that certain past amendments made to
the rules of defined benefit schemes that contracted out of the state second pension are invalid without an actuarial confirmation
under the Pension Schemes Act 1993. The Group commenced work during 2024 to determine the impact of the court rulings on
its main UK defined benefit pension schemes (and any predecessor schemes) and has identified the relevant amendments
between 6 April 1997 and 5 April 2016. For some of the more material amendments impacting the Group's main schemes, initial
analysis suggests appropriate actuarial engagement took place. It is not possible to quantify the impact of the ruling, if any, at this
stage; however, further work will be performed following the outcome of the Verity Trustees Ltd v Wood hearing, which is
expected to provide further legal clarity on the level of actuarial engagement necessary to evidence validation of amendments
during the contracted out period.
In September 2025 the Government introduced amendments to the Pensions Scheme Bill which, following Royal Assent, will give
pension schemes affected by the High Court ruling the ability to retrospectively validate amendments by obtaining written
actuarial confirmation that historical benefit changes met the necessary standards. The Group continues to monitor the
development of the legislation and the legal proceedings of related cases. The calculation of the defined benefit obligation for UK
schemes presented in section (a) is based on the pension benefits currently being administered and remains appropriate based
on the review performed during 2024.
Main UK scheme
The Company works closely with the trustee, who is required to consult with the Company on the investment strategy.
Interest rate and inflation rate risks are managed using a combination of liability-matching assets and swaps. Exposure to equity
and property risk has been reducing over time and credit risk is managed within risk appetite. Currency risk is relatively small and
is largely hedged. The other principal risk is longevity risk. This risk has reduced due to the ASPS entering into a longevity swap in
2014 covering approximately \u00a32.9\u00a0billion of pensioner in payment scheme liabilities.
Since October 2019 the ASPS has completed multiple bulk annuity buy-in transactions with Aviva Life & Pensions UK Limited,
a\u00a0Group Company. These transactions have covered approximately \u00a33.0 billion of liabilities related to deferred pensioners and
current pensioners, removing the investment and longevity risk for these members from the scheme.
Other schemes
The other schemes are considerably less material but their risks are managed in a similar way to those in the main UK scheme.
The RAC pension scheme has completed a bulk annuity buy-in covering the liabilities of all scheme members with Aviva Life &
Pensions UK Limited, a Group Company. During 2025 the AISPF completed a bulk annuity buy-in with Aviva Life and Pensions
Ireland Designated Activity Company, a Group Company, covering approximately \u00a30.1 billion of pensioner in payment scheme
liabilities.
In October 2022 the DLGHS completed a bulk annuity buy-in covering the liabilities of all scheme members. The winding-up of
the scheme was triggered with effect from 30 December 2024, with work on the winding-up in progress in advance of assigning
benefits to scheme members.
(v) Funding
Formal actuarial valuations normally take place every three years and where there is a technical provisions deficit, the Group and
the trustees would agree a deficit recovery plan. The assumptions adopted for triennial actuarial valuations are determined by
the trustees and agreed with the Group and are normally more prudent than the assumptions adopted for IAS 19 purposes, which
are best estimate.
For the ASPS, the latest formal actuarial valuation was completed with an effective date of 31 March 2024 and showed that
the\u00a0ASPS was fully funded on its technical provisions basis consistent with the requirements of the UK pension regulations.
Contributions of around \u00a350 million are expected to be paid during 2026. This includes cash settlements from the
FPPS and DLGHS non-transferable annuity policies, as well as deficit reduction contributions to the Canadian scheme, and
contributions relating to scheme expenses.
(c) Defined contribution (money purchase) section of the ASPS
The trustees have responsibility for selecting a range of suitable funds in which the members can choose to invest and for
monitoring the performance of the available investment funds. Members are responsible for reviewing the level of contributions
they pay and the choice of investment fund to ensure these are appropriate to their risk appetite and their retirement plans.
Members of this section contribute at least 2% of their pensionable salaries, and depending on the percentage chosen up to 8%,
the Group contributes up to 14%, together with the cost of the death-in-service benefits. In addition, for every 1% additional
employee contribution over 8% of pensionable salaries, the Group contributes an additional 0.1% employer contribution.
The\u00a0amount recognised as an expense for defined contribution schemes is shown in section (d) below.
(d) Charge to staff costs in the income statement
The total pension charge to staff costs for all of the Group\u2019s defined benefit and defined contribution schemes were:
Note
2025
2024
\u00a3m
\u00a3m
UK defined benefit schemes
33
28
Overseas defined benefit schemes
1
1
Total defined benefit schemes
10(b)
34
29
UK defined contribution schemes
255
199
Overseas defined contribution schemes
27
26
Total defined contribution schemes
10(b)
282
225
Total charge for pension schemes
316
254
There were no significant contributions payable or prepaid in the consolidated statement of financial position as at either
31 December 2025 or 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-700": { "value": "
10 - EMPLOYEE INFORMATION
This note shows where our staff are employed, excluding staff employed by our joint ventures and associates, and analyses the
total staff costs.
(a) Employee numbers
The number of persons employed by the Group, including directors under a service contract, was:
At 31 December
Average for the year2
2025
2024
2025
2024
Number
Number
Number
Number
UK & Ireland General Insurance1
19,041
10,000
14,589
9,443
Canada General Insurance
5,299
5,132
5,302
5,003
Insurance, Wealth & Retirement (IWR)
11,781
10,944
11,463
10,388
Aviva Investors
957
973
957
959
International investments (India)
1,502
1,300
1,401
1,398
Other operations
779
742
753
682
Total employee numbers
39,359
29,091
34,465
27,873
1. Employee numbers increase driven by acquisition of Direct Line. Average employee numbers include Direct Line from 1 July 2025 to 31 December 2025.
2. Average employee numbers have been calculated using a monthly average that takes into account recruitment, leavers, transfers, acquisitions and disposals of businesses during
the year
(b) Employee costs
2025
2024
Note
\u00a3m
\u00a3m
Wages and salaries
1,749
1,381
Social security costs
221
142
Post-retirement obligations
Defined benefit schemes
44(d)
34
29
Defined contribution schemes
44(d)
282
225
Profit sharing and incentive plans
286
190
Equity compensation plans
32(d)
74
61
Termination benefits
29
17
Total staff costs
2,675
2,045
Staff costs are charged within:
2025
2024
Note
\u00a3m
\u00a3m
Acquisition costs
7
570
497
Claims handling expenses
7
434
219
Central costs
7
76
59
Staff costs
7
1,595
1,270
Total staff costs
2,675
2,045
11 - DIRECTORS
Information concerning individual directors\u2019 emoluments, interests and transactions is given in the Directors\u2019 Remuneration
report in the \u2018Corporate governance\u2019 section of this report. For the purposes of the disclosure required by S chedule 5 to the
Companies Act 2006, the total aggregate emoluments of the directors in respect of 2025 was \u00a39 million ( 2024: \u00a38 million).
Employer contributions to pensions for executive directors for qualifying periods were \u00a3nil in both 2025 and 2024 . The aggregate
net value of share awards granted to the directors in t he year was \u00a3nil in both 2025 and 2024. No share options were exercised
by directors during the year in either 2025 and 2024 .
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-704": { "value": "
12 - AUDITORS\u2019 REMUNERATION
This note shows the total remuneration payable by the Group, excluding VAT and any overseas equivalent thereof, to our auditors.
2025
2024
\u00a3m
\u00a3m
Fees payable to the auditor and its associates for the statutory audit of the Aviva Group and Company financial
statements
3
3
Fees payable to the auditor and its associates for other services
Audit of Group subsidiaries
25
17
Additional fees related to the prior year audit of Group subsidiaries
\u2014
\u2014
Total audit fees
28
20
Audit related assurance
6
5
Total audit and audit-related assurance fees
34
25
Other assurance services
2
2
Total audit and assurance fees
36
27
Fees payable to the auditor and its associates for services to Group companies
36
27
Fees payable for the audit of the Group\u2019s subsidiaries include fees for the statutory audit of the subsidiaries, both inside and
outside the UK, and for the work performed by the principal auditors in respect of the subsidiaries for the purpose of the
consolidated financial statements of the Group .
Audit related assurance comprises services in relation to statutory and regulatory filings. These include fees for the audit of the
Group\u2019s Solvency II UK regulatory returns, services for the audit of other regulatory returns of the Group\u2019s subsidiaries and
review of interim financial information under the Listing Rules of the UK Listing Authority. Total audit fees (including additional
fees related to the audit of Group subsidiaries) and audit-related assurance fees were \u00a334 million (2024:\u00a0\u00a325 million). The
majority of the increase is due to the inclusion of Direct Line in the FY25 audit.
Other assurance services in 2025 of \u00a32 million (2024: \u00a32 million) mainly include assurance fees over a selection of
non-financial reporting metrics.
In addition to these fees, audit fees payable in respect of investment funds and similar vehicles consolidated into the Group
financial statements were \u00a33 million (2024: \u00a31 million). These fees are borne directly by the unitholders of the funds and
investment vehicles.
Details of the Group\u2019s process for safeguarding and supporting the independence and objectivity of the external auditors are
given in the Audit Committee report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-705": { "value": "
13 - TAX
This note analyses the tax charge for the year and explains the factors that affect it.
(a) Tax charged to the income statement
(i) The total tax charged comprises:
2025
2024
\u00a3m
\u00a3m
For the period
295
201
Adjustments in respect of prior years
(9)
(19)
Current tax
286
182
Origination and reversal of temporary differences
503
380
Deferred tax
503
380
Total tax charged to income statement
789
562
(ii) Policyholder tax
The Group, as a proxy for policyholders in the UK and Ireland, is required to record taxes on investment income and
gains\u00a0each\u00a0year. Accordingly, the tax benefit or expense attributable to UK and Ireland life insurance policyholder returns is
included in the tax charge. The tax charge attributable to policyholder returns included in the charge above is \u00a3403 million \u00a0
( 2024:\u00a0charge of\u00a0\u00a3270 million).
(iii) Global minimum tax
The Group is subject to the reform of the international tax system proposed by The Organisation for Economic Co-operation and
Development (OECD) which introduces a global minimum effective rate of corporation tax of 15% and took effect in 2024. No
current tax charge is included in respect of these provisions.
(iv) The tax charged to the income statement, comprising current and deferred tax, can be analysed as follows:
2025
2024
\u00a3m
\u00a3m
UK tax
716
491
Overseas tax
73
71
Total tax charged to income statement
789
562
(v) Unrecognised tax losses and temporary differences
Unrecognised tax losses and temporary differences of previous years were used to reduce the current tax expense and deferred
tax charge by \u00a3nil and \u00a3nil (2024: \u00a3nil and \u00a3nil) respectively.
(vi) Deferred tax charged to the income statement
Deferred tax charged to the income statement represents movements on the following items:
2025
2024
\u00a3m
\u00a3m
Insurance and investment contract liabilities
65
185
Deferred acquisition costs
3
9
Unrealised gains on investments
130
79
Pensions and other post-retirement obligations
(9)
8
Unused losses and tax credits
220
(18)
Intangibles and additional value of in-force long-term business
(37)
(20)
Provisions and other temporary differences
131
137
Total deferred tax charged to income statement
503
380
(b) Tax charged/(credited) to other comprehensive income
(i) The total tax charged/(credited) comprises:
2025
2024
\u00a3m
\u00a3m
In respect of pensions and other post-retirement obligations
\u2014
(4)
In respect of foreign exchange movements
(10)
10
Current tax
(10)
6
In respect of pensions and other post-retirement obligations
28
(137)
Deferred tax
28
(137)
Total tax charged/(credited) to comprehensive income
18
(131)
(ii) Policyholder tax
There is no tax charge/(credit) attributable to policyholders\u2019 return included above in either 2025 or 2024.
(c) Tax credited/(charged) to equity
Tax tax credited directly to equity in the year was \u00a321 million (2024: \u00a3nil)
(d) Tax reconciliation
The tax on the Group\u2019s profit before tax differs from the theoretical amount that would arise using the tax rate of the home
country of the Group as follows:
2025
2024
Shareholder
Policyholder
Total
Shareholder
Policyholder
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Total profit before tax
1,440
403
1,843
997
270
1,267
Tax calculated at standard UK corporation tax rate of
25.00% (2024: 25.00%)
360
101
461
249
68
317
Reconciling items
Different basis of tax \u2013 policyholders
\u2014
305
305
\u2014
203
203
Adjustment to tax charge in respect of prior periods
22
\u2014
22
108
\u2014
108
Non-assessable income and items not taxed at the full
statutory rate
(25)
\u2014
(25)
(17)
\u2014
(17)
Non-taxable profit on sale of subsidiaries and
associates
\u2014
\u2014
\u2014
(57)
\u2014
(57)
Disallowable expenses
49
\u2014
49
17
\u2014
17
Different local basis of tax on overseas profits
5
(3)
2
3
(1)
2
Movement in valuation of deferred tax
(4)
\u2014
(4)
7
\u2014
7
Tax effect of profit from joint ventures and associates
(22)
\u2014
(22)
(22)
\u2014
(22)
Other
1
\u2014
1
4
\u2014
4
Total tax charged to income statement
386
403
789
292
270
562
The tax charge/(credit) attributable to policyholder returns is removed from the Group\u2019s total profit before tax in arriving at the
Group\u2019s profit before tax attributable to shareholders\u2019 profits. As the net of tax profits attributable to with-profits and unit-linked
policyholders is zero, the Group\u2019s pre-tax profit attributable to policyholders is an amount equal and opposite to the tax charge/
(credit) attributable to policyholders included in the total tax charge.
In the Budget of 26 November 2025, the UK Government announced that the basic rate of tax on savings income will increase to
22% from 6 April 2027. Subsequently they announced a corresponding change to align the policyholder tax rate from 1 April 2027.
As at 31 December 2025 these measures had not been substantively enacted and therefore no impact is reflected in the
calculation of the Group's deferred tax assets and liabilities as at 31 December 2025. This measure is expected to increase the
Group's deferred tax liabilities by \u00a356\u00a0million.
In accordance with the amendments to IAS 12, endorsed in the UK on 19 July 2023, the Group has applied the exemption and not
provided for deferred tax in respect of the global minimum tax reforms.
(e) Tax paid reconciliation
The tax on the Group\u2019s profit before tax differs from the tax paid per the consolidated statement of cash flows as follows:
2025
2024
\u00a3m
\u00a3m
Total tax charged to income statement
789
562
Deferred tax
(503)
(380)
Adjustments in respect of prior years
9
19
Current tax recorded in other comprehensive income
(10)
6
Current tax recorded in equity
(68)
\u2014
Accounts adjustments
(572)
(355)
Amounts paid for (in earlier)/later accounting periods
(57)
36
Amounts received relating to prior accounting periods
(22)
\u2014
Payment timing differences
(79)
36
Total tax paid
138
243
Total tax paid has arisen in our main jurisdictions of the UK, Canada and Ireland of \u00a373 million, \u00a362 million and \u00a32\u00a0million,
respectively ( 2024: \u00a3165 million, \u00a365 million and \u00a312 million). Other jurisdictions accounted for \u00a31 million (2024:\u00a0\u00a31\u00a0million).
Deferred tax represents the tax on profits or losses, which are required by legislation to be taxed in a different period to which
they impact the Group\u2019s financial statements. Adjustments in respect of prior years arise where the final tax liability payable to
tax authorities is different from the tax charge for the period reported in the Annual Report and Accounts.
42 \u2013 TAX ASSETS AND LIABILITIES
This note analyses the tax assets and liabilities that appear in the statement of financial position and explains the movements
in\u00a0these balances in the year.
(a) Current tax
Current tax assets recoverable and liabilities payable in more than one year are \u00a3 nil and \u00a38 million (2024:\u00a0\u00a385 million\u00a0and \u00a3nil),
respectively.
The Group is party to the CFC & Dividend Group Litigation Order, which challenged the tax treatment of dividends received from
non-UK entities before 2009. The Group is attempting to recover claims from HMRC covered by this judgement. A recoverable
balance of \u00a354\u00a0million ( 2024 : \u00a385 million) is included within current tax assets. In addition, the Group estimates potential interest
recoverable of \u00a323 million, which has not previously been recognised in investment return in the income statement and is not
currently reflected in the statement of financial position.
(b) Deferred tax
(i) The balances at 31 December comprise:
2025
2024
\u00a3m
\u00a3m
Deferred tax assets
59
614
Deferred tax liabilities
(481)
(345)
Net deferred tax (liability)/asset
(422)
269
Deferred tax attributable to policyholder returns included above at 31 December 2025 was a liability of \u00a3379 million (2024:\u00a0liability
of \u00a389 million).
Where shareholder deferred tax assets are not supported by deferred tax liabilities, they are recognised to the extent that it is
probable that future taxable profits will be available against which the tax losses can be utilised. In assessing future profitability,
the directors have relied on board approved business plans and profit forecasts for up to five years and the Group's history of
taxable profits in the relevant jurisdictions.
(ii) The net deferred tax (liability)/asset arises on the following items:
2025
2024
\u00a3m
\u00a3m
Insurance and investment contract liabilities
245
287
Deferred acquisition costs
(18)
61
Unrealised gains on investments
(457)
(309)
Pensions and other post-retirement obligations
(43)
(17)
Unused losses and tax credits
155
288
Intangibles and additional value of in-force long-term business
(456)
(249)
Provisions and other temporary differences
152
208
Net deferred tax (liability)/asset
(422)
269
(iii) The movement in the net deferred tax(liability)/asset was as follows:
Note
2025
2024
\u00a3m
\u00a3m
Net asset at 1 January
269
505
Effect of acquisitions in the period
2
(119)
7
Amounts charged to income statement
13(a)
(503)
(380)
Amounts (charged)/credited to other comprehensive income
13(b)
(28)
137
Amounts charged to equity
(47)
\u2014
Foreign exchange rate movements
6
\u2014
Net (liability)/asset at 31 December
(422)
269
The Group has unrecognised gross tax losses (excluding capital losses) and other temporary differences of \u00a3623 million
( 2024: \u00a3799 million) to carry forward against future taxable income of the necessary category in the companies concerned.
Of\u00a0these, trading losses of \u00a326 million ( 2024: \u00a344 million) will expire within the next eight years. The remaining losses have no
expiry date.
In addition, the Group has unrecognised gross capital losses of \u00a3566 million (2024: \u00a3566 million). These have no expiry date.
At 31 December 2025, a potential deferred tax liability of \u00a343 million (2024: \u00a332 million) is not recognised on temporary
differences relating to reserves of overseas subsidiaries which are not expected to be distributed.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-706": { "value": "
(vi) Deferred tax charged to the income statement
Deferred tax charged to the income statement represents movements on the following items:
2025
2024
\u00a3m
\u00a3m
Insurance and investment contract liabilities
65
185
Deferred acquisition costs
3
9
Unrealised gains on investments
130
79
Pensions and other post-retirement obligations
(9)
8
Unused losses and tax credits
220
(18)
Intangibles and additional value of in-force long-term business
(37)
(20)
Provisions and other temporary differences
131
137
Total deferred tax charged to income statement
503
380
(b) Tax charged/(credited) to other comprehensive income
(i) The total tax charged/(credited) comprises:
2025
2024
\u00a3m
\u00a3m
In respect of pensions and other post-retirement obligations
\u2014
(4)
In respect of foreign exchange movements
(10)
10
Current tax
(10)
6
In respect of pensions and other post-retirement obligations
28
(137)
Deferred tax
28
(137)
Total tax charged/(credited) to comprehensive income
18
(131)
42 \u2013 TAX ASSETS AND LIABILITIES
This note analyses the tax assets and liabilities that appear in the statement of financial position and explains the movements
in\u00a0these balances in the year.
(a) Current tax
Current tax assets recoverable and liabilities payable in more than one year are \u00a3 nil and \u00a38 million (2024:\u00a0\u00a385 million\u00a0and \u00a3nil),
respectively.
The Group is party to the CFC & Dividend Group Litigation Order, which challenged the tax treatment of dividends received from
non-UK entities before 2009. The Group is attempting to recover claims from HMRC covered by this judgement. A recoverable
balance of \u00a354\u00a0million ( 2024 : \u00a385 million) is included within current tax assets. In addition, the Group estimates potential interest
recoverable of \u00a323 million, which has not previously been recognised in investment return in the income statement and is not
currently reflected in the statement of financial position.
(b) Deferred tax
(i) The balances at 31 December comprise:
2025
2024
\u00a3m
\u00a3m
Deferred tax assets
59
614
Deferred tax liabilities
(481)
(345)
Net deferred tax (liability)/asset
(422)
269
Deferred tax attributable to policyholder returns included above at 31 December 2025 was a liability of \u00a3379 million (2024:\u00a0liability
of \u00a389 million).
Where shareholder deferred tax assets are not supported by deferred tax liabilities, they are recognised to the extent that it is
probable that future taxable profits will be available against which the tax losses can be utilised. In assessing future profitability,
the directors have relied on board approved business plans and profit forecasts for up to five years and the Group's history of
taxable profits in the relevant jurisdictions.
(ii) The net deferred tax (liability)/asset arises on the following items:
2025
2024
\u00a3m
\u00a3m
Insurance and investment contract liabilities
245
287
Deferred acquisition costs
(18)
61
Unrealised gains on investments
(457)
(309)
Pensions and other post-retirement obligations
(43)
(17)
Unused losses and tax credits
155
288
Intangibles and additional value of in-force long-term business
(456)
(249)
Provisions and other temporary differences
152
208
Net deferred tax (liability)/asset
(422)
269
(iii) The movement in the net deferred tax(liability)/asset was as follows:
Note
2025
2024
\u00a3m
\u00a3m
Net asset at 1 January
269
505
Effect of acquisitions in the period
2
(119)
7
Amounts charged to income statement
13(a)
(503)
(380)
Amounts (charged)/credited to other comprehensive income
13(b)
(28)
137
Amounts charged to equity
(47)
\u2014
Foreign exchange rate movements
6
\u2014
Net (liability)/asset at 31 December
(422)
269
The Group has unrecognised gross tax losses (excluding capital losses) and other temporary differences of \u00a3623 million
( 2024: \u00a3799 million) to carry forward against future taxable income of the necessary category in the companies concerned.
Of\u00a0these, trading losses of \u00a326 million ( 2024: \u00a344 million) will expire within the next eight years. The remaining losses have no
expiry date.
In addition, the Group has unrecognised gross capital losses of \u00a3566 million (2024: \u00a3566 million). These have no expiry date.
At 31 December 2025, a potential deferred tax liability of \u00a343 million (2024: \u00a332 million) is not recognised on temporary
differences relating to reserves of overseas subsidiaries which are not expected to be distributed.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-707": { "value": "
14 - EARNINGS PER SHARE
This note shows how to calculate earnings per share on profit attributable to ordinary shareholders of Aviva plc, based both on
the present shares in issue (the basic earnings per share) and the potential future shares in issue, including conversion of share
options granted to employees (the diluted earnings per share). We have also shown the same calculations based on our Group
adjusted operating profit (the operating earnings) as we believe this gives an important indication of operating performance.
Consideration of both these measures gives a full picture of the performance of the business during the year.
(a) Basic and operating earnings per share
(i) Basic earnings per share
Basic earnings per share is profit attributable to shareholders\u2019 profits adjusted for tax and amounts not attributable to ordinary
shareholders and divided by the weighted average ordinary shares. The calculation is show below:
2025
2024
Note
\u00a3m
\u00a3m
Profit before tax attributable to shareholders\u2019 profits
1,440
997
Tax attributable to shareholders\u2019 profits
(386)
(292)
Profit for the year
1,054
705
Amount attributable to non-controlling interests1
(21)
(21)
Coupon payments in respect of tier 1 notes
(54)
(34)
Preference dividends
(9)
(17)
Special dividends paid on cancellation of preference shares2
(203)
\u2014
Profit attributable to ordinary shareholders of Aviva plc
767
633
Weighted average number of shares
14(a)(iii)
2,855
2,685
Basic earnings per share
26.9p
23.6p
1. Amount attributable to non-controlling interests excludes the special dividend paid on the cancellation of preferences shares of GA plc of \u00a3109\u00a0million
2. Special dividends paid on the cancellation of preference shares of Aviva plc of \u00a394\u00a0million and GA plc of \u00a3109\u00a0million were recorded directly in equity
(ii) Operating earnings per share
Operating earnings per share is Group adjusted operating profit adjusted for tax and amounts not attributable to ordinary
shareholders of Aviva plc divided by the weighted average number of shares. Operating earnings per share does not include
special dividends paid on the cancellation of preference shares of Aviva plc of \u00a394 million and GA plc of \u00a3109 million which were
recorded directly in equity.
2025
2024
Note
\u00a3m
\u00a3m
Group adjusted operating profit
3(i)
2,203
1,767
Tax on operating profit
(519)
(407)
Amount attributable to non-controlling interests
(21)
(21)
Preference dividends and coupon payments in respect of tier 1 notes
(63)
(51)
Operating profit attributable to ordinary shareholders of Aviva plc
1,600
1,288
Weighted average number of shares
14(a)(iii)
2,855
2,685
Operating earnings per share
56.0p
48.0p
(iii) Weighted average number of shares
The calculation of basic earnings per share uses a weighted average of 2,855 million (2024: 2,685 million) ordinary shares in
issue, after deducting treasury shares. The weighted average number of shares in the year includes the impact of the issue of 378
million Aviva plc shares to Direct Line shareholders on 1 July 2025, as part of the consideration for Direct Line.The actual number
of shares in issue at 31 December 2025 was 3,058 million (2024 :\u00a02,678 million) or 3,048 million (2024: 2,660 million ) excluding 10
million (2024: 18 million) treasury shares. See note 31 for further information on the movements in share capital during the year.
(b) Diluted earnings per share
Diluted earnings per share on Profit attributable to ordinary shareholders of Aviva plc and Operating profit attributable to ordinary
shareholders of Aviva plc is calculated as follows:
2025
2024
Weighted
average
number of
Per share
Weighted
average
number of
Per share
\u00a3m
shares
pence
\u00a3m
shares
pence
Profit attributable to ordinary shareholders of Aviva plc
767
2,855
26.9
633
2,685
23.6
Dilutive effect of share awards and options
38
(0.4)
31
(0.3)
Diluted earnings per share
767
2,893
26.5
633
2,716
23.3
Operating profit attributable to ordinary shareholders of Aviva plc
1,600
2,855
56.0
1,288
2,685
48.0
Dilutive effect of share awards and options
38
(0.7)
31
(0.6)
Diluted operating earnings per share
1,600
2,893
55.3
1,288
2,716
47.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-708": { "value": "
15 - DIVIDENDS AND APPROPRIATIONS
This note analyses the total dividends and other appropriations paid during the year, as set out in the table below. Details are also
provided of the proposed final dividend for 2025, which is not accrued in these financial statements and is therefore excluded
from the table.
2025
2024
\u00a3m
\u00a3m
\u00a0 \u00a0 Interim 2025 \u2013 0.131 pence per share, paid on 16 October 2025
399
\u2014
\u00a0 \u00a0 Final 2024 \u2013 23.8 pence per share, paid on 22 May 2025
635
\u2014
\u00a0 \u00a0 Interim 2024 \u2013 11.9 pence per share, paid on 17 October 2024
\u2014
318
\u00a0 \u00a0 Final 2023 \u2013 22.3 pence per share, paid on 23 May 2024
\u2014
603
Ordinary dividends declared and charged to equity in the year
1,034
921
Preference dividends declared and charged to equity in the year
9
17
Coupon payments on tier 1 notes charged to equity in the year
54
34
1,097
972
Special dividends declared and charged to equity on cancellation of Aviva plc preference shares1
94
\u2014
Total dividends and appropriations
1,191
972
1. For details of the special dividends paid on cancellation of GA plc preference shares, see note 38. These special dividends are not included in the above table as the GA plc
preference share capital was included within non-controlling interest and did not form part of the share capital of the Group.
Subsequent to 31 December 2025, the directors proposed a final dividend for 2025 of \u00a30.262 per ordinary share, amounting to
\u00a3801 million\u00a0in total.The cash value of the dividend is calculated using 3,057,737,159 shares as at 2\u00a0March 2026 representing
issued shares eligible for dividend payment. Subject to approval by shareholders at the AGM, the dividend will be paid on 14 May
2026 and will be accounted for as an appropriation of retained earnings in the year ending 31 December 2026 . See shareholder
services in the 'Other Information' section for further details.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-709": { "value": "0.262", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2026-03-02T00:00:00/2026-03-03T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "f-710": { "value": "801000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2026-03-02T00:00:00/2026-03-03T00:00:00", "unit": "iso4217:GBP" } }, "f-711": { "value": "
16 - GOODWILL
This note analyses the changes to the carrying amount of goodwill during the year and details the results of our impairment
testing on both goodwill and intangible assets with indefinite lives.
(a) Carrying amount
2025
2024
Gross
amount
Accumulated
impairment
Carrying
amount
Gross
amount
Accumulated
impairment
Carrying
amount
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January
2,662
(78)
2,584
2,182
(82)
2,100
Acquisitions and additions
1,839
\u2014
1,839
493
\u2014
493
Foreign exchange rate movements
4
(2)
2
(13)
4
(9)
At 31 December
4,505
(80)
4,425
2,662
(78)
2,584
Goodwill from acquisitions and additions in 2025 arose on the acq uisition of Direct Line (see note 2) and the acquisition of
Automobiles Iner-Lux Inc. in Canada. The goodwill of Direct Line is allocated to the cash generating unit of United Kingdom -
general insurance for impairment testing purposes. Goodwill from acquisitions and additions in 2024 related to the acquisitions of
AIG's UK Protection business, Probitas, Optiom and a number of acquisitions within Succession Wealth.
Impairment tests on goodwill were conducted as described in section (b).
(b) Goodwill allocation and impairment testing
A summary of the goodwill and intangibles with indefinite useful lives allocated to groups of cash generating units (CGUs) is
presented below.
2025
2024
Carrying
amount of
goodwill
Carrying
amount of
intangibles
with indefinite
useful lives
Total
Carrying
amount of
goodwill
Carrying
amount of
intangibles with
indefinite
useful lives
Total
note 17
note 17
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
United Kingdom \u2013 general insurance
2,834
145
2,979
998
145
1,143
United Kingdom - Insurance, Wealth and Retirement1
1,399
\u2014
1,399
\u2014
\u2014
\u2014
United Kingdom \u2013 long-term business1
\u2014
\u2014
\u2014
993
\u2014
993
United Kingdom \u2013 fund management business1
\u2014
\u2014
\u2014
406
\u2014
406
Ireland \u2013 general insurance
96
\u2014
96
92
\u2014
92
Canada
96
\u2014
96
95
\u2014
95
Total
4,425
145
4,570
2,584
145
2,729
1. During 2025 the United Kingdom \u2013 long-term business and United Kingdom \u2013 fund management business CGUs were combined to appropriately reflect the synergies arising
between these businesses
Goodwill in all business units is tested for impairment by comparing the carrying value of the cash generating unit to which
the\u00a0goodwill relates, to the recoverable value of that CGU. The recoverable amount is the value in use of the CGU unless
otherwise stated.
(i) General insurance, health and other businesses
Value in use is calculated as the discounted value of expected future profits of each business. The calculation uses cash flow
projections based on business plans approved by management covering a ten-year period for United Kingdom - general
insurance and a three-year period for other businesses. These plans reflect management\u2019s best estimate of future profits based
on both historical experience and expected growth rates for the relevant cash generating unit. The underlying assumptions of
these projections include market share, customer numbers, premium rate and fee income changes, claims inflation and
commission rates and consider future risks associated with climate change.
Cash flows beyond the plan period are extrapolated using a steady growth rate. Growth rates and expected future profits are
set\u00a0with regards to past experience and relevant available market statistics.
Future profits are discounted using a risk adjusted discount rate which is based on the Capital Asset Pricing Model (CAPM).
The\u00a0inputs include the risk-free rate of interest appropriate to the geographic location of the cash flows related to each CGU
being tested, market risk premium and beta.
2025
2024
Key assumptions
Extrapolated
future profits
growth rate
Future pre-
tax profits
discount rate
Extrapolated
future profits
growth rate
Future pre-
tax profits
discount rate
%
%
%
%
United Kingdom general insurance
1.0
10.9
1.0
10.9
Ireland general insurance
Nil
8.2
Nil
8.1
Canada general insurance
5.0
8.5
6.0
9.3
(ii) Insurance, Wealth and Retirement
Value in use has been calculated based on a shareholder value of the business calculated in accordance with Solvency II principles,
adjusted where Solvency II does not represent a best estimate of shareholders\u2019 interests. The principal adjustments relate to the
exclusion of the benefit of transitional measures on technical provisions and the volatility adjustment under Solvency II, and removal of
restrictions on contract boundaries or business scope.
The present value of expected profits arising from future new business is included within the shareholder value and is calculated
on an adjusted Solvency II basis, using profit projections based on the most recent three-year business plans approved by
management. These plans reflect management\u2019s best estimate of future profits based on both historical experience and expected
growth rates for the relevant cash generating unit. The underlying assumptions of these projections include market share,
customer numbers, mortality, morbidity and persistency.
Expected profits from future new business are discounted using a risk adjusted discount rate. The discount rate is a combination
of a risk-free rate and a risk margin to make prudent allowance for the risk that experience in future years for new business may
differ from that assumed.
(iii) Insurance, Wealth and Retirement key assumptions
The Solvency II non-economic assumptions in relation to mortality, morbidity, persistency and expenses and other items are,
based on management\u2019s best estimate assumptions. Economic assumptions are based on market data as at the end of each
reporting period. The basic risk-free rate curves used to value the technical provisions reflect the curves, credit risk adjustment
and fundamental spread for the matching adjustment published by the Bank of England and the European Insurance and
Occupational Pensions Authority (EIOPA) on their websites. For the purposes of calculating value in use, the UK Solvency II risk
margin is used as it is considered to apply an economic view.
Results of impairment testing
Management\u2019s impairment review of the Group\u2019s cash generating units did not identify any impairments to goodwill. There were
no impairments in 2024", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-712": { "value": "
(b) Goodwill allocation and impairment testing
A summary of the goodwill and intangibles with indefinite useful lives allocated to groups of cash generating units (CGUs) is
presented below.
2025
2024
Carrying
amount of
goodwill
Carrying
amount of
intangibles
with indefinite
useful lives
Total
Carrying
amount of
goodwill
Carrying
amount of
intangibles with
indefinite
useful lives
Total
note 17
note 17
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
United Kingdom \u2013 general insurance
2,834
145
2,979
998
145
1,143
United Kingdom - Insurance, Wealth and Retirement1
1,399
\u2014
1,399
\u2014
\u2014
\u2014
United Kingdom \u2013 long-term business1
\u2014
\u2014
\u2014
993
\u2014
993
United Kingdom \u2013 fund management business1
\u2014
\u2014
\u2014
406
\u2014
406
Ireland \u2013 general insurance
96
\u2014
96
92
\u2014
92
Canada
96
\u2014
96
95
\u2014
95
Total
4,425
145
4,570
2,584
145
2,729
1. During 2025 the United Kingdom \u2013 long-term business and United Kingdom \u2013 fund management business CGUs were combined to appropriately reflect the synergies arising
between these businesses
Goodwill in all business units is tested for impairment by comparing the carrying value of the cash generating unit to which
the\u00a0goodwill relates, to the recoverable value of that CGU. The recoverable amount is the value in use of the CGU unless
otherwise stated.
(i) General insurance, health and other businesses
Value in use is calculated as the discounted value of expected future profits of each business. The calculation uses cash flow
projections based on business plans approved by management covering a ten-year period for United Kingdom - general
insurance and a three-year period for other businesses. These plans reflect management\u2019s best estimate of future profits based
on both historical experience and expected growth rates for the relevant cash generating unit. The underlying assumptions of
these projections include market share, customer numbers, premium rate and fee income changes, claims inflation and
commission rates and consider future risks associated with climate change.
Cash flows beyond the plan period are extrapolated using a steady growth rate. Growth rates and expected future profits are
set\u00a0with regards to past experience and relevant available market statistics.
Future profits are discounted using a risk adjusted discount rate which is based on the Capital Asset Pricing Model (CAPM).
The\u00a0inputs include the risk-free rate of interest appropriate to the geographic location of the cash flows related to each CGU
being tested, market risk premium and beta.
2025
2024
Key assumptions
Extrapolated
future profits
growth rate
Future pre-
tax profits
discount rate
Extrapolated
future profits
growth rate
Future pre-
tax profits
discount rate
%
%
%
%
United Kingdom general insurance
1.0
10.9
1.0
10.9
Ireland general insurance
Nil
8.2
Nil
8.1
Canada general insurance
5.0
8.5
6.0
9.3
(ii) Insurance, Wealth and Retirement
Value in use has been calculated based on a shareholder value of the business calculated in accordance with Solvency II principles,
adjusted where Solvency II does not represent a best estimate of shareholders\u2019 interests. The principal adjustments relate to the
exclusion of the benefit of transitional measures on technical provisions and the volatility adjustment under Solvency II, and removal of
restrictions on contract boundaries or business scope.
The present value of expected profits arising from future new business is included within the shareholder value and is calculated
on an adjusted Solvency II basis, using profit projections based on the most recent three-year business plans approved by
management. These plans reflect management\u2019s best estimate of future profits based on both historical experience and expected
growth rates for the relevant cash generating unit. The underlying assumptions of these projections include market share,
customer numbers, mortality, morbidity and persistency.
Expected profits from future new business are discounted using a risk adjusted discount rate. The discount rate is a combination
of a risk-free rate and a risk margin to make prudent allowance for the risk that experience in future years for new business may
differ from that assumed.
(iii) Insurance, Wealth and Retirement key assumptions
The Solvency II non-economic assumptions in relation to mortality, morbidity, persistency and expenses and other items are,
based on management\u2019s best estimate assumptions. Economic assumptions are based on market data as at the end of each
reporting period. The basic risk-free rate curves used to value the technical provisions reflect the curves, credit risk adjustment
and fundamental spread for the matching adjustment published by the Bank of England and the European Insurance and
Occupational Pensions Authority (EIOPA) on their websites. For the purposes of calculating value in use, the UK Solvency II risk
margin is used as it is considered to apply an economic view.
Results of impairment testing
Management\u2019s impairment review of the Group\u2019s cash generating units did not identify any impairments to goodwill. There were
no impairments in 2024", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-713": { "value": "
17 - ACQUIRED VALUE OF IN-FORCE BUSINESS (AVIF) AND INTANGIBLE ASSETS
This note shows the movements in cost, amortisation and impairment of the acquired value of in-force business and intangible
assets during the year.
2025
2024
AVIF on
investment
contracts
(a)
Internally
generated
intangible
assets (b)
Other
intangible
assets
with finite
useful
lives (b)
Intangible
assets
with
indefinite
useful
lives (b)
Total
AVIF on
investment
contracts
(a)
Internally
generated
intangible
assets (b)
Other
intangible
assets
with finite
useful
lives (b)
Intangible
assets
with
indefinite
useful
lives (b)
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Gross amount
At 1 January
1,430
977
941
145
3,493
1,431
870
841
1
3,143
Effect of acquisitions in
the period
\u2014
\u2014
1,069
\u2014
1,069
\u2014
\u2014
121
144
265
Additions
\u2014
98
\u2014
\u2014
98
\u2014
115
\u2014
\u2014
115
Derecognition
\u2014
(125)
(31)
\u2014
(156)
\u2014
\u2014
\u2014
\u2014
\u2014
Foreign exchange rate
movements
2
(1)
(4)
\u2014
(3)
(1)
(8)
(21)
\u2014
(30)
At 31 December
1,432
949
1,975
145
4,501
1,430
977
941
145
3,493
Accumulated amortisation
At 1 January
(997)
(649)
(628)
\u2014
(2,274)
(945)
(582)
(576)
\u2014
(2,103)
Amortisation for the
year
(55)
(40)
(120)
\u2014
(215)
(52)
(69)
(61)
\u2014
(182)
Derecognition
\u2014
125
31
\u2014
156
\u2014
\u2014
\u2014
\u2014
\u2014
Foreign exchange rate
movements
\u2014
1
6
\u2014
7
\u2014
2
9
\u2014
11
At 31 December
(1,052)
(563)
(711)
\u2014
(2,326)
(997)
(649)
(628)
\u2014
(2,274)
Accumulated Impairment
At 1 January
(25)
(63)
\u2014
\u2014
(88)
(25)
(47)
\u2014
\u2014
(72)
Impairment charges
\u2014
(7)
\u2014
\u2014
(7)
\u2014
(16)
\u2014
\u2014
(16)
Foreign exchange rate
movements
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
At 31 December
(25)
(70)
\u2014
\u2014
(95)
(25)
(63)
\u2014
\u2014
(88)
Carrying amount at 1
January
408
265
313
145
1,131
461
241
265
1
968
Carrying amount at 31
December
355
316
1,264
145
2,080
408
265
313
145
1,131
(a) Acquired value of in-force business
Of the total of \u00a3355\u00a0million, \u00a3303\u00a0million (2024:\u00a0 \u00a3356\u00a0million) is expected to be recoverable more than one year after the
statement of financial position date.
AVIF is reviewed for evidence of impairment, consistent with reviews conducted for other finite life intangible assets. If\u00a0evidence
of impairment exists, AVIF is tested at product portfolio level by reference to the value of future profits in accordance with
Solvency II principles, adjusted where Solvency II does not represent a best estimate of shareholders\u2019 interests, consistent with
the impairment test for goodwill for Insurance, Wealth and Retirement (see note 16 (b)).
(b) Other intangible assets
Additions to internally generated intangible assets in 2025 relate to capitalisation of software costs in relation to the Group\u2019s
digital initiatives. Impairments totalling \u00a37 million (2024: \u00a316 million) have been recognised in 2025 . Derecognition in 2025 relates
to software assets that were fully amortised and exhausted.
Acquisitions of other intangible assets with finite useful lives in 2025 relate to software assets, customer relationships,
distribution agreements and brands arising from the acquisition of Direct Line (see note 2). The remaining closing balance
primarily includes the value of bancassurance and other distribution agreements.
Indefinite life intangible assets consist of the syndicate underwriting capacity of Probitas, which provides the indefinite right to
participate in future underwriting profits at Lloyds.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-714": { "value": "
18 - INTERESTS IN, AND LOANS TO, JOINT\u00a0VENTURES
In several businesses, Group companies and other parties jointly control certain entities. This note analyses these interests and
describes the principal joint ventures in which we are involved.
(a) Carrying amount and details of joint ventures
(i) The movements in the carrying amount comprised:
2025
2024
Goodwill and
intangibles
Equity
interests
Total
Goodwill and
intangibles
Equity
interests
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January
\u2014
1,257
1,257
67
1,671
1,738
Share of profit after tax
\u2014
126
126
\u2014
93
93
Additions
\u2014
27
27
\u2014
17
17
Disposals
\u2014
(3)
(3)
(66)
(480)
(546)
Dividends received from joint ventures
\u2014
(124)
(124)
\u2014
(23)
(23)
Foreign exchange rate movements
\u2014
(9)
(9)
(1)
(21)
(22)
At 31 December
\u2014
1,274
1,274
\u2014
1,257
1,257
There are no material disposals in 2025.\u00a0 Disposals in 2024 of \u00a3546 million includes the sale of the Group's entire shareholding in
its joint venture in Singapore, Aviva SingLife Holdings Pte Ltd, along with an associated debt instrument, to Sumitomo Life
Insurance Company.
The Group\u2019s share of total comprehensive income related to joint venture entities is \u00a3126 million (2024: \u00a393 million).
(ii) The carrying amount at 31 December comprised:
2025
2024
Equity
interests
Equity
interests
\u00a3m
\u00a3m
Property management undertakings
846
898
Long-term business undertakings
428
359
At 31 December
1,274
1,257
The property management undertakings perform property ownership and management activities, and are incorporated and
operate in the UK. All such investments are held by subsidiary entities.
The long-term business undertakings perform life insurance activities. All investments in such undertakings are unlisted and held
by subsidiaries, except for the shares in the Chinese joint venture, Aviva-COFCO Life Insurance Company Limited, which are held
by Aviva plc. The Group\u2019s share of net assets of that company is \u00a3405 million (2024: \u00a3337 million) and the investment has a cost
of \u00a3123 million (2024: \u00a3123 million ).
(iii) Principal joint ventures
No joint ventures are considered to be material to the Group in either 2025 or 2024. The Group's principal joint ventures are
defined as those where the carrying amount is 10% or more of the total interests in, and loans to, joint ventures at the period end.\u00a0
The Group\u2019s principal joint ventures are as follows:
2025
2024
Nature of activities
Principal place
of\u00a0business
Proportion of
ownership
interest
%
Proportion of
ownership
interest
%
2-10 Mortimer Street Limited Partnership
Property management
UK
50.00%
50.00%
Aviva-COFCO Life Insurance Company Limited
Life insurance
China
50.00%
50.00%
(iv) Contingent liabilities and commitments
From time to time Group joint ventures may receive liability claims or become involved in actual or threatened related litigation.
The joint ventures have no other contingent liabilities at 31 December 2025 (2024: none) to which the Group has\u00a0significant
exposure. The Group has no commitments to provide funding to property management joint ventures (2024: none).
In certain jurisdictions the ability of joint ventures to transfer funds in the form of cash dividends or to repay loans and advances
made by the Group is subject to local corporate or insurance laws and regulations and solvency requirements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-715": { "value": "
19 - INTERESTS IN, AND LOANS TO, ASSOCIATES
This note analyses our interests in entities which we do not control but where we have significant influence. No associates are
considered to be material from a Group perspective in either 2025 or 2024 .
(a) Carrying amount and details of associates
(i) The movements in the carrying amount comprised:
2025
2024
Equity
interests
\u00a3m
Equity
interests
\u00a3m
At 1 January
38
160
Share of profit after tax
2
43
Additions
1
2
Impairment
(8)
\u2014
Disposals
(14)
(161)
Dividends received from associates
(1)
(6)
At 31 December
18
38
There are disposals of \u00a314 million i n 2025. (2024 : \u00a3161 million relate to the sale of the Group's entire shareholding in Balanced
Commercial Property Trust Ltd to Starlight Bidco Ltd).
The Group\u2019s share of total comprehensive income related to associates is \u00a32 million (2024: \u00a343 million).
(ii) Contingent liabilities
The associates have no contingent liabilities to which the Group has significant exposure. The Group has no commitments to
provide funding to property management associates (2024: none).
In certain jurisdictions the ability of associates to transfer funds in the form of cash dividends or to repay loans and advances
made by the Group is subject to local corporate or insurance laws and regulations and solvency requirements.
(b) Impairment testing
The recoverable amount of property management undertakings is the fair value less costs to sell of the associate, measured
in\u00a0accordance with the Group\u2019s accounting policy for investment property (see accounting policy R).
There are impairment charges of \u00a38 million in 2025 (2024 : \u00a3nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-716": { "value": "
20 \u2013 PROPERTY AND EQUIPMENT
This note analyses our property and equipment, the total of which primarily consists of properties occupied by Group\u00a0companies.
2025
2024
Owner occupied
properties
Owner occupied
properties
Freehold
Leasehold2
Motor
vehicles2
Computer
equipment
Other
assets
Total
Freehold
Leasehold
Motor
vehicles
Computer
equipment
Other
assets
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost or valuation
At 1 January
9
752
11
72
141
985
9
1,186
6
63
245
1,509
Additions
16
42
4
24
49
135
2
22
7
17
24
72
Effect of acquisitions
in the period1
45
49
13
2
8
117
\u2014
\u2014
\u2014
\u2014
1
1
Disposals
(1)
\u2014
\u2014
(6)
(9)
(16)
\u2014
(377)
(1)
\u2014
(110)
(488)
Transfers
(4)
3
\u2014
\u2014
1
\u2014
1
(73)
(1)
(5)
(4)
(82)
Fair value losses
\u2014
\u2014
\u2014
\u2014
(2)
(2)
(3)
\u2014
\u2014
\u2014
(6)
(9)
Foreign exchange rate
movements
\u2014
1
\u2014
1
1
3
\u2014
(6)
\u2014
(3)
(9)
(18)
At 31 December
64
847
28
93
190
1,222
9
752
11
72
141
985
Depreciation and
impairment
At 1 January
\u2014
(518)
(6)
(47)
(59)
(630)
(1)
(937)
(3)
(43)
(101)
(1,085)
Charge for the year
\u2014
(41)
(4)
(13)
(20)
(78)
\u2014
(36)
(4)
(11)
(11)
(62)
Disposals
\u2014
2
\u2014
6
9
17
\u2014
377
\u2014
\u2014
45
422
Impairment (charge)/
reversal
(4)
\u2014
\u2014
\u2014
2
(2)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Transfers
\u2014
\u2014
(2)
\u2014
1
(1)
\u2014
75
1
5
5
86
Foreign exchange rate
movements
\u2014
(1)
1
(1)
(1)
(2)
1
3
\u2014
2
3
9
At 31 December
(4)
(558)
(11)
(55)
(68)
(696)
\u2014
(518)
(6)
(47)
(59)
(630)
Carrying amount at 31
December
60
289
17
38
122
526
9
234
5
25
82
355
1. \u00a3115 million of the effect of acquisitions in the period relate to Direct Line (note 2 (a))
2. For details of leasehold owner occupied properties and motor vehicles held under lease arrangements see note 22 (b)
Owner-occupied properties, excluding \u00a3289 million (2024: \u00a3234 million) held under lease arrangements, are stated at their
revalued amounts, as assessed by qualified external valuers. The valuation assessment adopts market-based evidence and is in
line with guidance from the International Valuation Standards Committee, which considers significant ESG factors and the ESG
regulatory environment, in addition to the requirements of IAS 16 Property, Plant and Equipment. If owner-occupied properties
carried at their revalued amount were stated on a historical cost basis, the carrying amount would be \u00a364 million (2024: \u00a39
million ).
Owner-occupied properties held under lease arrangements are stated at amortised cost and are amortised on a straight-line
basis over the lease term, unless the carrying value of the leased asset exceeds the recoverable amount. Where this is the case,
the asset is impaired to its recoverable amount and the impaired carrying value is amortised on a straight-line basis over the
remainder of the lease term. For further information on the Group\u2019s lease arrangements see note 22.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-717": { "value": "
21 \u2013 INVESTMENT PROPERTY
This note gives details of the properties we hold for long-term rental yields or capital appreciation.
2025
2024
Freehold
Leasehold
Total
Freehold
Leasehold
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January
5,099
1,214
6,313
5,107
1,125
6,232
Additions
300
22
322
124
226
350
Effect of acquisitions in the period
240
54
294
\u2014
\u2014
\u2014
Capitalised expenditure on existing properties
122
55
177
100
44
144
Fair value gains/(losses)
212
(9)
203
67
(80)
(13)
Disposals
(308)
(29)
(337)
(292)
(94)
(386)
Foreign exchange rate movements
8
7
15
(7)
(7)
(14)
At 31 December
5,673
1,314
6,987
5,099
1,214
6,313
See note 23 for further information on the fair value measurement and valuation techniques of investment property.
The fair value of investment properties leased to third parties under operating leases at 31 December 2025 was \u00a36,973\u00a0million
(2024 :\u00a0\u00a36,158\u00a0million). Future contractual aggregate minimum lease rentals receivable under the non-cancellable portion of these
leases are given in note 22 .
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-718": { "value": "
22 \u2013 LEASE ASSETS AND LIABILITIES
The Group\u2019s leased assets primarily consist of properties occupied by Group companies carried at amortised cost (see note 20),
leasehold investment properties carried at fair value (see note 21) which are sublet to third parties and real estate long income
finance leases (see note 28). Leasehold investment properties are measured in accordance with IAS\u00a040 Investment Property
(see\u00a0accounting policy R).
Although the Group is exposed to changes in the residual value at the end of the current leases to third parties on investment
property, the Group typically enters into new operating leases and therefore is not expected to immediately realise any reduction
in residual value at the end of these leases. Expectations about the future residual values are reflected in the fair value of the
properties.
(a) The following amounts in respect of leased assets have been recognised in the Group\u2019s consolidated income statement
2025
2024
\u00a3m
\u00a3m
Interest expense on lease liabilities
12
10
Total lease expenses recognised in the consolidated income statement
12
10
Total cash outflows recognised in the consolidated statement of cashflows in the year in relation to leases were \u00a360 million
(2024: \u00a360 million).
(b) Right-of-use assets
The following table analyses the right-of-use assets held by Group companies.
2025
2024
\u00a3m
\u00a3m
At 1 January
234
249
Additions2
43
22
Effect of acquisitions in the period1
62
\u2014
Disposals
2
\u2014
Foreign exchange rate movements
1
(2)
Depreciation2
(45)
(37)
Modification of right-of-use assets
2
2
At 31 December
299
234
1. Effect of acquisitions in the period includes leasehold owner occupied properties of \u00a349 million and motor vehicles of \u00a313 million (note 20) of which \u00a360 million relates to the Direct
Line acquisition
2. Additions includes \u00a342 million of leasehold owner occupied properties and \u00a31 million of motor vehicles. Depreciation includes leasehold owner occupied properties of \u00a341 million
and motor vehicles of \u00a34 million (note 20).
There were no gains arising from sale and leaseback transactions during the year. Included within the consolidated income
statement is \u00a33 million (2024 : \u00a34 million) of income in respect of sublets of right-of-use assets. The was no impairment of right-
of-use assets in 2025 (2024: \u00a3nil ).
(c) Future contractual aggregate minimum lease payments
Lease liabilities included within note 46 total \u00a3450 million (2024: \u00a3346 million ). Future contractual aggregate minimum lease
payments are as follows:
2025
2024
\u00a3m
\u00a3m
Within one year
88
74
Later than one year and not later than five years
256
209
Later than five years
202
111
Total future contractual aggregate minimum lease payments
546
394
The Group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included
in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease
liability is reassessed and adjusted against the right-of-use asset.
The lease agreements do not impose any covenants other than the security interest in the leased assets that are held by the lessor.
(d) Future contractual aggregate minimum lease rentals receivable
Future contractual aggregate minimum lease rentals receivable under non-cancellable operating leases are as follows:
2025
2024
\u00a3m
\u00a3m
Within one year
222
206
Between one and two years
208
193
Between two and three years
189
177
Between three and four years
164
161
Between four and five years
144
135
Later than five years
1,348
1,143
Total future contractual aggregate minimum lease rentals receivable - operating leases
2,275
2,015
Future contractual aggregate minimum lease rentals receivable under non-cancellable finance leases are as follows:
2025
2024
\u00a3m
\u00a3m
Within one year
12
5
Between one and two years
13
9
Between two and three years
16
9
Between three and four years
24
9
Between four and five years
24
9
Later than five years
1,063
397
Total future contractual aggregate minimum lease rentals receivable - finance leases
1,152
438
Finance income on the net investment in finance leases during the year was \u00a312 million (2024: \u00a34 million).
Unearned finance income in respect of finance leases at 31 December 2025, representing the difference between the gross and
net investment in the leases, was \u00a3836 million (2024: \u00a3239 million). Unguaranteed residual value in respect of finance leases was
\u00a3nil (2024: \u00a3nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-719": { "value": "
23 \u2013 FAIR VALUE METHODOLOGY
This note explains the methodology for valuing our assets and liabilities measured at fair value and for fair value disclosures. It\u00a0also
provides an analysis of these according to a fair value hierarchy, determined by the market observability of valuation inputs.
(a) Basis for determining fair value hierarchy
All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair
value hierarchy described as follows, based on the lowest level input that is significant to the fair value measurement as a whole.
Level 1
Inputs to Level 1 fair values are quoted prices (unadjusted) in active markets for identical assets and liabilities that the entity can
access at the measurement date. Level 1 inputs implicitly reflect market view of climate risks to future cashflows.
Level 2
Inputs to Level 2 fair values are inputs other than quoted prices included within Level 1 that are observable for the asset or
liability, either directly or indirectly. If the asset or liability has a specified (contractual) term, a Level 2 input must be observable
for substantially the full term of the instrument. Level 2 inputs include the following:
\u2022 Quoted prices for similar assets and liabilities in active markets;
\u2022 Quoted prices for identical or similar assets and liabilities in markets that are not active, the prices are not current, or\u00a0price
quotations vary substantially either over time or among market makers, or in which little information is released\u00a0publicly;
\u2022 Inputs other than quoted prices that are observable for the asset or liability (for example, interest rates and yield curves
observable at commonly quoted intervals, implied volatilities and credit spreads); and
\u2022 Market corroborated inputs.
Where we use broker quotes and no information as to the observability of inputs is provided by the broker, the investments
are\u00a0classified as follows:
\u2022 Where the broker price is validated by using internal models with market observable inputs and the values are similar,
we\u00a0classify the investment as Level 2; and
\u2022 In circumstances where internal models are not used to validate broker prices, or the observability of inputs used by brokers
is\u00a0unavailable, the investment is classified as Level 3.
Level 3
Inputs to Level 3 fair values are unobservable inputs for the asset or liability. Unobservable inputs may have been used to
measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little,
if\u00a0any, market activity for the asset or liability at the measurement date. However, the fair value measurement objective remains
the same, i.e. an exit price at the measurement date from the perspective of a market participant that holds the asset or owes the
liability. Unobservable inputs reflect the assumptions the business unit considers that market participants would use in pricing the
asset or liability. Examples are investment properties and commercial and equity release mortgage loans. Climate risks are
factored into the inputs to Level 3 fair values as described in note 23(g).
The majority of the Group\u2019s assets and liabilities measured at fair value are based on quoted market information or observable
market data. Of the total assets and liabilities measured at fair value 12.8% (2024: 13.4%) of assets and 0.5% (2024: 0.6%) of
liabilities are based on estimates and recorded as Level 3. Where estimates are used, these are based on a combination of
independent third-party evidence and internally developed models, calibrated to market observable data where possible.
Third-party valuations using significant unobservable inputs validated against Level 2 internally modelled valuations are
classified as Level 3, where there is a significant difference between the third-party price and the internally modelled value.
Where the difference is insignificant, the instrument would be classified as Level 2.
(b) Changes to valuation techniques
There were no changes in the valuation techniques during the year compared to those described in the Group's 2024 Annual
Report and Accounts.
(c) Carrying amount and fair values of financial instruments
The carrying amounts of financial assets and financial liabilities are set out in the following table:
2025
2024
Mandatorily
held at
FVTPL
Designated
at FVTPL
on initial
recognition
Amortised
cost
Total
carrying
amount
Mandatorily
held at
FVTPL
Designated
at FVTPL on
initial
recognition
Amortised
cost
Total
carrying
amount
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
Loans
24(a)
27,105
\u2014
3,742
30,847
26,181
\u2014
4,372
30,553
Cash and cash equivalents
\u2014
1,161
17,128
18,289
\u2014
1,096
22,385
23,481
Fixed maturity securities1
127,508
\u2014
725
128,233
115,539
\u2014
\u2014
115,539
Equity securities
113,353
\u2014
\u2014
113,353
96,040
\u2014
\u2014
96,040
Other investments (including
derivatives)
61,820
\u2014
\u2014
61,820
52,400
\u2014
\u2014
52,400
Financial investments
27(a)
302,681
\u2014
725
303,406
263,979
\u2014
\u2014
263,979
Reinsurance assets for non-
participating investment contracts
40
5,770
\u2014
\u2014
5,770
5,280
\u2014
\u2014
5,280
Financial liabilities
Non-participating investment
contracts
40
\u2014
208,399
\u2014
208,399
\u2014
179,142
\u2014
179,142
Net asset value attributable to
unitholders
\u2014
17,630
\u2014
17,630
\u2014
17,333
\u2014
17,333
Borrowings
45(a)
\u2014
822
4,766
5,588
\u2014
887
4,725
5,612
Derivative liabilities2
53(b)
7,115
\u2014
\u2014
7,115
8,271
\u2014
\u2014
8,271
1. Fixed maturity securities of \u00a3725 million have been classified at amortised cost on initial recognition, in line with accounting policy (T)
2. Derivative financial liabilities meet the definition of held for trading
For financial liabilities designated at FVTPL where the change in the credit risk of the financial liability impacts the fair value,
the\u00a0amounts recognised in the income statement are set out below:
2025
2024
During the
year
From initial
recognition
During the
year
From initial
recognition
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial liabilities
Borrowings
(27)
(67)
(53)
(40)
Fair values for fixed maturity securities and borrowings held at amortised cost are presented in note 23(h). Fair values of the
following financial assets and financial liabilities approximate to their carrying amounts:
\u2022 Receivables;
\u2022 Cash and cash equivalents;
\u2022 Loans at amortised cost; and
\u2022 Payables and other financial liabilities.
(d) Fair value hierarchy analysis
An analysis of assets and liabilities measured at amortised cost and fair value categorised by fair value hierarchy is\u00a0given\u00a0below.
2025
2024
Fair value hierarchy
Fair
value
total
Amortised
cost
Total
carrying
amount
Fair value hierarchy
Fair value
total
Amortised
cost
Total
carrying
amount
Level 1
Level 2
Level 3
Level 1
Level 2
Level 3
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Recurring fair value measurements
Investment property
21
\u2014
\u2014
6,987
6,987
\u2014
6,987
\u2014
\u2014
6,313
6,313
\u2014
6,313
Loans
24(a)
\u2014
\u2014
27,105
27,105
3,742
30,847
\u2014
\u2014
26,181
26,181
4,372
30,553
Cash and cash
equivalents
1,161
\u2014
\u2014
1,161
17,128
18,289
1,096
\u2014
\u2014
1,096
22,385
23,481
Fixed maturity
securities
67,068
52,178
8,262
127,508
725
128,233
57,434
51,033
7,072
115,539
\u2014
115,539
Equity securities
113,061
\u2014
292
113,353
\u2014
113,353
95,703
\u2014
337
96,040
\u2014
96,040
Other investments
(including derivatives)
56,386
4,108
1,326
61,820
\u2014
61,820
47,854
3,777
769
52,400
\u2014
52,400
Financial investments
27(a)
236,515
56,286
9,880
302,681
725
303,406
200,991
54,810
8,178
263,979
\u2014
263,979
Reinsurance assets for
non-participating
investment contracts
40(a)
5,770
\u2014
\u2014
5,770
\u2014
5,770
5,280
\u2014
\u2014
5,280
\u2014
5,280
Total financial assets
243,446
56,286
43,972
343,704
21,595
365,299
207,367
54,810
40,672
302,849
26,757
329,606
Non-participating
investment contracts
40(a)
208,399
\u2014
\u2014
208,399
\u2014
208,399
179,142
\u2014
\u2014
179,142
\u2014
179,142
Net asset value
attributable to
unitholders
17,630
\u2014
\u2014
17,630
\u2014
17,630
17,333
\u2014
\u2014
17,333
\u2014
17,333
Borrowings
45(a)
\u2014
\u2014
822
822
4,766
5,588
\u2014
\u2014
887
887
4,725
5,612
Derivative liabilities
53(b)
16
6,854
245
7,115
\u2014
7,115
201
7,825
245
8,271
\u2014
8,271
Total financial liabilities
226,045
6,854
1,067
233,966
4,766
238,732
196,676
7,825
1,132
205,633
4,725
210,358
Non-recurring fair value measurements
Properties occupied
by group companies
\u2014
\u2014
60
60
\u2014
60
\u2014
\u2014
8
8
\u2014
8
Total
\u2014
\u2014
60
60
\u2014
60
\u2014
\u2014
8
8
\u2014
8
IFRS 13 Fair Value Measurement permits assets and liabilities to be measured at fair value on either a recurring or non-recurring
basis. Recurring fair value measurements are those that other IFRSs require or permit in the statement of financial position at the
end of each reporting period, whereas non-recurring fair value measurements of assets or liabilities are those that other IFRSs
require or permit in the statement of financial position in particular circumstances. The value of freehold owner-occupied
properties measured on a non-recurring basis at 31 December 2025 was \u00a360\u00a0million (2024:\u00a0\u00a38\u00a0million), stated at their revalued
amounts in line with the requirements of IAS 16 Property, Plant and Equipment.
(e) Valuation approach for fair value assets and liabilities classified as Level 2
Please see section (a) for a description of typical Level 2 inputs.
Fixed maturity securities, in line with market practice, are generally valued using an independent pricing service. These
valuations are determined using independent external quotations from multiple sources and are subject to a number of
monitoring controls, such as monthly price variances, stale price reviews and variance analysis.
Pricing services, where available, are used to obtain the third-party broker quotes. Where pricing services providers are used,
a\u00a0single valuation is obtained and applied. When prices are not available from pricing services, quotes are sourced from brokers.
Over-the-counter derivatives are valued using broker quotes or models such as option pricing models, simulation models or
a\u00a0combination of models. The inputs for these models include a range of factors which are deemed to be observable, including
current market and contractual prices for underlying instruments, period to maturity, correlations, yield curves and volatility of
the underlying instruments.
Unit Trusts and other investment funds (included under the other investments category) are valued using net asset values which
are not subject to a significant adjustment for restrictions on redemption or for limited trading activity.
(f) Transfers between levels of the fair value hierarchy
For financial instruments that are recognised at fair value on a recurring basis, the Group determines whether transfers have
occurred between levels of the fair value hierarchy by re-assessing categorisation (based on the lowest level input that is
significant to the fair value measurement as a whole) at the end of the reporting period.
Transfers between Level 1 and Level 2
There were no significant transfers between Level 1 and Level 2 (2024: no significant transfers).
Transfers to/from Level 3
\u00a3656\u00a0million (2024: \u00a395\u00a0million) of assets transferred into Level 3 and \u00a3363 \u00a0million (2024: \u00a314\u00a0million) of assets transferred out of
Level 3 relate to loans, fixed maturity securities and other investments held by our business in the UK. These are transferred
between Levels depending on the availability of observable inputs and whether the counterparty and broker quotes are
corroborated using valuation models with observable inputs.
There were no liabilities transferred into Level 3 during 2024 (2024: \u00a3nil). There were no liabilities transferred out of Level 3
during 2025 (2024: \u00a3nil).
(g) Further information on Level 3 assets and liabilities
The table below shows movement in the Level 3 assets measured at fair value.
2025
2024
Investment
Property
Loans
Fixed
maturity
securities
Equity
securities
Other
investments
(including
derivatives)
Investment
Property
Loans
Fixed
maturity
securities
Equity
securities
Other
investments
(including
derivatives)
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January
6,313
26,181
7,072
337
769
6,232
27,220
6,024
313
858
Total net gains/(losses)
recognised in the income
statement1
195
426
34
(42)
4
(53)
(828)
(309)
\u2014
(40)
Effect of acquisitions in
the period
294
336
35
26
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Purchases
508
1,965
1,449
84
488
432
3,214
1,841
27
42
Issuances
\u2014
175
\u2014
\u2014
\u2014
\u2014
172
\u2014
\u2014
\u2014
Disposals
(337)
(1,635)
(450)
(133)
(453)
(283)
(3,592)
(557)
\u2014
(81)
Settlements
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Transfers into Level 3
\u2014
\u2014
126
19
511
\u2014
\u2014
95
\u2014
\u2014
Transfers out of Level 3
\u2014
(348)
(15)
\u2014
\u2014
\u2014
\u2014
(13)
\u2014
(1)
Foreign exchange rate
movements
14
5
11
1
7
(15)
(5)
(9)
(3)
(9)
At 31 December
6,987
27,105
8,262
292
1,326
6,313
26,181
7,072
337
769
1. Total net gains/(losses) recognised in the income statement includes realised gains/(losses) on disposals
The table below shows movement in the Level 3 liabilities measured at fair value.
2025
2024
Derivative
liabilities
Borrowings
Derivative
liabilities
Borrowings
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January
(245)
(887)
(304)
(941)
Total net gains/(losses) recognised in the income statement1
14
(31)
19
(47)
Effect of acquisitions in the period
\u2014
\u2014
\u2014
\u2014
Purchases
(14)
\u2014
\u2014
\u2014
Issuances
\u2014
\u2014
\u2014
\u2014
Disposals
\u2014
\u2014
39
\u2014
Settlements
\u2014
96
1
101
Transfers into Level 3
\u2014
\u2014
\u2014
\u2014
Transfers out of Level 3
\u2014
\u2014
\u2014
\u2014
Foreign exchange rate movements
\u2014
\u2014
\u2014
\u2014
At 31 December
(245)
(822)
(245)
(887)
1. Total net gains/(losses) recognised in the income statement includes realised gains/(losses) on disposals
Total net gains recognised in the income statement in the year ended 31 December 2025 in respect of Level 3 assets measured at
fair value\u00a0amounted to \u00a3617 million (2024: net losses of \u00a31,230 million) with net losses in respect of liabilities of \u00a317 million (2024:
net losses of \u00a328 million). Net gains of \u00a3695 million (2024: net losses of \u00a31,006 million) attributable to\u00a0assets and net losses of \u00a316
million (2024:\u00a0net\u00a0losses of \u00a328 million) attributable to liabilities relate to those still held at 31 December\u00a02025.
The principal assets classified as Level 3, and the valuation techniques applied to them, are described below.
(i) Investment property
\u2022 Investment property is valued in the UK at least annually by external chartered surveyors in accordance with guidance issued
by The Royal Institution of Chartered Surveyors, and using estimates during the intervening period. Outside the UK, valuations
are produced by external qualified professional appraisers in the countries concerned. External valuers in\u00a0the UK comply with
the 'Sustainability and ESG in commercial property valuation and strategic advice' professional standard reissued by the Royal
Institution of Chartered Surveyors on 31 January 2025. In a valuation context, sustainability involves the consideration of
matters that include environment and climate change, health and wellbeing, and personal and corporate responsibility that can
or do impact the valuation of an asset. This includes the consideration of capital expenditure required to maintain the utility of
the asset due to the longer-term obsolescence and risk.
\u2022 Investment properties are valued on an income approach that is based on current rental income plus anticipated uplifts at the
next rent review, lease expiry, or break option taking into consideration lease incentives and assuming no further growth in the
estimated rental value of the property. The uplift and discount rates are derived from rates implied by recent market
transactions on similar properties. These inputs are deemed unobservable. The yield used to value the portfolio ranges from
51bps to 5021bps (2024: 17bps to 3407bps) with higher yields predominately relating to properties in the retail and leisure
sectors. Over 95% of the portfolio is valued using spreads within the range from 51bps to 802bps (2024: 17bps to 792bps).
(ii) Loans
\u2022 Commercial mortgage loans and Primary Healthcare loans held by our IWR business are valued using a Portfolio Credit Risk
Model. This model calculates a Credit Risk Adjusted Value for each loan. The risk adjusted cash flows are discounted using a
yield curve plus an allowance for illiquidity. Loans valued using the Portfolio Credit Risk Model have been classified as Level 3
as the liquidity premium is deemed to be non-market observable. At 31 December 2025 the liquidity premium used in the
discount rate was 160bps (2024: 185bps). The growth rates assumed for properties against which the loans are secured include
deductions for the potential impact of climate risks on future commercial property values and deductions for capital
expenditure.
\u2022 Equity release mortgage loans held by our IWR business are valued using an internal model, with fair value initially being equal
to the transaction price. The value of these loans is dependent on the expected term of the mortgage and the forecast property
value at the end of the term, and is calculated by adjusting future cash flows for credit risk and discounting using a yield curve
plus an allowance for illiquidity. At 31 December 2025 the illiquidity premium used in the discount rate was 195bps (2024:
185bps).
The equity release mortgages include a no negative equity guarantee (\u2018NNEG\u2019) such that the cost of any potential shortfall
between the value of the loan and the realised value of the property at the end of the term is recognised by a deduction to the
value of the loan. Property valuations at the reporting date are obtained by taking the most recent valuation for the property
and indexing using an internal house price index based on published Land Registry data. NNEG is calculated using base
property growth rates reduced for the cost of potential dilapidations, using a stochastic model. In addition, a cost of capital
charge is applied to reflect the variability in these cash flows. The base property growth rate assumption is RPI +0.75%
(2024: RPI +0.75%). The modelled growth rates include an adjustment for the 5-year period 2025-2029 to reflect the market
view of short-term growth being lower than long-term average growth.
The combination of the adjusted rate over the first five years and the base property growth rate equates to a long-term average
growth rate of 3.8% per annum at 31 December 2025 (2024: 3.7%) over a twenty five year projection. After applying the cost of
capital charge, dilapidations and the stochastic distribution, the effective net long-term growth rate equates to 1.2% per annum
(2024: 1.2%).
\u2022 Infrastructure and Private Finance Initiative (PFI) loans held by our IWR business are valued using a discounted cash flow
model. This adds spreads for credit and illiquidity to a risk-free discount rate. Credit spreads used in the discount rate are
calculated using an internally developed methodology which depends on the credit rating of each loan, credit spreads on
publicly traded bonds and an estimated recovery rate in event of default and are deemed to be unobservable. At 31 December
2025, the illiquidity premium used in the discount rate was 150bps (2024: 150bps) for the PFI loans and ranged from 25bps to
680bps (2024: 25bps to 594bps) for the infrastructure loans.
(iii) Fixed maturity securities
\u2022 Structured bond-type, non-standard debt products and privately placed notes held by our business in the UK do not trade in an
active market. These fixed maturity securities are valued using discounted cash flow model, designed to appropriately reflect
the credit and illiquidity risk of the instrument. These bonds have been classified as Level 3 because the valuation approach
includes significant unobservable inputs and an element of subjectivity in determining appropriate credit and illiquidity spreads.
\u2022 The unobservable credit and illiquidity spreads used in the discount rate range from 20bps to 722bps (2024: 34bps to 567bps)
with 95% of the modelled assets valued using spreads within the range from 70bps to 322bps (2024: 38bps to 566bps).
\u2022 Other fixed maturity securities held by our Life business in the UK and Asian businesses which are not traded in an active
market have been valued using third-party or counter party valuations. These prices are considered to be unobservable due to
infrequent market transaction.
(iv) Equity securities
\u2022 Equity securities which primarily comprise private equity holdings held in the UK are valued by a number of third-party
specialists. These are valued using a range of techniques, including earnings multiples, forecast cash flows and
price/earnings ratios which are deemed to be unobservable.
(v) Other investments (including derivatives)
\u2022 Other investments are held for index-linked, unit-linked and with-profit funds and are valued based on external valuation
reports received from fund managers. The investments consist of:
\u2013 Unit trusts;
\u2013 Other investment funds including property funds; and
\u2013 Derivatives.
\u2022 Where valuations are at a date other than the balance sheet date, as is the case for some private equity funds, adjustments are
made for items such as subsequent draw-downs and distributions and the fund manager\u2019s carried interest.
(vi) Liabilities
\u2022 The principal liabilities classified as Level 3 are securitised mortgage loan notes, presented within Borrowings, which are
valued using a similar technique to the related Level 3 securitised mortgage assets. These liabilities are included within the
relevant liability category within the sensitivity table below.
Sensitivities
The valuation of Level 3 assets involves a high degree of judgement and estimation uncertainty due to the reliance of valuation
models on unobservable inputs. Where possible, the Group tests the sensitivity of the fair values of Level 3 assets and liabilities
to changes in unobservable inputs to reasonable alternatives. Level 3 valuations are sourced from independent third parties
when available and, where appropriate, validated against internally-modelled valuations, third-party models or broker quotes.
Where third-party pricing sources are unwilling to provide a sensitivity analysis for their valuations, the Group undertakes, where
feasible, sensitivity analysis on the following basis:
\u2022 For third-party valuations validated against internally-modelled valuations using significant unobservable inputs, the sensitivity
of the internally-modelled valuation to changes in unobservable inputs to a reasonable alternative is determined.
\u2022 For third-party valuations either not validated or validated against a third-party model or broker quote, the third-party
valuation in its entirety is considered an unobservable input. Sensitivities are determined by flexing inputs of internal models to
a reasonable alternative, including the yield, NAV multiple or other suitable valuation multiples of the financial instrument
implied by the third-party valuation. For example, for a fixed income security the implied yield would be the rate of return which
discounts the security\u2019s contractual cash flows to equal the third-party valuation.
The tables below show the sensitivity of the fair value of Level 3 assets and liabilities to changes in unobservable inputs to a
reasonable alternative:
2025
2024
Sensitivities
Sensitivities
Most significant unobservable input
Reasonable
alternative
Fair
value
Positive
impact
Negative
impact
Fair
value
Positive
impact
Negative
impact
\u00a3bn
\u00a3bn
\u00a3bn
\u00a3bn
\u00a3bn
\u00a3bn
Investment property
Equivalent rental yields
+/-5-10%
7.0
0.4
(0.4)
6.3
0.2
(0.2)
Loans
Commercial mortgage loans
and Primary Healthcare
loans
Illiquidity premium
+/-20 bps
10.5
0.1
(0.1)
10.1
0.1
(0.1)
Equity release mortgage
loans
Base property growth rate
+/-50 bps
p.a.
9.1
0.1
(0.1)
9.1
0.1
(0.1)
Current property market
values
+/-10%
\u2014
0.2
(0.2)
\u2014
0.3
(0.3)
Infrastructure and Private
Finance Initiative (PFI) loans
Illiquidity premium
+/-25 bps1
7.2
0.2
(0.2)
6.2
0.1
(0.1)
Other
Illiquidity premium
+/-25 bps1
0.3
\u2014
\u2014
0.8
\u2014
\u2014
Fixed maturity securities
Structured bond-type and
non-standard debt products
Market spread (credit,
liquidity and other)
+/-25 bps
2.3
0.1
(0.1)
2.2
0.2
(0.2)
Privately placed notes
Credit spreads
+/-25 bps1
5.5
0.2
(0.2)
4.6
0.2
(0.2)
Other fixed maturity
securities
Credit and liquidity spreads
+/-20-25 bps
0.4
\u2014
\u2014
0.3
\u2014
\u2014
Equity securities
Market multiples applied to
net asset values
+/-30bps
0.3
\u2014
\u2014
0.3
0.1
(0.1)
Other investments
Property Funds
Market multiples applied to
net asset values
+/-5-20%
0.6
\u2014
\u2014
0.2
\u2014
\u2014
Other investments (including
derivatives)
Market multiples applied to
net asset values
+/-10-40%2
0.7
0.1
(0.1)
0.6
0.1
(0.1)
Liabilities
Borrowings
Illiquidity premium
+/-50 bps
(0.8)
\u2014
\u2014
(0.9)
\u2014
\u2014
Other liabilities (including
derivatives)
Independent valuation vs
counterparty
N/A
(0.2)
\u2014
\u2014
(0.2)
\u2014
\u2014
Total Level 3 investments
42.9
1.4
(1.4)
39.5
1.4
(1.4)
1. On discount rate spreads
2. Dependent on investment category
The above tables demonstrate the effect of a change in one unobservable input while other assumptions remain unchanged.
In\u00a0reality, there may be a correlation between the unobservable inputs and other factors. It should also be noted that some of
these sensitivities are non-linear, and larger or smaller impacts should not be interpolated or extrapolated from these results.
(h) Financial assets and financial liabilities not carried at fair value for which fair value is disclosed
The table below shows the fair value and fair value hierarchy for financial assets and financial liabilities not carried at fair value.
2025
2024
Fair value hierarchy
Fair
value
total
As recognised
in the
consolidated
statement of
financial
position line
item
Fair value hierarchy
Fair
value
total
As recognised in
the consolidated
statement of
financial
position line
item
Level 1
Level 2
Level 3
Level 1
Level 2
Level 3
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets not carried at fair value
Fixed maturity securities
759
\u2014
\u2014
759
725
\u2014
\u2014
\u2014
\u2014
\u2014
Financial liabilities not carried at fair value
Borrowings
45(a)
4,607
49
182
4,838
4,766
4,427
49
180
4,656
4,725
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-720": { "value": "
24 \u2013 LOANS
This note analyses the loans our Group companies have made, the majority of which are mortgage loans.
(a) Carrying amounts
The carrying amounts of loans were as follows:
2025
2024
Mandatorily
held at FVTPL
At amortised
cost
Total
Mandatorily
held at FVTPL
At amortised
cost
Total
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Loans to banks
299
3,127
3,426
463
4,023
4,486
Healthcare, infrastructure & PFI other loans
9,990
\u2014
9,990
9,478
\u2014
9,478
UK securitised mortgage loans
25
1,440
\u2014
1,440
1,524
\u2014
1,524
Non-securitised mortgage loans
15,376
\u2014
15,376
14,716
\u2014
14,716
Other loans
\u2014
615
615
\u2014
349
349
At 31 December
27,105
3,742
30,847
26,181
4,372
30,553
Of the above total loans, \u00a3 26,016 million (2024: \u00a3 25,131 million) are due to be recovered in more than one year after the
consolidated statement of financial position date.
Loans at fair value
Fair values have been calculated by using cash flow models appropriate for each portfolio of mortgages. Further details of the
fair\u00a0value methodology and models utilised are given in note 23 (g).
Healthcare, infrastructure and PFI other loans of \u00a39,990 million (2024: \u00a39,478 million) are secured against the income from
healthcare and educational premises.
Non-securitised mortgage loans include \u00a37,621 million (2024: \u00a37,534 million) of residential equity release mortgages,
\u00a35,857 million (2024:\u00a0\u00a35,407 million) of commercial mortgages and \u00a31,898 million (2024: \u00a31,775 million) relating to UK primary
healthcare and PFI businesses. The healthcare and PFI mortgage loans are secured against General Practitioner premises, other
primary health-related premises or other emergency services related premises. For all such loans, government support is
provided through either direct funding or reimbursement of rental payments to the tenants to meet income service and provide
for the debt to be reduced substantially over the term of the loan. Although the loan principal is not government-guaranteed, the
nature of these businesses and premises provides considerable comfort of an ongoing business model and low risk of default.
The maximum exposure to credit risk at the end of the reporting period is the carrying amount of each class of financial assets
mentioned above.
Loans at amortised cost
The carrying amount of these loans at both 31 December 2025 and 31 December 2024 was a reasonable approximation for their
fair value.
(b) Analysis of loans carried at amortised cost
2025
2024
At amortised
cost
Impairment
Carrying
Value
At amortised
cost
Impairment
Carrying
Value
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Loans to banks
3,127
\u2014
3,127
4,023
\u2014
4,023
Other loans
615
\u2014
615
349
\u2014
349
Total loans at amortised cost
3,742
\u2014
3,742
4,372
\u2014
4,372
There are no material expected credit losses on these loans.
(c) Collateral
Loans to banks include cash collateral received under stock lending arrangements (see note 54 for further discussion regarding
these collateral positions). The obligation to repay this collateral is included in payables and other financial liabilities (see note
46). The Group holds collateral in respect of loans where it is considered appropriate in order to reduce the risk of non-recovery.
This collateral generally takes the form of liens or charges over properties for the majority of the loan balances above. In all other
situations, the collateral must be in a readily realisable form, such as listed securities, and is held in segregated accounts.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToBanksExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-721": { "value": "
26 \u2013 INTERESTS IN STRUCTURED ENTITIES
A structured entity is defined as an entity that has been designed so that voting or similar rights are not the dominant factor in
deciding who controls the entity, such as when any voting rights relate to administrative tasks only, or when the relevant
activities are directed by means of contractual arrangements.
The Group has interests in both consolidated and unconsolidated structured entities as described below.
The Group holds redeemable shares or units in investment vehicles, which consist of:
\u2022 Debt securities comprising of securitisation vehicles that Aviva does not originate. These investments are comprised of
a\u00a0variety of debt instruments, including asset-backed securities and other structured securities.
\u2022 Investment funds which include: hedge funds, liquidity funds, private equity funds, unit trusts, mutual funds and Private Finance
Initiatives (PFIs).
\u2022 Specialised investment vehicles include Open-Ended Investment Companies (OEICs), Property Limited Partnerships (PLPs),
Soci\u00e9t\u00e9s d\u2019Investissement a Capital Variable (SICAVs), Tax Transparent Funds (TTFs) and other investment vehicles.
The Group\u2019s holdings in investment vehicles are subject to the terms and conditions of the respective investment
vehicle\u2019s\u00a0offering documentation and are susceptible to market price risk arising from uncertainties about future values of\u00a0those
investment vehicles. The investment manager makes investment decisions after extensive due diligence of the underlying
investment vehicle including consideration of its strategy and the overall quality of the underlying investment vehicle\u2019s manager.
All of the investment vehicles in the investment portfolio are managed by portfolio managers who are compensated by the
respective investment vehicles for their services. Such compensation generally consists of an asset-based fee and a
performance-based incentive fee, and is reflected in the valuation of the investment vehicles.
(a) Interests in consolidated structured entities
The Group has determined that where it has control over investment vehicles, these investments are consolidated structured
entities. As at 31 December 2025, the Group has granted loans to consolidated PLPs for a total of \u00a3127 million (2024: \u00a3166 million).
The purpose of these loans is to assist the consolidated PLPs to purchase or construct properties. The\u00a0Group has also provided
support, without having a contractual obligation to do so, to certain consolidated PLPs via\u00a0letters of support amounting to
\u00a31 million (2024: \u00a31 million). The Group has commitments to provide funding to consolidated structured entities of \u00a3187 million
(2024: \u00a331 million), primarily relating to a commitment to provide funding\u00a0to the Aviva Investors Climate Transition Real
Assets\u00a0Fund.
The Group has also given support to five special purpose securitisation companies (the ERF companies) that are consolidated
structured entities. As set out in note 25, at the inception of the securitisation vehicles, the UK subsidiary, Aviva Equity Release
UK Limited (AER), has granted subordinated loan facilities to some of the ERF companies. AER receives various fees in return for
the services provided to the entities. AER receives cash management fees based on the outstanding loan balance at the start of
each quarter for the administration of the loan note liabilities. AER receives portfolio administration fees as compensation for
managing the mortgage assets. See note 25 for details of securitised mortgages and related assets as at 31 December 2025.
As at the reporting date, the Group has no intentions to provide financial or other support in relation to any other
investment\u00a0vehicles.
(b) Interests in unconsolidated structured entities
As part of its investment activities, the Group invests in unconsolidated structured entities. As at 31 December 2025, the\u00a0Group\u2019s
total interest in unconsolidated structured entities was \u00a373,323 million (2024: \u00a363,444 million) on the Group\u2019s statement of
financial position. The Group\u2019s total interest in unconsolidated structured entities is classified as \u2018interests in, and loans to, joint
ventures and associates\u2019 and \u2018financial investments held at fair value through profit or loss\u2019. The\u00a0Group does not sponsor any of
the unconsolidated structured entities.
A summary of the Group\u2019s interest in unconsolidated structured entities is as follows:
2025
2024
Interest in,
and loans
to, joint
ventures
Interest in,
and loans
to,
associates
Financial
investments
Loans
Total
assets
Interest in,
and loans
to, joint
ventures
Interest in,
and loans
to,
associates
Financial
investments
Loans
Total
assets
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Structured debt
securities1
\u2014
\u2014
4,369
\u2014
4,369
\u2014
\u2014
4,014
\u2014
4,014
Unit trust and other
investment vehicles
\u2014
\u2014
56,194
\u2014
56,194
\u2014
\u2014
47,632
\u2014
47,632
PLPs and property
funds
846
18
662
\u2014
1,526
898
37
651
\u2014
1,586
Other
\u2014
\u2014
557
\u2014
557
\u2014
\u2014
433
\u2014
433
Other investments
846
18
57,413
\u2014
58,277
898
37
48,716
\u2014
49,651
Loans2
\u2014
\u2014
\u2014
10,677
10,677
\u2014
\u2014
\u2014
9,779
9,779
Total
846
18
61,782
10,677
73,323
898
37
52,730
9,779
63,444
1. Primarily reported within other debt securities in note 27(a)
2. Loans include Healthcare, Infrastructure & PFI other loans along with certain non-securitised mortgage loans
The Group\u2019s maximum exposure to loss related to the interests in unconsolidated structured entities is \u00a373,323 million
(2024: \u00a363,444 million).
The majority of debt securities above are investment grade securities held by the UK business. In some cases, the Group may be
required to absorb losses from an unconsolidated structured entity before other parties when and if Aviva\u2019s interest is more
subordinated with respect to other owners of the same security.
For commitments to property management joint ventures and associates, please see notes 18 and 19, respectively. The Group has
not provided any other financial or other support in addition to that described above as at the reporting date, and there are no
intentions to provide support in relation to any other unconsolidated structured entities in the foreseeable future.
In relation to risk management, disclosures on debt securities and investment vehicles are given in note 52(b). In relation to other
guarantees and commitments that the Group provides in the course of its business, please see note 48(f).
Aviva\u2019s interest in unconsolidated structured entities under management at 31 December 2025 amounts to \u00a32,267 million
(2024:\u00a0\u00a31,872 million) and the total funds under management relating to these investments at 31 December 2025 is \u00a316,053 million
(2024: \u00a315,233 million).
(c) Other interests in unconsolidated structured entities
The Group receives management fees and other fees in respect of its asset management businesses. The Group does not
sponsor any of the funds or investment vehicles from which it receives fees. Management fees received for investments that
the\u00a0Group manages, but does not have a holding in, also represent an interest in unconsolidated structured entities. As these
investments are not held by the Group, the investment risk is borne by the external investors and therefore the Group\u2019s maximum
exposure to loss relates to future management fees.
The table below shows the assets under management of entities that the Group manages but does not have a holding in and the
fees earned from those entities.
2025
2024
Assets
under
management
Investment
management
fees
Assets under
management
Investment
management
fees
\u00a3m
\u00a3m
\u00a3m
\u00a3m
OEICs
167
1
\u2014
\u2014
PLPs
2,173
12
2,608
17
SICAVs
424
2
606
3
Specialised investment vehicles
2,764
15
3,214
20
56 \u2013 ORGANISATIONAL STRUCTURE
The following chart shows a simplified form of the organisational structure of the Group as at 31 December 2025 . Aviva plc is the
holding company of the Group.
Parent company
Aviva plc
Subsidiaries
The principal subsidiaries of the Company as at 31 December 2025 are listed below by country of incorporation.
A complete list of the Group\u2019s related undertakings. which comprises of subsidiaries, joint ventures and associates and other
significant holdings is contained within note 57 .
Aviva plc
Aviva \u2013 COFCO
Life Insurance Company Ltd 1
Aviva Group
Holdings Ltd 2
General
Accident Ltd 3*
Aviva Life
Holdings UK\u00a0Ltd2
Aviva Investors
Holdings Ltd2
Aviva Insurance Ltd 3
Aviva International
Insurance Ltd2
UK & Ireland IWR
subsidiaries
UK, Ireland & International
AI subsidiaries
UK & Ireland General Insurance
subsidiaries (Inc DLG)
Aviva Canada Inc.
&\u00a0subsidiaries
1. Incorporated in People's Republic of China
2. Incorporated in England and Wales
3. Incorporated in Scotland
* Re-registered as a limited company on 7 October 2025
Australia
Probitas\u00a01492\u00a0(Pacific)\u00a0Pty\u00a0Ltd
Barbados
Victoria\u00a0Reinsurance\u00a0Company\u00a0Ltd.
Belgium
Probitas\u00a01492\u00a0(Europe)\u00a0BV/SRL
Canada
Aviva General Insurance Company
Aviva Insurance Company of Canada
Aviva\u00a0Agency\u00a0Services\u00a0Inc.
Aviva\u00a0Investors\u00a0Canada\u00a0Inc.
Aviva\u00a0Partner\u00a0Insurance\u00a0Services\u00a0Inc.
Elite Insurance Company
O2\u00a0Insurance\u00a0Services\u00a0Inc.
OIS\u00a0Ontario\u00a0Insurance\u00a0Service\u00a0Limited
Optiom\u00a0Inc.
Pilot Insurance Company
Probitas\u00a01492\u00a0(Canada)\u00a0Inc.
Prolink\u00a0Insurance\u00a0Inc.
Scottish & York Insurance Co. Limited
S&Y Insurance Company
Traders General Insurance Company
Westmount West Services Inc.
Guernsey
Paragon\u00a0Insurance\u00a0Company\u00a0Guernsey\u00a0Limited
India
Aviva Life Insurance Company India Ltd
Ireland
Aviva Life & Pensions Ireland Designated Activity Company
Aviva Insurance Ireland Designated Activity Company
Aviva\u00a0Direct\u00a0Ireland\u00a0Limited
FPPE\u00a0Fund\u00a0Public\u00a0Limited\u00a0Company
Level\u00a0Health\u00a0Limited
Isle\u00a0of\u00a0Man
Friends\u00a0Provident\u00a0International\u00a0Limited
Jersey
Aviva\u00a0Investors\u00a0Jersey\u00a0Unit\u00a0Trusts\u00a0Management\u00a0Limited
Luxembourg
Aviva Investors Luxembourg
Singapore
Aviva\u00a0Investors\u00a0Asia\u00a0Pte.\u00a0Limited
United Kingdom
Aviva Administration Limited
Aviva Central Services UK Limited
Aviva\u00a0Credit\u00a0Services\u00a0UK\u00a0Limited
Aviva Employment Services Limited
Aviva Equity Release UK Limited
Aviva Health UK Limited
Aviva Investment Solutions UK Limited
Aviva Investors Global Services Limited
Aviva Investors UK Fund Services Limited
Aviva Life & Pensions UK Limited
Aviva Life Services UK Limited
Aviva Pension Trustees UK Limited
Aviva Protection UK Limited
Aviva UK Digital Limited
Aviva Wrap UK Limited
Bankhall\u00a0Support\u00a0Services\u00a0Limited
By\u00a0Miles\u00a0Ltd
Churchill\u00a0Insurance\u00a0Company\u00a0Limited
Commercial\u00a0Union\u00a0Corporate\u00a0Member\u00a0Limited
Cutter\u00a0&\u00a0Co\u00a0Financial\u00a0Planning\u00a0Limited
Direct\u00a0Line\u00a0Insurance\u00a0Group\u00a0Limited
DLG\u00a0Legal\u00a0Services\u00a0Limited
Flowers\u00a0McEwan\u00a0Limited
Gresham Insurance Company Limited
Law\u00a0Society\u00a0(NI)\u00a0Financial\u00a0Advice\u00a0Limited
Lee\u00a0Strathy\u00a0Limited
London\u00a0Wall\u00a0Partners\u00a0LLP
Navigator\u00a0Financial\u00a0Planning\u00a0Limited
Premier\u00a0Mortgage\u00a0Service\u00a0Limited
Probitas\u00a0Managing\u00a0Agency\u00a0Limited
Sesame Bankhall Group Limited
Sesame\u00a0Limited
Succession\u00a0Advisory\u00a0Services\u00a0Limited
Succession\u00a0Employee\u00a0Benefit\u00a0Solutions\u00a0Limited
Succession\u00a0Financial\u00a0Management\u00a0Limited
Succession\u00a0Group\u00a0Ltd
Succession\u00a0Wealth\u00a0Management\u00a0Limited
Tag\u00a0Financial\u00a0Planning\u00a0Limited
The Ocean Marine Insurance Company Limited
True\u00a0Wealth\u00a0Management\u00a0Limited
U\u00a0K\u00a0Insurance\u00a0Limited
Wealthify\u00a0Limited
Associates and Joint Ventures
The Group has ongoing interests in the following operations
that are classified as joint ventures or associates, as a
complete list of the Group\u2019s related undertakings comprising
of subsidiaries, joint ventures, associates and other significant
holdings is contained within note 57. Further details of those
operations that were most significant in 2025 are set out in
notes 18 and 19 to\u00a0the financial statements.
China
Aviva-COFCO Life Insurance Company Limited 50%
United Kingdom
The Group has interests in several property limited
partnerships. Further details are provided in notes 18,
19\u00a0and\u00a026 to the financial statements.
57 \u2013 RELATED UNDERTAKINGS
We are required to disclose certain information about the Group\u2019s related undertakings which is set out in this note.
The definition of a subsidiary undertaking in accordance with the Companies Act 2006 is different from the definition under IFRS.
As a result, the related undertakings included within the list below may not be the same as the undertakings consolidated in the
Group IFRS financial statements. See accounting policies (D) Consolidation principles for further detail on principles of
consolidation and definition of joint ventures.
This note contains certain fund entities that are beneficially owned by external parties and managed by Aviva Investors. Although
legally owned by the Group, Aviva plc may not have a beneficial interest in these entities. Also, where the Group does not own
equity in entities that are managed by Aviva Investors, a share class will be disclosed and ownership percentage will be 0%.
Where this note discloses Aviva's equity in the related undertaking, this reflects the total capital ownership of shares, or other
relevant interest, in the entity\u2019s capital.
The Group\u2019s related undertakings along with the country of incorporation, the registered address, the classes of shares held and
the effective percentage of total equity owned as at 31 December 2025 are disclosed below.
(a) Direct
The direct related undertakings of the Company as at 31 December 2025 are listed below:
Name of undertaking
Country of
incorporation
Registered address
Share class
held
% of
total
equity
Aviva-COFCO Life Insurance Co. Ltd
China
12/F & 15/F & 01, 06-09 Unit of 10F of Building No.20, 27/F
of Building No.24, Middle East Third Ring Road, Chaoyang
District, Beijing, 100022, China
Ordinary
50%
Aviva Group Holdings Limited
United\u00a0Kingdom
80\u00a0Fenchurch\u00a0Street,\u00a0London,\u00a0EC3M\u00a04AE,\u00a0United\u00a0Kingdom
Ordinary
100%
General Accident Limited*
United\u00a0Kingdom
Pitheavlis,\u00a0Perth,\u00a0PH2\u00a00NH,\u00a0United\u00a0Kingdom
Ordinary
100%
* Re-registered as a limited company on 7 October 2025
(b) Indirect
The indirect related undertakings of the Company as at 31 December 2025 are listed below:
Company name
Share Class held
% of
total
equity
Australia
c/o TMF\u00a0Corporate\u00a0Services\u00a0(Aust)\u00a0Pty\u00a0Limited,\u00a0Suite\u00a01\u00a0Level\u00a011,\u00a066\u00a0
Goulburn\u00a0Street,\u00a0Sydney\u00a0NSW\u00a02000,\u00a0Australia
Aviva Investors Pacific Pty Ltd
Ordinary
100%
Level 1, 44 Martin Place, Sydney, NSW, 2000, Australia
Probitas 1492 (Pacific) Pty Ltd
Ordinary
100%
Barbados
c/o USA\u00a0Risk\u00a0Group\u00a0(Barbados)\u00a0Limited,\u00a06th\u00a0Floor,\u00a0CGI\u00a0Tower,
\u00a0Warrens,\u00a0St.\u00a0Michael,\u00a0BB22026,\u00a0Barbados
Victoria Reinsurance Company Ltd.
Common
100%
Belgium
Rue Picard 7, Box 100, 1000 Brussels, Belgium
Probitas 1492 (Europe) BV/SRL
Ordinary
100%
Canada
10\u00a0Aviva\u00a0Way,\u00a0Suite\u00a0100,\u00a0Markham,\u00a0ON,\u00a0L6G\u00a00G1,\u00a0Canada
1000930077 Ontario Inc.
Common
100%
1000962293 Ontario Inc.
Common,
Preference
100%
2161605 Ontario Inc.
Common
100%
9543864 Canada Inc.
Common
100%
Automobiles Inter-Lux Inc.
Common
100%
Aviva Canada Inc.
Common
100%
Aviva Canada Services Inc. Services
D'Aviva Canada Inc.
Common
100%
Aviva General Insurance Company
Common
100%
Aviva Insurance Company of Canada
Common,
Redeemable
Preferred
100%
Aviva Warranty Services Inc.
Common
100%
Bamboo Premium Financing Inc.
Common
100%
Company name
Share Class held
% of
total
equity
Bay-Mill Specialty Insurance Adjusters Inc.
Common
100%
Elite Insurance Company
Common
100%
Insurance Agent Service Inc.
Common
100%
Nautimax Ltd.
Common
100%
O2 Insurance Services Inc.
Common
100%
OIS Ontario Insurance Service Limited
Common
100%
Optiom Holdings Inc.
Common
100%
Optiom Inc.
Common
100%
Pilot Insurance Company
Common
100%
S&Y Insurance Company
Common
100%
Scottish & York Insurance Co. Limited
Common,
Preference
100%
Solus (Canada) Limited
Common,
Preference
100%
Traders General Insurance Company
Common
100%
22 Adelaide St. W., Suite 3400, Toronto, Ontario, M5H 4E3, Canada
Probitas 1492 (Canada) Inc.
Common
100%
100\u00a0King\u00a0Street\u00a0West,\u00a0Floor\u00a049,\u00a0Toronto,\u00a0ON,\u00a0M5X\u00a02A2,\u00a0Canada
Aviva Investors Canada Inc.
Common
100%
Aviva Investors Short Term Private Debt
Fund GP Inc.
Common
100%
Aviva Investors Short Term Private Debt
Fund LP
Partnership
100%
150 King Street West, Suite #2401, P.O. Box 16, Toronto, ON, M5H
1J9, Canada
Prolink Insurance Inc.
A Common
34%
112\u00a04\u00a0Avenue\u00a0SW\u00a0Suite\u00a02100,\u00a0Calgary\u00a0AB\u00a0T2P\u00a00H3,\u00a0Canada
Aviva Partner Insurance Services Inc.
Common
100%
555 Chabanel Ouest, Bureau 900, Montreal, QC, H2N 2H8, Canada
Company name
Share Class held
% of
total
equity
Aviva Agency Services Inc.
Common
100%
Suite\u00a01600,\u00a0925\u00a0W\u00a0Georgia\u00a0St,\u00a0Vancouver,\u00a0BC,\u00a0V6C\u00a03L2,\u00a0Canada
Westmount West Services Inc.
B Ordinary
20%
China
Units 1805-1807, 18th Floor, Block H Office Building, Phoenix Land
Plaza, No. A5 Yard, Shuguangxili, Chaoyang District, Beijing, China
Aviva-COFCO Yi Li Asset Management Co.,
Ltd.
Ordinary
21%
Denmark
c/o TMF Denmark, H.C. Andersens Boulevard 38, 3. th, 1553,
Copenhagen V, Denmark
AICT EUR Real Estate (DS) GP ApS
Ordinary
100%
AICT EUR Real Estate (DS) LP K/S
Ordinary
100%
France
3, rue Saint Georges, 75009 Paris, France
AICT EUR Real Estate (Janze) SAS
Ordinary
100%
Aviva Investors Perpetual Ruby SAS
Partnership
16%
20 PL Vend\u00f4me, Paris 75001, France
AXA LBO Fund IV Feeder
Private Equity
Fund
39%
47 Rue du Faubourg Saint-Honor\u00e9, 75008, France
CGU Equilibre
FCP
99%
Germany
c/o
TMF\u00a0Deutschland\u00a0AG,\u00a0Wiesenh\u00fcttenstrasse\u00a011,\u00a060329,\u00a0Frankfurt\u00a0am\u00a0
Main,\u00a0Germany
Reschop Carr\u00e9 Hattingen GmbH
Ordinary
100%
c/o WSWP\u00a0Weinert\u00a0GmbH,\u00a0Theatinerstr.\u00a031,\u00a080333,\u00a0Munich, Germany
FPB Holdings GmbH
Ordinary
100%
Karl-Liebknecht-Stra\u00dfe\u00a029a,\u00a010178,\u00a0Berlin,\u00a0Germany
Amro Student Living GmbH
Ordinary
25%
Lyoner Strasse 13, 60528 Frankfurt am Main, Germany
Haspa TrendKonzept
SICAV
100%
Ferdinandstrasse 75, Hamburg, 20095, Germany
Warburg Multi-Asset Select Funds
OEIC
37%
Wiesenh\u00fcttenstra\u00dfe 11, 60329 Frankfurt am Main, Germany
AICT EUR Infra CIC GmbH
Ordinary
100%
Guernsey
PO Box 155 Mill Court, La Charroterie, St Peter Port, GY1 4ET,
Guernsey
Paragon Insurance Company Guernsey
Limited
Ordinary
49%
India
2nd\u00a0floor,\u00a0Prakash\u00a0Deep\u00a0Building,\u00a07\u00a0Tolstoy\u00a0Marg,\u00a0New\u00a0Delhi,\u00a0110001,
\u00a0India
Aviva Life Insurance Company India Limited
Ordinary
74%
A-47\u00a0(L.G.F),\u00a0Hauz\u00a0Khas,\u00a0New\u00a0Delhi,\u00a0Delhi,\u00a0India
Sesame Group India Private Limited
Ordinary
100%
Max\u00a0House,\u00a0Level\u00a05,\u00a0Okhla\u00a0Industrial\u00a0Estate,\u00a0Phase-
III,\u00a0New\u00a0Delhi,\u00a0110020,\u00a0India
DL Support Services India Private Limited
Ordinary
100%
Company name
Share Class held
% of
total
equity
Pune Office Addresses 103/P3, Pentagon, Magarpatta City,
Hadapsar, Pune - 411013, India
A.G.S. Customer Services (India) Private
Limited
Ordinary
100%
Ireland
13-18\u00a0City\u00a0Quay,\u00a0Dublin\u00a02,\u00a0Ireland
Atrium Nominees Limited
Ordinary
100%
35 Merrion Square, Dublin 2, Ireland
Fairstone Market 75 Fund
ICAV
100%
Fairstone Market 100 Fund
ICAV
88%
25 North Wall Quay, Dublin 1, D01 H104, Ireland
Aviva Investors Euro Liquidity Fund
Liquidity Fund
90%
Aviva Investors Sterling Government
Liquidity Fund
Liquidity Fund
94%
Aviva Investors Sterling Liquidity Fund
Liquidity Fund
61%
Aviva Investors Sterling Liquidity Plus Fund
Liquidity Fund
78%
Aviva Investors Sterling Standard Liquidity
Fund
Liquidity Fund
63%
Aviva Investors US Dollar Liquidity Fund
Liquidity Fund
85%
70 Sir John Rogerson's Quay, Dublin 2, D02 R296, Dublin, Ireland
Mercer Diversified Retirement Fund
OEIC
29%
Mercer Long Term Growth Fund
OEIC
46%
Mercer Multi Asset Growth Fund
OEIC
25%
MGI UK Equity
OEIC
54%
Building 12, Cherrywood Business Park, Loughlinstown, Co Dublin,
D18 W2P5, Ireland
Aviva Direct Ireland Limited
Ordinary
100%
Aviva Driving School Ireland Limited
Ordinary
100%
Aviva Group Protection Master Trust
Ireland Designated Activity Company
Ordinary
100%
Aviva Group Services Ireland Limited
Ordinary
100%
Aviva Insurance Ireland Designated Activity
Company
Ordinary
100%
Aviva Life & Pensions Ireland Designated
Activity Company
Ordinary
100%
Aviva Master Trust Ireland Designated
Activity Company
Ordinary
100%
Aviva Retail Master Trust Ireland
Designated Activity Company
Ordinary
100%
Aviva Trustee Company Ireland Designated
Activity Company
Ordinary
100%
Aviva Undershaft Six Designated Activity
Company
Ordinary
100%
Peak Re Designated Activity Company
Ordinary
100%
Georges\u00a0Court,\u00a054-62\u00a0Townsend\u00a0Street,\u00a0Dublin\u00a02, DO2 R156, Ireland
FPPE Fund Public Limited Company
Ordinary
100%
International House, 3 Habourmaster Place, Dublin 1, Ireland
Merrion Multi-Asset 30 Fund
Unit Trust
100%
Merrion Multi-Asset 50 Fund
Unit Trust
100%
Merrion Multi-Asset 70 Fund
Unit Trust
100%
Unit H6, Maynooth Business Campus, Straffan Road, Maynooth,
Kildare, W23 X2F4, Ireland
Company name
Share Class held
% of
total
equity
EZO Charging Holdings Limited
Ordinary
100%
Carcharger EV Limited
Ordinary
25%
Workways, Level Health, Block 5 High Street, Tallaght, Dublin 24,
D24 YK8N, Ireland
Level Health Limited
Ordinary
50%
Isle\u00a0of\u00a0Man
Royal\u00a0Court,\u00a0Castletown,\u00a0IM9\u00a01RA,\u00a0Isle\u00a0of\u00a0Man
Friends Provident International Limited
Ordinary
24%
Italy
Corse Vercelli, 40 - 20145, Milan, Italy
AICT EUR Infra Swift S.R.L.
Ordinary
100%
Piazza della Repubblica 32, Milan, 20124 Italy
Innovo Renewables S.p.A.
Ordinary
50%
Via\u00a0L.\u00a0Ariosto\u00a032,\u00a020145,\u00a0Milan,\u00a0Italy
Aviva Italia Holding S.p.A
Ordinary
100%
Jersey
11\u201315 Seaton Place, St Helier,\u00a0 JE4 0QH Jersey
101 Moorgate Unit Trust
Unit Trust
100%
1 Liverpool Street Unit Trust
Unit Trust
100%
22 Grenville Street, St Helier, JE4 8PX, Jersey
ASL Caravel LP
Partnership
100%
ASL Clipper LP
Partnership
100%
ASL Mainsail LP
Partnership
100%
ASL Topsail LP
Partnership
100%
ASL Schooner LP
Partnership
100%
ASL/SLAS Xebec LP
Partnership
100%
AXA Sun Life Private Equity (No1) LP
Partnership
100%
Lekker Bolt UT
Unit Trust
100%
28 Esplanade, St Helier, JE4 2QP, Jersey
Aviva Investors Infrastructure Income Unit
Trust
Unit Trust
100%
Aztec Group House, 11-15 Seaton Place, St Helier, JE4 0QH, Jersey
Midlands Regen I Unit Trust
Unit Trust
95%
Gasp\u00e9 House, 66-72 Esplanade, St Helier, E1 3PB, Jersey
1 Fitzroy Place Unit Trust
Unit Trust
50%
2 Fitzroy Place Jersey Unit Trust
Unit Trust
50%
10 Station Road Unit Trust
Unit Trust
50%
11-12 Hanover Square Unit Trust
Unit Trust
50%
20 Gracechurch Unit Trust
Unit Trust
25%
20 Station Road Unit Trust
Unit Trust
50%
30 Station Road Unit Trust
Unit Trust
50%
50-60 Station Road Unit Trust
Unit Trust
50%
130 Fenchurch Street Unit Trust
Unit Trust
100%
Aviva Investors Jersey Unit Trusts
Management Limited
Ordinary
100%
Bermondsey Yards Unit Trust
Unit Trust
100%
CCPF No.4 Unit Trust
Unit Trust
100%
Gracechurch Investment Unit Trust
Unit Trust
25%
Hams Hall Unit Trust
Unit Trust
100%
Company name
Share Class held
% of
total
equity
Lime Mayfair Unit Trust
Unit Trust
1%
Lime Property Fund Unit Trust
Unit Trust
1%
Longcross Jersey Unit Trust
Unit Trust
100%
New Broad Street House Unit Trust
Unit Trust
50%
Pegasus House and Nuffield House Unit
Trust
Unit Trust
50%
REALTAF Wixams Unit Trust
Unit Trust
100%
Southgate Property Unit Trust
Unit Trust
50%
The Designer Retail Outlet Centres
(Mansfield) Unit Trust
Unit Trust
100%
The Designer Retail Outlet Centres (York)
Unit Trust
Unit Trust
100%
The Designer Retail Outlet Centres Unit
Trust
Unit Trust
100%
IFC 5, St Helier, JF1 1ST, Jersey
Aviva Investors REaLM Social Housing Unit
Trust
Unit Trust
86%
Cannock Designer Outlet Unit Trust
Unit Trust
37%
PO Box 1075, 28 Esplanade, St Helier, JE4 2QP, Jersey
Aviva Investors REaLM Commercial Assets
Unit Trust
Unit Trust
100%
Aviva Investors REaLM Ground Rent Unit
Trust
Unit Trust
36%
Aviva Investors REaLM Multi-Sector Unit
Trust
Unit Trust
0%
Luxembourg
2 Rue du Fort Bourbon, L1249, Luxembourg
AICT EUR Infra Aquarius HoldCo 1 SARL
Ordinary
100%
AICT EUR Infra (Decarb) SARL
Ordinary
100%
AICT EUR Real Estate (Charlottenburg)
SARL
Ordinary
100%
AICT EUR Real Estate (DS) Sarl
Ordinary
100%
AICT EUR Real Estate (Foz) Sarl
Ordinary
100%
AICT EUR Real Estate (Pankow) SARL
Ordinary
100%
AICT EUR Real Estate Student Housing
SARL
Ordinary
100%
Aviva Investors Alternative Income
Solutions Investments S.A.
Ordinary
100%
Aviva Investors Alternative Income
Solutions SCSp
Fund
100%
Aviva Investors Global Aviva France Global
High Yield Fund
SICAV
0%
Aviva Investors Alternatives, FCP-RAIF
Fund
0%
Aviva Investors Alternatives S.A.
Ordinary
0%
Aviva Investors Carbon Removal EPRA
Holdco Sarl
Ordinary
100%
Aviva Investors Carbon Removal Fund
Fund
100%
Aviva Investors Carbon Removal Master
Holdco Sarl
Ordinary
100%
Aviva Investors Climate Transition EUR
Infra SARL
Ordinary
100%
Aviva Investors Climate Transition EUR
Infrastructure Fund
Fund
100%
Company name
Share Class held
% of
total
equity
Aviva Investors Climate Transition EUR Real
Estate Fund
Fund
100%
Aviva Investors Climate Transition EUR Real
Estate SARL
Ordinary
100%
Aviva Investors Climate Transition GBP
Infrastructure Fund
Fund
100%
Aviva Investors Climate Transition GBP Real
Estate Fund
Fund
100%
Aviva Investors Global Climate Credit Fund
SICAV
73%
Aviva Investors - Global Climate Equity
Fund
SICAV
99%
Aviva Investors E-RELI Danone Sarl
Ordinary
17%
Aviva Investors E-RELI Dublin Sarl
Ordinary
17%
Aviva Investors E-RELI Duisburg Sarl
Ordinary
17%
Aviva Investors E-RELI Holdings Sarl
Ordinary
17%
Aviva Investors E-RELI SCSp
Fund
17%
Aviva Investors E-RELI Stern Sarl
Ordinary
17%
Aviva Investors Emerging Markets Bond
Fund
SICAV
78%
Aviva Investors Emerging Markets
Corporate Bond Fund
SICAV
70%
Aviva Investors Emerging Markets Local
Currency Bond Fund
SICAV
95%
Aviva Investors European Infrastructure
Debt
Fund
100%
Aviva Investors Global Aviva Investors
Systematics Strategies Fund
SICAV
50%
Aviva Investors Global Eur Return Plus Fund
SICAV
84%
Aviva Investors Global Gbp Return Plus
Fund
SICAV
80%
Aviva Investors Global Emerging Markets
Core Fund
SICAV
100%
Aviva Investors Global Emerging Markets
Equity Unconstrained Fund
SICAV
62%
Aviva Investors Global Emerging Markets
Index Fund
SICAV
94%
Aviva Investors Global Equity Endurance
Fund
SICAV
99%
Aviva Investors Global Equity Income Fund
SICAV
78%
Aviva Investors Global High Yield Bond
Fund
SICAV
78%
Aviva Investors Global Investment Grade
Corporate Bond Fund
SICAV
97%
Aviva Investors Global Sovereign Bond
Fund
SICAV
86%
Aviva Investors Investment Solutions
Emerging Markets Debt Fund
SICAV
0%
Aviva Investors Luxembourg
Ordinary
100%
Aviva Investors Multi-Asset Alternative
Income Fund, SICAV-RAIF
Fund
100%
Aviva Investors Multi-Asset Alternative
Income S.A.
Ordinary
100%
Aviva Investors Multi Strategy Target
Return Fund
SICAV
64%
Aviva Investors - Natural Capital Global
Equity Fund
SICAV
24%
Company name
Share Class held
% of
total
equity
Aviva Investors Perpetual Acht 2 NL SARL
Ordinary
16%
Aviva Investors Perpetual Acht NL SARL
Ordinary
100%
Aviva Investors Perpetual Capital SCSP
SICAV RAIF
Fund
8%
Aviva Investors Perpetual E20 Sarl
Ordinary
16%
Aviva Investors Perpetual Holdings Sarl
Ordinary
16%
Aviva Investors Perpetual Hoxton Sarl
Ordinary
16%
Aviva Investors Perpetual Kitzingen Sarl
Ordinary
16%
Aviva Investors Perpetual Vondel 1 Sarl
Ordinary
16%
Aviva Investors Perpetual Vondel 2 Sarl
Ordinary
16%
Aviva Investors Perpetual Zuiderhof NL Sarl
Ordinary
16%
Aviva Investors Perpetual Zuiderhof PropCo
Sarl
Ordinary
16%
Aviva Investors Real Assets FCP-RAIF
Fund
100%
Aviva Investors RA LUX FCP-RAIF
Fund
100%
Aviva Investors - ReturnPlus Fund
SICAV
84%
Aviva Investors Short Duration Global High
Yield Bond Fund
SICAV
11%
Aviva Investors Sustainable Outcomes
SCSP SICAV-RAIF
Fund
100%
Aviva Investors UK Equity Unconstrained
Fund
SICAV
88%
Climate Transition Real Asset Fund - Lux
EUR
Fund
100%
E20 Phase 1 SARL
Ordinary
100%
Aviva Investors Multi-Asset Alternative
Income Fund, SICAV-RAIF Sub-Fund I
Fund
100%
Sub-Fund II Aviva Investors Multi-Asset
Alternative Income Fund, SICAV-RAIF Sub-
Fund II
Fund
0%
Aviva Investors Multi-Asset Alternative
Income Fund, SICAV-RAIF Sub-Fund III A
Fund
0%
Aviva Investors Multi-Asset Alternative
Income Fund, SICAV-RAIF Sub-Fund III B
Fund
0%
Aviva Investors Multi-Asset Alternative
Income Fund, SICAV-RAIF Sub-Fund III C
Fund
0%
Aviva Investors Multi-Asset Alternative
Income Fund, SICAV-RAIF Sub-Fund IV
Fund
0%
Aviva Investors Multi-Asset Alternative
Income Fund, SICAV-RAIF Sub-Fund V
Fund
0%
Aviva Investors Multi-Asset Alternative
Income Fund, SICAV-RAIF Sub-Fund VI
Fund
0%
Aviva Investors Multi-Asset Alternative
Income Fund, SICAV-RAIF Sub-Fund IX
Fund
0%
3, rue Gabriel Lippmann, L-5365 Munsbach, Luxembourg
Aviva Investors European Secondary
Infrastructure Credit SV S.A.
Ordinary
0%
Aviva Infrastructure Debt Europe I S.A.
Ordinary
100%
16\u00a0Avenue\u00a0de\u00a0la\u00a0Gare,\u00a0L-1610,\u00a0Luxembourg
Aviva Investors Alternative Income
Solutions General Partner S.\u00e0 r.l.
Ordinary
100%
Aviva Investors Carbon Removal (GP) SARL
Ordinary
100%
Aviva Investors E-RELI (GP) SARL
Ordinary
100%
Company name
Share Class held
% of
total
equity
Aviva Investors Luxembourg Services S.\u00e0
r.l.
Ordinary
100%
Aviva Investors Perpetual Capital (GP) SARL
Ordinary
100%
Victor Hugo 1 S.\u00e0 r.l.
Ordinary
100%
24-26, Avenue de la Liberte, L1930 Luxembourg
Greenman Open Fund
SICAV
62%
35A, Avenue\u00a0John\u00a0F\u00a0Kennedy, L-1855, Luxembourg
abrdn SICAV II Global Smaller Companies
Fund
SICAV
40%
37A, Avenue\u00a0John\u00a0F\u00a0Kennedy, L-1855, Luxembourg
Invesco Global Direct Property Fund
RAIF
34%
46a,\u00a0Avenue\u00a0John\u00a0F\u00a0Kennedy,\u00a0L-1855,\u00a0Luxembourg
Aviva Investors Polish Retail S.\u00e0 r.l.
Ordinary
100%
80, route d'Esch, L-1470, Luxembourg
Allspring (Lux) Worldwide Fund
SICAV
49%
Vertigo Building - Polaris, 2-4 rue Eugene Ruppert, L-2453
Luxembourg
Invesco Sustainable Global Systematic
Equity Fund
SICAV
59%
Mauritius
Les\u00a0Cascades,\u00a0Edith\u00a0Cavell\u00a0Street,\u00a0Port\u00a0Louis,\u00a0Mauritius
Actis China Investment Company Limited
Ordinary
50%
Mexico
Av. Insurgentes Sur 1898, Piso 1,\u00a0 Oficina 1418, Col. Florida, C.P.
01020, Alvaro Obregon, CDMX, Mexico
Probitas 1492 Services Mexico S.A. de C.V.
Ordinary
100%
Norway
c/o TMF Norway AS, Hagalokkveien 26, 1383 Asker, Norway
Aviva Investors E-RELI Norway Holding AS
Ordinary
17%
Kongsgard Alle 20 AS
Ordinary
100%
Poland
AI\u00a0Jana\u00a0Pawla\u00a0II\u00a025,\u00a000-854,\u00a0Warsaw,\u00a0Poland
Focus Mall Zielona Gora
Ordinary
100%
Focus Park Piotrk\u00f3w Trybunalski sp.z o.o.
Ordinary
100%
Inflancka\u00a04b,\u00a000-189,\u00a0Warsaw,\u00a0Poland
Aviva Services Sp\u00f3\u0142ka z ograniczon\u0105
odpowiedzialno\u015bci\u0105
Ordinary
100%
Singapore
1 Harbourfront Avenue, #14-08 Keppel Bay Tower, 098632,
Singapore
Aviva Asia Management Pte. Ltd.
Ordinary
100%
138\u00a0Market\u00a0Street,\u00a0#05-01\u00a0CapitaGreen,\u00a0048946,\u00a0Singapore
Aviva Investors Asia Pte. Limited
Ordinary
100%
Spain
1D, 13 Edificio Am\u00e9rica Av. de Bruselas, 28108, Alcobendas, Madrid,
Spain
E\u00f3lica Almatret S.L.
Ordinary
100%
Calle Mestre Nicolau, N\u00famero 19, 5\u00ba Barcelona 08021, Spain
Propia Operating Company, S.L.
Ordinary
30%
calle Pr\u00edncipe de Vergara 112, 28002 Madrid, Spain
Banbury Invest SL
Ordinary
66%
Company name
Share Class held
% of
total
equity
Browhead Invest SL
Ordinary
66%
Granthill SL
Ordinary
100%
Nightdale S.L.
Ordinary
100%
Propia Sants SLU
Ordinary
66%
Propia Terrassa SLU
Ordinary
66%
Propia Valdebebas, S.L.
Ordinary
66%
Sandhills Invest SL
Ordinary
100%
Swalinbar S.L.
Ordinary
66%
Willingden Spain SLU
Ordinary
66%
Sweden
c/o TMF Sweden AB, Vasagatan 38, 111 20, Stockholm, Sweden
AICT EUR Real Estate Holding AB
Ordinary
100%
Switzerland
Leutschenbachstrasse\u00a045,\u00a08050\u00a0Zurich,\u00a0Switzerland
Aviva Investors Schweiz GmbH
Ordinary
100%
United Kingdom
1 Filament Walk, Suite 203, London, SW18 4GQ, United Kingdom
Freetricity South East Limited
Ordinary
100%
1 More London Place, London, SE1 2AF, United Kingdom
IFA Services Holdings Company Limited
Ordinary
0%
1 Paddington Square, London, W2 1GL,\u00a0United Kingdom
Capital Group European Core Equity Fund
SICAV
22%
1st Floor, Avenue House, 42-44 Rosemary Street, Belfast, BT1 1QE,
United Kingdom
Destination Financial Planning Limited
Ordinary
100%
Navigator Financial Planning Limited
Ordinary
100%
Watson Laird Limited
Ordinary
100%
1st Floor Finlay House, 10-14 West Nile Street, Glasgow, G1 2PP,
United Kingdom
Spence and Spence (Scotland) Limited
Ordinary
100%
1-2 Morston Court, Blakeney Way, Cannock, WS11 8JB, United
Kingdom
New Homes Mortgage Services LLP
Partnership
29%
2 Communications Road, Greenham Business Park, Newbury, RG19
6AB, United Kingdom
Connected Kerb Limited
Ordinary
94%
2 Savoy Court, London, WC2R 0EZ, United Kingdom
Liontrust Sustainable Future Corporate
Bond Fund
OEIC
31%
Liontrust Sustainable Future European
Growth Fund
OEIC
55%
Liontrust Sustainable Future Global Growth
Fund
OEIC
23%
Liontrust Sustainable Future Managed Fund
OEIC
50%
Liontrust Sustainable Future Managed
Growth Fund
OEIC
26%
Liontrust Sustainable Future UK Growth
Fund
OEIC
31%
Liontrust UK Ethical Fund
OEIC
68%
2nd Floor, 110 Cannon Street, London, EC4N 6EU, United Kingdom
Biomass UK No. 3 Limited
Ordinary
100%
Company name
Share Class held
% of
total
equity
Biomass UK No.2 Limited
Ordinary
100%
3a Dublin Meuse, Edinburgh, EH3 6NW, United Kingdom
Par Forestry IV Holdco Limited
Ordinary
100%
PAR Forestry IV L.P.
Partnership
100%
3rd Floor, 19-20 Berners Street, London, W1T 3NW, United Kingdom
Anthemis Female Innovators Lab Fund
Venture Fund
32%
4th Floor, 95 Chancery Lane, London, WC2A 1DT, United Kingdom
Broadwood LLSCF Management Limited
Ordinary
25%
Broadwood LLSCF Lending 1 Limited
Ordinary
25%
Broadwood LLSCF Limited
Ordinary
25%
Broadwood Later Living Sustainable
Construction Finance LP
Partnership
100%
4th Floor, Millbank Tower, London, SW1P 4QP, United Kingdom
Friends SL Nominees Limited
Ordinary
0%
4th Floor, New London House, 6 London Street, London, EC3R 7LP,
United Kingdom
Polaris U.K. Limited
Ordinary
39%
4th Floor, Pountney Hill House, 6 Laurence Pountney Hill, London,
EC4R 0BL, United Kingdom
SVS AllianceBernstein Low Volatility Global
Equity Fund
OEIC
34%
5-11 Worship Street, 3rd Floor, London, EC2A 2BH, United Kingdom
Acre Platforms Limited
Preferred A2
37%
8 Surrey Street, Norwich, NR1 3NG, United Kingdom
Aviva Central Services UK Limited
Ordinary
100%
Aviva Credit Services UK Limited
Ordinary
100%
Aviva Health UK Limited
Ordinary
100%
Aviva Insurance UK Limited
Ordinary
100%
Aviva UK Digital Limited
Ordinary
100%
Aviva UKGI Investments Ltd
Ordinary
100%
Commercial Union Corporate Member
Limited
Ordinary
100%
Gresham Insurance Company Limited
Ordinary
100%
London and Edinburgh Insurance Company
Limited
Ordinary
100%
Solus (London) Limited
Ordinary
100%
The Ocean Marine Insurance Company
Limited
Ordinary
100%
10\u00a0Orange\u00a0Street,\u00a0London,\u00a0WC2H\u00a07DQ,\u00a0United\u00a0Kingdom
Healthcode Limited
Ordinary C, E
20%
12 Throgmorton Avenue, London, EC2N 2DL, United Kingdom
ACS Asia Pacific Ex Japan ESG Insights
Equity Fund
ACS
55%
ACS Europe ex UK ESG Insights Equity Fund
ACS
28%
ACS Japan ESG Insights Equity Fund
ACS
24%
ACS North America ESG Insights Equity
Fund
ACS
34%
ACS UK ESG Insights Equity Fund
ACS
57%
ACS World ESG Insights Equity Fund
ACS
71%
BlackRock Global Corporate ESG Insights
Bond Fund
Unit Trust
39%
BlackRock Growth Allocation Fund
ACS
100%
Company name
Share Class held
% of
total
equity
BlackRock Market Advantage Fund
Unit Trust
47%
BlackRock Retirement Allocation Fund
ACS
100%
14 Albany Street, Edinburgh, EH1 3QB, United Kingdom
Criterion Tec Holdings Ltd
Ordinary
24%
Criterion Tec Ltd
Ordinary
24%
22 Bishopsgate, London, EC2N 4BQ, United Kingdom
AXA Ethical Distribution Fund
OEIC
46%
AXA Framlington American Growth Fund
Unit Trust
21%
42-44 Rosemary Street, Belfast, BT1 1QE, United Kingdom
Law Society (NI) Financial Advice Limited
Ordinary
100%
50 Stratton Street, London, W1J 8LT, United Kingdom
Lazard Multicap UK Income Fund
OEIC
53%
57-59 St James\u2019s Street, London, SW1A 1LD, United Kingdom
Artemis UK Special Situations Fund
Unit Trust
28%
80 Fenchurch Street, London, EC3M 4AE, United Kingdom
1 Fitzroy Place Limited Partnership
Partnership
50%
2 Fitzroy Place Limited Partnership
Partnership
50%
2-10 Mortimer Street (GP No 1) Limited
Ordinary
50%
2-10 Mortimer Street GP Limited
Ordinary
50%
2-10 Mortimer Street Limited Partnership
Partnership
50%
6-10 Lowndes Square Management
Company Limited
Ordinary
0%
10 Station Road LP
Partnership
50%
10 Station Road Nominee 1 Limited
Ordinary
50%
10 Station Road Nominee 2 Limited
Ordinary
50%
10-11 GNS Limited
Ordinary
100%
20 Gracechurch (General Partner) Limited
Ordinary
50%
20 Gracechurch Limited Partnership
Partnership
25%
20 Station Road LP
Partnership
50%
20 Station Road Nominee 1 Limited
Ordinary
50%
20 Station Road Nominee 2 Limited
Ordinary
50%
30 Station Road LP
Partnership
50%
30 Station Road Nominee 1 Limited
Ordinary
50%
30 Station Road Nominee 2 Limited
Ordinary
50%
41-42 Lowndes Square Management
Company Limited
Ordinary
78%
43 Lowndes Square Management Company
Limited
Ordinary
0%
50-60 Station Road LP
Partnership
50%
50-60 Station Road Nominee 1 Limited
Ordinary
50%
50-60 Station Road Nominee 2 Limited
Ordinary
50%
130 Fenchurch Street General Partner
Limited
Ordinary
100%
130 Fenchurch Street LP
Partnership
100%
130 Fenchurch Street Nominee 1 Limited
Ordinary
100%
130 Fenchurch Street Nominee 2 Limited
Ordinary
100%
2015 Sunbeam Limited
Ordinary
100%
ACP Stories 1 Limited
Ordinary
98%
AI Special PFI SPV Limited
Ordinary
0%
Company name
Share Class held
% of
total
equity
ALPF Single Family Homes General Partner
Ltd
Ordinary
100%
ALPF Single Family Homes LP
Partnership
100%
AS REGEN LLP
Partnership
50%
Ascot Real Estate Investments GP LLP
Partnership
50%
Ascot Real Estate Investments LP
Partnership
50%
Atlas Park Management Company Limited
Company
Limited by
guarantee
100%
Aviva Brands Limited
Ordinary
100%
Aviva Capital Partners Limited
Ordinary
100%
Aviva Commercial Finance Limited
Ordinary
100%
Aviva Company Secretarial Services Limited
Ordinary
100%
Aviva Employment Services Limited
Ordinary
100%
Aviva Europe UK Societas
Ordinary
100%
Aviva International Holdings Limited
Ordinary
100%
Aviva International Insurance Limited
Ordinary
100%
Aviva Investors 30:70 Global Equity
(Currency Hedged) Index (Custom
Screened) Fund
TTF
100%
Aviva Investors 40 Spring Gardens (General
Partner) Limited
Ordinary
100%
Aviva Investors 40:60 Global Equity Index
Fund
TTF
100%
Aviva Investors 50:50 Global Equity Index
(Custom Screened) Fund
TTF
100%
Aviva Investors 60:40 Global Equity Index
(Custom Screened) Fund
TTF
100%
Aviva Investors Asia Pacific ex Japan Fund
TTF
100%
Aviva Investors Balanced Life Fund
TTF
100%
Aviva Investors Balanced Pension Fund
TTF
100%
Aviva Investors Cautious Pension Fund
TTF
100%
Aviva Investors Global Climate Aware
Equity Fund
OEIC
99%
Aviva Investors Climate Transition Real
Assets Fund
TTF
100%
Aviva Investors Climate Transition Real
Assets LTAF
Fund
100%
Aviva Investors Commercial Assets GP
Limited
Ordinary
100%
Aviva Investors Commercial Assets
Nominee Limited
Ordinary
100%
Aviva Investors Continental European
Equity Fund
OEIC
7%
Aviva Investors Continental European
Equity Index (Custom Screened) Fund
TTF
100%
Aviva Investors CTF Holdco1 Limited
Ordinary
100%
Aviva Investors CTF Infrastructure Midco 1
Limited
Ordinary
100%
Aviva Investors Developed Asia Pacific ex
Japan Equity Index (Custom Screened)
Fund
TTF
100%
Aviva Investors Developed European ex UK
Equity Index (Custom Screened) Fund
TTF
100%
Company name
Share Class held
% of
total
equity
Aviva Investors Developed Overseas
Government Bond (ex UK) Index Fund
TTF
100%
Aviva Investors Developed World ex UK
Equity Index (Custom Screened) Fund
TTF
100%
Aviva Investors Distribution Fund
OEIC
0%
Aviva Investors Distribution Life Fund
TTF
100%
Aviva Investors EBC GP Limited
Ordinary
100%
Aviva Investors EBC Limited Partnership
Partnership
100%
Aviva Investors Emerging Market Equity
Core Fund
TTF
61%
Aviva Investors Energy Centres No.1 GP
Limited
Ordinary
100%
Aviva Investors Energy Centres No.1
Limited Partnership
Partnership
100%
Aviva Investors Europe Equity ex UK Core
Fund
TTF
71%
Aviva Investors Europe Equity ex UK Fund
TTF
100%
Aviva Investors Global Equity Endurance
Fund
OEIC
99%
Aviva Investors Global Equity Fund
TTF
100%
Aviva Investors Global Equity Growth Fund
TTF
100%
Aviva Investors Global Equity Income Fund
OEIC
25%
Aviva Investors Global Services Limited
Ordinary
100%
Aviva Investors GR SPV1 Limited
Ordinary
100%
Aviva Investors GR SPV3 Limited
Ordinary
100%
Aviva Investors GR SPV 4 Limited
Ordinary
100%
Aviva Investors GR SPV 5 Limited
Ordinary
100%
Aviva Investors GR SPV 6 Limited
Ordinary
100%
Aviva Investors GR SPV 7 Limited
Ordinary
100%
Aviva Investors GR SPV 8 Limited
Ordinary
100%
Aviva Investors GR SPV 9 Limited
Ordinary
100%
Aviva Investors GR SPV 10 Limited
Ordinary
100%
Aviva Investors GR SPV 11 Limited
Ordinary
100%
Aviva Investors GR SPV 12 Limited
Ordinary
100%
Aviva Investors GR SPV 13 Limited
Ordinary
100%
Aviva Investors GR SPV 14 Limited
Ordinary
100%
Aviva Investors GR SPV 15 Limited
Ordinary
100%
Aviva Investors GR SPV16 Limited
Ordinary
100%
Aviva Investors GR SPV17 Limited
Ordinary
100%
Aviva Investors Ground Rent GP Limited
Ordinary
100%
Aviva Investors Ground Rent Holdco
Limited
Ordinary
100%
Aviva Investors Higher Income Plus Fund
OEIC
14%
Aviva Investors Holdings Limited
Ordinary
100%
Aviva Investors Index Linked Gilt Fund
TTF
100%
Aviva Investors Index-Linked Gilts Over 5
Years Index Fund
TTF
100%
Aviva Investors Infrastructure GP Limited
Ordinary
100%
Aviva Investors Infrastructure Income B
Limited
Ordinary
100%
Aviva Investors Infrastructure Income C
Limited
Ordinary
100%
Company name
Share Class held
% of
total
equity
Aviva Investors Infrastructure Income C
No.4E Limited
Ordinary
100%
Aviva Investors Infrastructure Income C
No.4F Limited
Ordinary
100%
Aviva Investors Infrastructure Income
Limited Partnership
Partnership
100%
Aviva Investors Infrastructure Income M
Limited
Ordinary
100%
Aviva Investors Infrastructure Income M
No.4C Limited
Ordinary
100%
Aviva Investors Infrastructure Income M
No.4D Limited
Ordinary
100%
Aviva Investors Infrastructure Income No.1
Limited
Ordinary
100%
Aviva Investors Infrastructure Income No.2
Limited
Ordinary
100%
Aviva Investors Infrastructure Income
No.2B Limited
Ordinary
100%
Aviva Investors Infrastructure Income No.3
Limited
Ordinary
100%
Aviva Investors Infrastructure Income
No.3B Limited
Ordinary
0%
Aviva Investors Infrastructure Income
No.4A Limited
Ordinary
100%
Aviva Investors Infrastructure Income
No.4B Limited
Ordinary
100%
Aviva Investors Infrastructure Income No.5
Limited
Ordinary
100%
Aviva Investors Infrastructure Income No.6
Limited
Ordinary
41%
Aviva Investors Infrastructure Income
No.6a1 Limited
Ordinary
62%
Aviva Investors Infrastructure Income
No.6B Limited
Ordinary
29%
Aviva Investors Infrastructure Income
No.6B1 Limited
Ordinary
40%
Aviva Investors Infrastructure Income
No.6c Limited
Ordinary
60%
Aviva Investors Infrastructure Income
No.6c1 Limited
Ordinary
35%
Aviva Investors Infrastructure Income
No.6D Limited
Ordinary
100%
Aviva Investors Infrastructure Income No.7
Limited
Ordinary
64%
Aviva Investors Infrastructure Income No.8
Limited
Ordinary
100%
Aviva Investors International Index
Tracking Fund
OEIC
82%
Aviva Investors Japan Equity Core Fund
TTF
67%
Aviva Investors Japan Equity Fund
TTF
100%
Aviva Investors Japan Equity Growth Fund
OEIC
100%
Aviva Investors Japanese Equity Index
(Custom Screened) Fund
TTF
100%
Aviva Investors Managed High Income Fund
OEIC
74%
Aviva Investors Money Market VNAV Fund
TTF
100%
Aviva Investors Monthly Income Plus Fund
OEIC
0%
Company name
Share Class held
% of
total
equity
Aviva Investors Multi-Asset (40-85%
Shares) Index Fund
TTF
100%
Aviva Investors Multi-Asset Core Fund I
OEIC
30%
Aviva Investors Multi-Asset Core Fund II
OEIC
36%
Aviva Investors Multi-Asset Core Fund III
OEIC
36%
Aviva Investors Multi-Asset Core Fund IV
OEIC
26%
Aviva Investors Multi-Asset Core Fund V
OEIC
21%
Aviva Investors Multi-Asset Income Fund
OEIC
0%
Aviva Investors Multi-asset Plus I Fund
OEIC
15%
Aviva Investors Multi-asset Plus II Fund
OEIC
24%
Aviva Investors Multi-asset Plus III Fund
OEIC
42%
Aviva Investors Multi-asset Plus IV Fund
OEIC
28%
Aviva Investors Multi-asset Plus V Fund
OEIC
28%
Aviva Investors Multi-asset Sustainable
Stewardship Fund I
OEIC
100%
Aviva Investors Multi-asset Sustainable
Stewardship Fund II
OEIC
95%
Aviva Investors Multi-asset Sustainable
Stewardship Fund III
OEIC
99%
Aviva Investors Multi-asset Sustainable
Stewardship Fund IV
OEIC
95%
Aviva Investors Multi-Manager 20-60%
Shares Fund
OEIC
81%
Aviva Investors Multi-Manager 40-85%
Shares Fund
OEIC
78%
Aviva Investors Multi-Manager Flexible
Fund
OEIC
89%
Aviva Investors Multi-Sector Private Debt
100%
Aviva Investors Multi-Strategy Target
Return Fund
OEIC
90%
Aviva Investors Non-Gilt Bond All Stocks
Index Fund
TTF
100%
Aviva Investors Non-Gilt Bond Over 15
Years Index Fund
TTF
100%
Aviva Investors Non-Gilt Bond Up To 5
Years Index Fund
TTF
98%
Aviva Investors North American Equity
Core Fund
TTF
68%
Aviva Investors North American Equity
Fund
TTF
100%
Aviva Investors North American Equity
Index (Custom Screened) Fund
TTF
100%
Aviva Investors Pacific Equity ex Japan
Core Fund
TTF
81%
Aviva Investors Pacific ex Japan Equity
Index Fund
TTF
100%
Aviva Investors Pensions Limited
Ordinary
100%
Aviva Investors PIP Solar PV (General
Partner) Limited
Ordinary
100%
Aviva Investors PIP Solar PV Limited
Partnership
Partnership
100%
Aviva Investors PIP Solar PV No.1 Limited
Ordinary
100%
Aviva Investors Polish EBC LP
Partnership
100%
Aviva Investors Polish Retail GP Limited
Ordinary
100%
Company name
Share Class held
% of
total
equity
Aviva Investors Polish Retail Limited
Partnership
Partnership
100%
Aviva Investors Pre-Annuity Fixed Interest
Fund
TTF
100%
Aviva Investors Property Fund Management
Limited
Ordinary
100%
Aviva Investors Real Estate Active LTAF
Fund
100%
Aviva Investors Real Estate Limited
Ordinary
100%
Aviva Investors REALM Commercial Assets
Limited Partnership
Partnership
100%
Aviva Investors REALM Ground Rent
Limited Partnership
Partnership
100%
Aviva Investors REALM Social Housing
Limited Partnership
Partnership
86%
Aviva Investors REALTAF Holdco Limited
Ordinary
100%
Aviva Investors Secure Income REIT
Limited
Ordinary
100%
Aviva Investors Social Housing GP Limited
Ordinary
100%
Aviva Investors Social Housing Limited
Company
Limited by
guarantee
100%
Aviva Investors Sterling Corporate Bond
Fund
TTF
100%
Aviva Investors Sterling Gilt Fund
TTF
100%
Aviva Investors Strategic Bond Fund
OEIC
87%
Aviva Investors Strategic Global Equity
Fund
TTF
100%
Aviva Investors Sustainable Stewardship
Fixed Interest Fund
TTF
100%
Aviva Investors Sustainable Stewardship
UK Equity Fund
TTF
100%
Aviva Investors Sustainable Stewardship
UK Equity Income Fund
TTF
100%
Aviva Investors Sustainable Stewardship
International Equity Fund
TTF
100%
Aviva Investors UK Commercial Real Estate
Senior Debt L.P.
Partnership
21%
Aviva Investors UK CRESD GP Limited
Ordinary
100%
Aviva Investors UK Equity (ex Aviva,
Investment Trusts) Index (Custom
Screened) Fund
TTF
100%
Aviva Investors UK Equity Alpha Fund
TTF
95%
Aviva Investors UK Equity Core Fund
TTF
100%
Aviva Investors UK Equity Dividend Fund
TTF
100%
Aviva Investors UK Equity Index (Custom
Screened) Fund
TTF
100%
Aviva Investors UK Fund Services Limited
Ordinary
100%
Aviva Investors UK Gilts All Stocks Index
Fund
TTF
100%
Aviva Investors UK Gilts Over 15 Years
Index Fund
TTF
100%
Aviva Investors UK Gilts Up To 5 Years
Index Fund
TTF
100%
Aviva Investors UK Index Tracking Fund
OEIC
80%
Aviva Investors UK Listed Equity ex
Tobacco Fund
TTF
100%
Company name
Share Class held
% of
total
equity
Aviva Investors UK Listed Equity Fund
TTF
100%
Aviva Investors UK Listed Equity High
Alphas Fund
OEIC
0%
Aviva Investors UK Listed Equity Income
Fund
OEIC
100%
Aviva Investors UK Listed Equity Income
Fund
TTF
100%
Aviva Investors UK Listed Equity
Unconstrained Fund\u00a0
OEIC
1%
Aviva Investors UK Listed Small and Mid-
Cap Fund
OEIC
9%
Aviva Investors UK Property Feeder Acc
Fund
OEIC
22%
Aviva Investors UK Property Feeder Inc
Fund
OEIC
8%
Aviva Investors UK Property Fund
OEIC
16%
Aviva Investors US Equity Income Fund I
OEIC
0%
Aviva Investors US Equity Index (Custom
Screened) Fund
TTF
100%
Aviva Investors US Large Cap Equity Fund
TTF
100%
Aviva Investors Venture & Growth Capital
LTAF
Fund
100%
Aviva Overseas Holdings Limited
Ordinary
100%
Aviva Public Private Finance Limited
Ordinary
100%
Aviva RELI 1 GP Limited
Ordinary
100%
Aviva RELI 1 LP
Partnership
100%
Aviva RELI 1 Nominee Limited
Ordinary
100%
Aviva RELI 1 Unit Trust
Unit Trust
100%
Aviva RELI 2 GP Limited
Ordinary
100%
Aviva RELI 3 GP Limited
Ordinary
100%
Aviva RELI 3 LP
Partnership
100%
Aviva RELI 3 Nominee A Limited
Ordinary
100%
Aviva RELI 3 Nominee B Limited
Ordinary
100%
Aviva RELI 4 GP Limited
Ordinary
100%
Aviva RELI 4 LP
Partnership
100%
Aviva RELI 4 Nominee A Limited
Ordinary
100%
Aviva RELI 4 Nominee B Limited
Ordinary
100%
Aviva Special PFI GP Limited
Ordinary
100%
Aviva Special PFI Limited Partnership
Partnership
50%
Aviva Staff Pension Trustee Limited
Ordinary
100%
Barwell Business Park Nominee Limited
Ordinary
100%
Bermondsey Yards General Partner Limited
Ordinary
100%
Bermondsey Yards Limited Partnership
Partnership
100%
Bermondsey Yards Nominee 1 Limited
Ordinary
100%
Bermondsey Yards Nominee 2 Limited
Ordinary
100%
Bersey Warehouse Nominee 1 Limited
Ordinary
8%
Bersey Warehouse Nominee 2 Limited
Ordinary
8%
Biomass UK No.1 LLP
Partnership
100%
Biomass UK No.4 Limited
Ordinary
100%
Building a Future (Newham Schools) Limited
Ordinary
100%
Bunns Lane Development Limited
Ordinary
98%
Company name
Share Class held
% of
total
equity
Cara Renewables Limited
Ordinary
100%
CCPF No.4 LP
Partnership
100%
CGU International Holdings B.V.
Ordinary
100%
Chesterford Park (General Partner) Limited
Ordinary
50%
Chesterford Park (Nominee) Limited
Ordinary
50%
Chesterford Park Limited Partnership
Partnership
50%
Commercial Union Life Assurance Company
Limited
Ordinary
100%
Digital Garage Nominee 1 Limited
Ordinary
8%
Digital Garage Nominee 2 Limited
Ordinary
8%
EES Operations 1 Limited
Ordinary
100%
Electric Avenue Ltd
Ordinary
100%
Elms Road Wokingham Ltd
Ordinary
100%
Fitzroy Place GP 2 Limited
Ordinary
50%
Fitzroy Place Management Co Limited
Ordinary
50%
Fitzroy Place Residential Limited
Ordinary
50%
Free Solar (Stage 2) Limited
Ordinary
100%
Gobafoss General Partner Limited
Ordinary
100%
Heritage FL Single Family Homes Limited
Ordinary
100%
Heritage FL Single Family Homes LP
Partnership
100%
Hooton Bio Power Limited
Ordinary
56%
Houlton Commercial Management
Company 2 Limited
Company
Limited by
guarantee
50%
Houlton Commercial Management
Company Limited
Company
Limited by
guarantee
50%
Houlton Community Management Company
Limited
Company
Limited by
guarantee
50%
Igloo Regeneration (General Partner)
Limited
Ordinary
50%
Igloo Regeneration (Nominee) Limited
Ordinary
50%
Igloo Regeneration Developments (General
Partner) Limited
Ordinary
50%
Igloo Regeneration Developments Limited
Partnership
Partnership
20%
Igloo Regeneration Partnership
Partnership
100%
Igloo Regeneration Property Unit Trust
Unit Trust
50%
Lime Property Fund (General Partner)
Limited
Ordinary
100%
Lime Property Fund (Nominee) Limited
Ordinary
100%
Lime Property Fund Limited Partnership
Partnership
1%
Lombard (London) 1 Limited
Ordinary
100%
Lombard (London) 2 Limited
Ordinary
100%
Longcross General Partner Limited
Ordinary
100%
Longcross Limited Partnership
Partnership
100%
Longcross Nominee 1 Limited
Ordinary
100%
Longcross Nominee 2 Limited
Ordinary
100%
Milla Park GP Limited
Ordinary
100%
Milla Park Limited Partnership
Partnership
100%
Milla Park Nominee 1 Limited
Ordinary
100%
Company name
Share Class held
% of
total
equity
Milla Park Nominee 2 Limited
Ordinary
100%
Milla Park Unit Trust
Unit Trust
100%
Mortimer Street Associated Co 1 Limited
Ordinary
50%
Mortimer Street Associated Co 2 Limited
Ordinary
50%
Mortimer Street Nominee 1 Limited
Ordinary
50%
Mortimer Street Nominee 2 Limited
Ordinary
50%
Mortimer Street Nominee 3 Limited
Ordinary
50%
New Broad Street House LP
Partnership
50%
New Broad Street House Nominee 1 Limited
Ordinary
50%
New Broad Street House Nominee 2 Limited
Ordinary
50%
Norwich Union (Shareholder GP) Limited
Ordinary
100%
Norwich Union Public Private Partnership
Fund
Partnership
100%
NU 3PS Limited
Ordinary
100%
NU Developments (Brighton) Limited
Ordinary
100%
NU Library For Brighton Limited
Ordinary
100%
NU Local Care Centres (Bradford) Limited
Ordinary
100%
NU Local Care Centres (Chichester No. 1)
Limited
Ordinary
100%
NU Local Care Centres (Chichester No. 2)
Limited
Ordinary
100%
NU Local Care Centres (Chichester No. 3)
Limited
Ordinary
100%
NU Local Care Centres (Chichester No. 4)
Limited
Ordinary
100%
NU Local Care Centres (Chichester No. 5)
Limited
Ordinary
100%
NU Local Care Centres (Chichester No. 6)
Limited
Ordinary
100%
NU Local Care Centres (Farnham) Limited
Ordinary
100%
NU Offices for Redcar Limited
Ordinary
100%
NU Schools for Redbridge Limited
Ordinary
100%
NU Technology and Learning Centres
(Hackney) Limited
Ordinary
100%
NUPPP (Care Technology and Learning
Centres) Limited
Ordinary
100%
NUPPP (GP) Limited
Ordinary
100%
NUPPP Nominees Limited
Ordinary
100%
Pegasus House and Nuffield House LP
Partnership
50%
Pegasus House and Nuffield House
Nominee 1 Limited
Ordinary
50%
Pegasus House and Nuffield House
Nominee 2 Limited
Ordinary
50%
Porth Teigr Management Company Limited
Ordinary
50%
Project Farm 1 GP Ltd
Ordinary
100%
Project Farm 1 LP
Partnership
100%
Project Farm 1 Nominee A Ltd
Ordinary
100%
Project Farm 1 Nominee B Ltd
Ordinary
100%
Quarryvale One Limited
Ordinary
100%
REALTAF Cambridge GP Limited
Ordinary
100%
REALTAF Cambridge LP
Partnership
100%
REALTAF Ebbsfleet GP Limited
Ordinary
100%
Company name
Share Class held
% of
total
equity
REALTAF Ebbsfleet LP
Partnership
100%
REALTAF Whitehouse GP Limited
Ordinary
100%
REALTAF Whitehouse LP
Partnership
100%
REALTAF Wixams GP Limited
Ordinary
100%
REALTAF Wixams LP
Partnership
100%
Renewable Clean Energy 3 Limited
Ordinary
100%
Renewable Clean Energy Limited
Ordinary
100%
Riley Factory Nominee 1 Limited
Ordinary
8%
Riley Factory Nominee 2 Limited
Ordinary
8%
Rugby Radio Station (General Partner)
Limited
Ordinary
50%
Rugby Radio Station (Nominee) Limited
Ordinary
50%
Rugby Radio Station Limited Partnership
Partnership
50%
SHR Bordon Limited
Ordinary
100%
SHR Coventry Limited
Ordinary
100%
SHR Ipswich Limited
Ordinary
100%
SHR Ipswich OpCo Limited
Ordinary
100%
SHR Linmere Limited
Ordinary
100%
SHR Swindon Limited
Ordinary
100%
SHR Telford Limited
Ordinary
100%
SHR Telford OpCO Limited
Ordinary
100%
Solar Clean Energy Limited
Ordinary
100%
Southgate General Partner Limited
Ordinary
50%
Southgate LP (Nominee 1) Limited
Ordinary
50%
Southgate LP (Nominee 2) Limited
Ordinary
50%
Spire Energy Ltd
Ordinary
100%
Station Road Cambridge LP
Partnership
50%
Station Road General Partner LLP
Partnership
50%
Station Road GP Limited
Ordinary
100%
Stonebridge Cross Management Limited
Company
Limited by
guarantee
100%
Stoney Wood Property Developments
Limited
Ordinary
100%
SUE Developments LP
Partnership
50%
SUE GP LLP
Partnership
50%
SUE GP Nominee Limited
Ordinary
50%
Sustainable Housing Holdco Limited
Ordinary
100%
Sustainable Housing Topco Limited
Ordinary
100%
Sustainable Storage HoldCo Limited
Ordinary
100%
Sustainable Storage Portfolio SPV Limited
Ordinary
100%
Sustainable Storage Topco Limited
Ordinary
100%
Swan Valley Management Limited
Ordinary
0%
The Designer Retail Outlet Centres
(Mansfield) General Partner Limited
Ordinary
100%
The Designer Retail Outlet Centres
(Mansfield) Limited Partnership
Partnership
97%
The Designer Retail Outlet Centres (York)
General Partner Limited
Ordinary
100%
The Designer Retail Outlet Centres (York)
Limited Partnership
Partnership
97%
Company name
Share Class held
% of
total
equity
The Rutherford Nominee 1 Limited
Ordinary
8%
The Rutherford Nominee 2 Limited
Ordinary
8%
The Square Brighton Limited
Ordinary
100%
The Southgate Limited Partnership
Partnership
50%
Truespeed Communications Group Limited
Ordinary
45%
Truespeed Holdings Limited
Ordinary
41%
New Broad Street House GP Limited
Ordinary
100%
Tyne Assets (No 2) Limited
Ordinary
100%
Tyne Assets Limited
Ordinary
100%
Undershaft Limited
Ordinary
100%
WBS Growth Partnership LLP
Partnership
33%
Welsh Insurance Corporation Limited
Ordinary
100%
Westcountry Solar Solutions Limited
Ordinary
100%
Yorkshire Insurance Company Limited
Ordinary
100%
88 Leadenhall Street, London, EC3A 3BP, United Kingdom
AdA Risk Holding Co Limited
Ordinary
25%
AdA Underwriters Limited
Ordinary
25%
Probitas 1492 Services Limited
Ordinary
100%
Probitas Corporate Capital Limited
Ordinary
100%
Probitas Holdings (UK) Limited
Ordinary
100%
Probitas Managing Agency Limited
Ordinary
100%
180 Great Portland Street, London, W1W 5QZ, United Kingdom
Quantum Property Partnership (General
Partner) Limited
Ordinary
50%
Quantum Property Partnership (Nominee)
Limited
Ordinary
50%
6600 Cinnabar Court Daresbury Park, Daresbury, Warrington, WA4
4GE, United Kingdom
BNET Ultra Limited
Ordinary
30%
ITS (Holdco) Limited
Ordinary
30%
ITS (Midco) Limited
Ordinary
30%
ITS Hammersmith & Fulham Limited
Ordinary
30%
ITS Nottingham Limited
Ordinary
30%
ITS Technology Group Limited
Ordinary
30%
ITS Telecom Solutions Limited
Ordinary
30%
Liverpool City Region Digital Limited
Ordinary
8%
NextGenAccess Limited
Ordinary
30%
Building 1063, Cornforth Drive, Kent Science Park, Sittingbourne,
ME9 8PX, United Kingdom
Digital Greenwich Connect Ltd
Ordinary
15%
c/o Interpath Ltd 4th Floor, Tailor's Corner, Thirsk Row, Leeds, LS1
4DP, United Kingdom
Tenet Financial Services Limited
Ordinary
49%
Tenet Mortgage Solutions Limited
Ordinary
49%
c/o Interpath Ltd, 10 Fleet Place, London, EC4M 7RB, United Kingdom
Tenet Group Limited
Ordinary
49%
Tenet Limited
Ordinary
49%
TenetConnect Limited
Ordinary
49%
TenetConnect Services Limited
Ordinary
49%
Company name
Share Class held
% of
total
equity
c/o Wilmington Trust SP Services (London) Limited, Third Floor, 1
King\u2019s Arms Yard, London, EC2R 7AF, United Kingdom
Equity Release Funding (No.1) plc
Ordinary
0%
Equity Release Funding (No.2) plc
Ordinary
0%
Equity Release Funding (No.3) plc
Ordinary
0%
Equity Release Funding (No.4) plc
Ordinary
0%
Equity Release Funding (No.5) plc
Ordinary
0%
ERF Trustee (No. 4) Limited
Ordinary
0%
ERF Trustee (No. 5) Limited
Ordinary
0%
Brook House Manor Drive, Clyst St. Mary, Exeter, EX5 1GD
DFP Health & Wealth Management Limited
Ordinary
100%
DFP Wealth Management Ltd
Ordinary
100%
G & E Wealth Management Limited
Ordinary
100%
HKA (F S) Limited
Ordinary
100%
The Oxford Advisory Partnership Limited
Ordinary
100%
Calton Square, 1 Greenside Row, Edinburgh, EH1 3AN, United
Kingdom
Baillie Gifford International Fund
OEIC
31%
Baillie Gifford UK Equity Core Fund
OEIC
25%
Capital\u00a0Tower,\u00a091\u00a0Waterloo\u00a0Road,\u00a0London,\u00a0SE1\u00a08RT, United\u00a0Kingdom
Rock Road Devco Limited
Ordinary
49%
Exchange House, Primrose Street, London, EC2A 2HS, United
Kingdom
CT (Lux) Diversified Growth Fund
SICAV
98%
CT (Lux) European Growth & Income Fund
SICAV
68%
CT Global Total Return Bond Fund
OEIC
26%
Churchill\u00a0Court,\u00a0Westmoreland\u00a0Road,\u00a0Bromley,\u00a0Kent,\u00a0BR1\u00a01DP, United
Kingdom
Brolly UK Technology Limited
Ordinary,
Preference
100%
By Miles Group Ltd
Ordinary
100%
By Miles Ltd
Ordinary
100%
By Miles Technology Services Ltd
Ordinary
100%
Churchill Insurance Company Limited
Ordinary
100%
Direct Line Group Limited
Ordinary
100%
Direct Line Insurance Group Limited*
Ordinary
100%
Direct Line Insurance Limited
Ordinary
100%
DL Insurance Services Limited
Ordinary
100%
DLG Pension Trustee Limited
Ordinary
100%
Farmweb Limited
Ordinary
100%
Finsure Premium Finance Limited
Ordinary
100%
Green Flag Holdings Limited
Ordinary
100%
Inter Group Insurance Services Limited
Ordinary
100%
Intergroup Assistance Services Limited
Ordinary
100%
National Breakdown Recovery Club Limited
Ordinary
100%
Nationwide Breakdown Recovery Services
Limited
Ordinary
100%
The National Insurance and Guarantee
Corporation Limited
Ordinary
100%
U K Insurance Business Solutions Limited
Ordinary
100%
Company name
Share Class held
% of
total
equity
UK Assistance Accident Repair Centres
Limited
Ordinary
100%
UK Assistance Limited
Ordinary
100%
UKI Life Assurance Services Limited
Ordinary
100%
Exchange Tower, 19 Canning Street, Edinburgh, EH3 8EH, United
Kingdom
Hoxton Campus LP
Partnership
8%
Hoxton General Partner LLP
Partnership
8%
Forum 4, Solent Business Park, Parkway South, Whitley, Fareham,
PO15 7AD, United Kingdom
1 Liverpool Street GP Limited
Ordinary
50%
1 Liverpool Street Limited Partnership
Partnership
30%
1 Liverpool Street Nominee 1 Limited
Ordinary
50%
1 Liverpool Street Nominee 2 Limited
Ordinary
50%
101 Moorgate GP Limited
Ordinary
50%
101 Moorgate Limited Partnership
Partnership
30%
101 Moorgate Nominee 1 Limited
Ordinary
50%
101 Moorgate Nominee 2 Limited
Ordinary
50%
Midlands Regen I GP Limited
Ordinary
95%
Midlands Regen I Limited Partnership
Partnership
95%
Midlands Regen I Nominee Limited
Ordinary
95%
Founders\u00a0Factory\u00a0(Level\u00a07)\u00a0Arundel\u00a0Street\u00a0Building,\u00a0180\u00a0Strand,\u00a0
2\u00a0Arundel\u00a0Street,\u00a0London,\u00a0WC2R\u00a03DA,\u00a0United\u00a0Kingdom
FF AV JV Limited
Preference
20%
Grant Thornton Uk Advisory & Tax Llp 11th Floor Landmark St Peters
Square, 1 Oxford Street, Manchester, M1 4PB
Opus Park Management Limited
Company
Limited by
guarantee
100%
Grant\u00a0Thornton\u00a0UK\u00a0LLP,\u00a030\u00a0Finsbury\u00a0Square,\u00a0London,\u00a0EC2P\u00a02YU,\u00a0
United\u00a0Kingdom
Defined Returns Limited
Ordinary
29%
NDF Administration Limited
Ordinary
33%
Legal & General (Unit Trust Managers) Limited, PO Box 6080,
Wolverhampton, WV1 9RB, United Kingdom
L&G Multi-Index Eur III-NEA
OEIC
85%
L&G Multi-Index Eur IV-NEA
OEIC
100%
L&G Multi-Index Eur V-NEA
OEIC
100%
Level 16, 5 Aldermanbury Square, London, EC2V 7HR, United
Kingdom
Houghton Regis Management Company
Limited
Ordinary
33%
Nations\u00a0House,\u00a03rd\u00a0Floor,\u00a0103\u00a0Wigmore\u00a0Street,\u00a0London,\u00a0W1U\u00a01QS,\u00a0
United\u00a0Kingdom
Cannock Consortium Holdings Limited
Ordinary
43%
Cannock Consortium LLP
Partnership
43%
Cannock Designer Outlet (GP Holdings)
Limited
Ordinary
43%
Cannock Designer Outlet (GP) Limited
Ordinary
43%
Cannock Designer Outlet (Nominee 1)
Limited
Ordinary
43%
Cannock Designer Outlet (Nominee 2)
Limited
Ordinary
43%
Company name
Share Class held
% of
total
equity
Cannock Designer Outlet Limited
Partnership
Partnership
37%
Old Bourchiers Hall, New Road, Aldham, Colchester, C06 3QU,
United Kingdom
County Broadband Holdings Limited
Ordinary
62%
County Broadband Ltd
Ordinary
45%
One Coleman Street, London, EC2R 5AA, United Kingdom
L&G Diversified Fund
Unit Trust
86%
Pembroke\u00a0House,\u00a015\u00a0Pembroke\u00a0Road,\u00a0Clifton,\u00a0Bristol,\u00a0BS8\u00a03BA,\u00a0
United\u00a0Kingdom
Bristol Business Park Management Limited
Ordinary
0%
Pennine Place, 2a Charing Cross Road, London, WC2H 0HF, United
Kingdom
Clean Growth Fund
Partnership
10%
Perpetual Park, Perpetual Park Drive, Henley-on-Thames, RG9 1HH,
United Kingdom
Invesco Summit Responsible 2 Fund (UK)
OEIC
38%
Invesco Summit Responsible 5 Fund (UK)
OEIC
30%
Pinesgate West, Lower Bristol Road, Bath, BA2 3DP, United Kingdom
Truespeed Communications Ltd
Ordinary
45%
Pitheavlis,\u00a0Perth,\u00a0PH2\u00a00NH,\u00a0United\u00a0Kingdom
AICT GBP Real Estate (Curtain House)
General Partner Limited
Ordinary
100%
AICT GBP Real Estate (Curtain House)
Limited Partnership
Partnership
100%
Aviva (Peak No.1) UK Limited
Ordinary
100%
Aviva Insurance Limited
Ordinary
100%
Aviva Investors (FP) Limited
Ordinary
100%
Aviva Investors (FP) LP
Partnership
100%
Aviva Investors (GP) Scotland Limited
Ordinary
100%
Aviva Investors Climate Transition GBP Real
Estate General Partner Limited
Ordinary
100%
Aviva Investors Climate Transition GBP Real
Estate Limited Partnership
Partnership
100%
Aviva Investors Private Equity Programme
2008 Partnership
Partnership
40%
Riverbank House 2 Swan Lane, London, EC4R 3AD, United Kingdom
Man Balanced Managed Fund
OEIC
22%
Salisbury House, London Wall, London, EC2M 5QQ, United Kingdom
London Wall Partners LLP
Partnership
100%
Tec\u00a0Marina\u00a0Terra\u00a0Nova\u00a0Way,\u00a0Penarth,\u00a0Cardiff,\u00a0CF64\u00a01SA,\u00a0
United\u00a0Kingdom
Wealthify Group Limited
Ordinary
100%
Wealthify Limited
Ordinary
100%
The Apex, Brest Road, Derriford Business Park, Derriford, Plymouth,
PL6 5FL, United Kingdom
Cutter & Co Financial Planning Limited
Ordinary
100%
Flowers McEwan Limited
Ordinary
100%
Lee Strathy Limited
Ordinary
100%
Succession Advisory Services Limited
Ordinary
100%
Succession Employee Benefit Solutions
Limited
Ordinary
100%
Company name
Share Class held
% of
total
equity
Succession Financial Management Limited
Ordinary
100%
Succession Group Ltd
Ordinary
100%
Succession Holdings Ltd
Ordinary
100%
Succession Wealth Management Limited
Ordinary
100%
Tag Financial Planning Limited
Ordinary
100%
True Financial Partnerships Limited
Ordinary
100%
True Wealth Management Limited
Ordinary
100%
True Wealth Planning Solutions Limited
Ordinary
100%
Veracity Asset Transformation Service
Limited
Ordinary
100%
The\u00a0Green,\u00a0Easter\u00a0Park,\u00a0Benyon\u00a0Road,\u00a0Reading,\u00a0RG7\u00a02PQ,\u00a0
United\u00a0Kingdom
Anesco Mid Devon Limited
Ordinary
100%
Anesco South West Limited
Ordinary
100%
Free Solar (Stage 1) Limited
Ordinary
100%
Homesun 2 Limited
Ordinary
100%
Homesun 3 Limited
Ordinary
100%
Homesun 4 Limited
Ordinary
100%
Homesun 5 Limited
Ordinary
100%
Homesun Limited
Ordinary
100%
New Energy Residential Solar Limited
Ordinary
100%
Norton Energy SLS Limited
Ordinary
100%
TGHC Limited
Ordinary
100%
The\u00a0Wharf,\u00a0Neville\u00a0Street,\u00a0Leeds,\u00a0LS1\u00a04AZ, United Kingdom
DLG Legal Services Limited
Ordinary
100%
Green Flag Group Limited
Ordinary,
Deferred,
Preference
100%
Green Flag Limited
Ordinary,
Deferred,
Preference
100%
U K Insurance Limited
Ordinary
100%
Third Floor, Queensberry House, 3 Old Burlington Street, London,
W1S 3AE, United Kingdom
Manse Opus Management Company
Limited
Company
Limited by
Guarantee
20%
Waverley\u00a0House,\u00a09\u00a0Noel\u00a0Street,\u00a0London,\u00a0W1F\u00a08GQ,\u00a0United\u00a0Kingdom
Colby River Limited
Ordinary
30%
Wellington\u00a0Row,\u00a0York,\u00a0YO90\u00a01WR,\u00a0United\u00a0Kingdom
Aviva (Peak No.2) UK Limited
Ordinary
100%
Aviva Administration Limited
Ordinary
100%
Aviva Client Nominees UK Limited
Ordinary
100%
Aviva Equity Release UK Limited
Ordinary
100%
Aviva ERFA 15 UK Limited
Ordinary
100%
Aviva Investment Solutions UK Limited
Ordinary
100%
Aviva Life & Pensions UK Limited
Ordinary
100%
Aviva Life Holdings UK Limited
Ordinary
100%
Aviva Life Investments International
(General Partner) Limited
Ordinary
100%
Aviva Life Investments International
(Recovery) Limited
Ordinary
100%
Company name
Share Class held
% of
total
equity
Aviva Life Investments International L.P.
Partnership
100%
Aviva Life Services UK Limited
Ordinary
100%
Aviva Master Trust Trustees UK Limited
Ordinary
100%
Aviva Management Services UK Limited
Ordinary
100%
Aviva Pension Trustees UK Limited
Ordinary
100%
Aviva Protection UK Limited
Ordinary
100%
Aviva Savings Limited
Ordinary
100%
Aviva Trustees UK Limited
Ordinary
100%
Aviva UKLAP De-risking Limited
Ordinary
100%
Aviva Wealth Holdings UK Limited
Ordinary
100%
Aviva Wrap UK Limited
Ordinary
100%
Bankhall Support Services Limited
Ordinary
100%
CGNU Life Assurance Limited
Ordinary
100%
Friends AEL Trustees Limited
Ordinary
100%
Friends AELLAS Limited
Ordinary
100%
Friends Life and Pensions Limited
Ordinary
100%
Friends Life Assurance Society Limited
Ordinary
100%
Friends Life Company Limited
Ordinary
100%
Friends Life FPLMA Limited
Ordinary
100%
Friends Life Limited
Ordinary
100%
Friends Life WL Limited
Ordinary
100%
Friends Provident Investment Holdings
Limited
Ordinary
100%
Friends Provident Life Assurance Limited
Ordinary
100%
Friends' Provident Life Office
Company
Limited by
guarantee
0%
Friends' Provident Managed Pension Funds
Limited
Ordinary
100%
Friends Provident Pension Scheme
Trustees Limited
Ordinary
100%
Friends SLUA Limited
Ordinary
100%
Gateway Specialist Advice Services Limited
Ordinary
100%
Group Risk Services Limited
Ordinary
100%
Heritage friends life institutional (SLPM)
Ordinary
100%
The Lancashire and Yorkshire Reversionary
Interest Company Limited
Ordinary
100%
London and Manchester Group Limited
Ordinary
100%
Premier Mortgage Service Limited
Ordinary
100%
Sesame Bankhall Group Limited
Ordinary
100%
Sesame Bankhall Valuation Services Limited
Ordinary
75%
Sesame General Insurance Services Limited
Ordinary
100%
Sesame Limited
Ordinary
100%
Sesame Services Limited
Ordinary
100%
Suntrust Limited
Ordinary
100%
Undershaft (NULLA) Limited
Ordinary
100%
Undershaft FAL Limited
Ordinary
100%
Undershaft FPLLA Limited
Ordinary
100%
Undershaft SLPM Limited
Ordinary
100%
Voyager Park South Management Company
Limited
Ordinary
52%
Company name
Share Class held
% of
total
equity
Wealth Limited
Ordinary
100%
United\u00a0States
100 Wilshire Boulevard, Santa Monica, California Suite 2060, 90401,
United States
Fifth Wall Accelerate (Late-Stage), L.P.
Partnership
4%
225\u00a0West\u00a0Wacker\u00a0Drive,\u00a0Suite\u00a02250,\u00a0Chicago\u00a0IL\u00a060606,\u00a0United\u00a0States
Aviva Investors North America Holdings,
Inc
Common
100%
1209\u00a0Orange\u00a0Street,\u00a0Wilmington,\u00a0DE,\u00a019801,\u00a0United\u00a0States
Aviva Investors Americas LLC
Sole Member
100%
251\u00a0Little\u00a0Falls\u00a0Drive,\u00a0Wilmington,\u00a0DE,\u00a019808,\u00a0United\u00a0States
UKP Holdings Inc.
Common
100%
Cogency\u00a0Global\u00a0Inc.,\u00a0850\u00a0New\u00a0Burton\u00a0Road,\u00a0Suite\u00a0201,\u00a0Dover,\u00a0
Delaware,\u00a0Kent\u00a0County,\u00a019904,\u00a0United\u00a0States
Exeter Properties Inc.
Common
95%
Winslade Investments Inc.
Common
100%
*99.99999574489%, the balance of which is held by a sanctioned shareholder and which
Aviva will acquire upon such shareholder ceasing to be sanctioned or upon clearance by
the Office of Financial Sanctions Implementation.
Definitions
Authorised Contractual Scheme ('ACS')
Fond common de Placement ('FCP')
Irish Collective Asset-management Vehicle ('ICAV')
Open Ended Investment Companies ('OEIC')
Soci\u00e9t\u00e9 d'Investment \u00e0 Capital Variable ('SICAV')
Tax Transparent Fund ('TTF')
Audit exemptions
The subsidiary undertakings of the Company, listed below, are
exempt from the requirement to have their financial
statements audited for the year ended 31 December 2025
under s479A of the Companies Act 2006 (the \"Act\") relating to
subsidiary companies and subsidiary LLPs (as applied to LLPs
by the Limited Liability Partnerships (Accounts and Audit)
(Application of Companies Act 2006) Regulations 2008). Aviva
plc will issue a guarantee pursuant to s479C of the Act in
respect of these subsidiaries.
Aviva Life Investments International L.P. (Company Number:
LP019749) is to take advantage of the exemption from the
requirements to prepare and file annual accounts under
Regulation 7 of the Partnership (Accounts) Regulations 2008.
Company / partnership name
Company /
partnership number
130 Fenchurch Street General Partner Limited
11914662
ACP Stories 1 Limited
16422702
AICT GBP Real Estate (Curtain House)
General Partner Limited
SC707169
ALPF Single Family Homes General Partner
Ltd
14476516
Aviva ERFA 15 UK Limited
6518135
Aviva Europe UK Societas
SE000031
Aviva Investors (GP) Scotland Limited
SC336262
Aviva Investors 40 Spring Gardens (General
Partner) Limited
9988845
Aviva Investors Climate Transition GBP Real
Estate General Partner Limited
SC707168
Aviva Investors Commercial Assets GP
Limited
7680828
Aviva Investors EBC GP Limited
7401608
Aviva Investors Energy Centres No.1 GP
Limited
8322963
Aviva Investors Ground Rent GP Limited
7584928
Aviva Investors Infrastructure GP Limited
7739651
Aviva Investors PIP Solar PV (General
Partner) Limited
9401121
Aviva Investors Social Housing GP Limited
7584936
Aviva Investors UK CRESD GP Limited
8424756
Aviva Life Investments International (General
Partner) Limited
7019488
Aviva Management Services UK Limited
983330
Aviva RELI 1 GP Limited
14607635
Aviva RELI 2 GP Limited
15595027
Aviva RELI 3 GP Limited
15897909
Aviva RELI 4 GP Limited
15897819
Aviva Savings Limited
4384512
Aviva Special PFI GP Limited
8080716
Aviva UKLAP De-Risking Limited
3491273
Aviva Wealth Holdings UK Limited
6861305
Bunns Lane Development Limited
15399360
Cutter & Co Financial Planning Limited
11281160
Destination Financial Planning Limited
NI631014
Direct Line Group Limited
2811437
ERF Trustee (No.4) Limited
5095784
ERF Trustee (No.5) Limited
5492514
Company / partnership name
Company /
partnership number
Finsure Premium Finance Limited
1670887
Flowers McEwan Limited
4237360
Green Flag Holdings Limited
3577191
Group Risk Services Limited
6744393
Heritage FL Single Family Homes Limited
15073749
Law Society (NI) Financial Advice Limited
NI023143
Lee Strathy Limited
8583095
Lime Property Fund (General Partner) Limited
5118252
London Wall Partners LLP
OC375373
Longcross General Partner Limited
13106500
Midlands Regen I GP Limited
14885856
Navigator Financial Planning Limited
NI048574
New Broad Street House GP Limited
16350435
Norwich Union (Shareholder GP) Limited
3783750
NUPPP (GP) Limited
4330905
REALTAF Cambridge GP Limited
15506358
REALTAF Ebbsfleet GP Limited
15506368
REALTAF Whitehouse GP Limited
15506313
REALTAF Wixams GP Limited
16143281
Stoney Wood Property
Developments\u00a0Limited
13161720
Succession Employee Benefit
Solutions\u00a0Limited
8146349
Succession Financial Management Limited
4454027
Succession Holdings Limited
8148663
Suntrust Limited
1460956
Tag Financial Planning Limited
10846528
The Lancashire and Yorkshire Reversionary
Interest Company Limited
19770
True Financial Partnerships Limited
10271716
True Wealth Management Limited
7702656
True Wealth Planning Solutions Limited
10012883
Undershaft Limited
4075935
Veracity Asset Transformation Service
Limited
7468932
Watson Laird Limited
NI611950
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-722": { "value": "
27 \u2013 FINANCIAL INVESTMENTS
This note analyses our financial investments by type and shows their cost and fair value. These will change from one period to
the next as a result of new business written, claims paid and market movements.
(a) Carrying amount
Financial investments comprise:
2025
2024
Note
\u00a3m
\u00a3m
UK government
27,997
25,759
Non-UK government
27(d)
27,567
25,418
Corporate bonds - public utilities
5,249
4,334
Other corporate bonds
43,303
49,764
Other
3,382
2,656
Debt securities
107,498
107,931
Certificates of deposit
20,735
7,608
Fixed maturity securities
128,233
115,539
Public utilities
3,237
1,793
Banks, trusts and insurance companies
25,519
13,412
Industrial, miscellaneous and all other
84,590
80,809
Ordinary shares
113,346
96,014
Non-redeemable preference shares
7
26
Equity securities
113,353
96,040
Unit trusts and other investment vehicles
56,193
47,632
Derivative financial instruments
53
4,043
3,335
Deposits with credit institutions
371
267
Minority holdings in property management undertakings
662
651
Other investments \u2013 long-term
293
185
Other investments \u2013 short-term
258
330
Other investments
61,820
52,400
Total financial investments
303,406
263,979
The majority of financial investments are held mandatorily at fair value through profit or loss (FVTPL) as these investments are
managed and their performance evaluated on a fair value basis to support the Group in managing its capital on a regulatory basis
(Solvency II). Fixed maturity securities of \u00a3725 million (2024: \u00a3nil) are held at amortised cost, as the objective is to hold them to
maturity to collect the contractual cash flows, and the contractual terms give rise on specific dates to cash flows that are solely
payments of principal and interest on the principal amount outstanding.
Of the above total, excluding those financial investments with no fixed contractual maturity date, \u00a3104,809 million
(2024:\u00a0\u00a398,103 million ) is due to be recovered in more than one year after the statement of financial position date.
Other debt securities of \u00a33,382 million (2024: \u00a32,656 million) include residential and commercial mortgage-backed securities,
as\u00a0well as other structured credit securities.
Financial investments include \u00a33,731 million (2024: \u00a34,428 million) in respect of non-cash collateral pledged to third parties where
the\u00a0economic rights are retained by the Group.
(b) Cost, unrealised gains and fair value
The following is a summary of the cost, gross unrealised gains and losses and fair value of financial investments measured
at\u00a0FVTPL:
Mandatorily held at FVTPL
Amortised
Cost
2025
Cost
Unrealised
gains
Unrealised
losses and
impairments
Fair value
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Fixed maturity securities
135,311
1,009
(8,812)
127,508
725
128,233
Equity securities
86,271
31,072
(3,990)
113,353
\u2014
113,353
Unit trusts and other investment vehicles
43,173
13,472
(452)
56,193
\u2014
56,193
Derivative financial instruments
135
4,869
(961)
4,043
\u2014
4,043
Deposits with credit institutions
371
\u2014
\u2014
371
\u2014
371
Minority holdings in property management undertakings
630
67
(35)
662
\u2014
662
Other investments \u2013 long-term
303
\u2014
(10)
293
\u2014
293
Other investments \u2013 short-term
258
\u2014
\u2014
258
\u2014
258
Other investments
44,870
18,408
(1,458)
61,820
\u2014
61,820
Total financial investments
266,452
50,489
(14,260)
302,681
725
303,406
Mandatorily held at FVTPL
Amortised
Cost
2024
Cost
Unrealised
gains
Unrealised
losses and
impairments
Fair value
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Fixed maturity securities
124,443
1,316
(10,220)
115,539
\u2014
115,539
Equity securities
78,080
22,742
(4,782)
96,040
\u2014
96,040
Unit trusts and other investment vehicles
39,457
8,825
(650)
47,632
\u2014
47,632
Derivative financial instruments
(82)
4,396
(979)
3,335
\u2014
3,335
Deposits with credit institutions
267
\u2014
\u2014
267
\u2014
267
Minority holdings in property management undertakings
661
56
(66)
651
\u2014
651
Other investments \u2013 long-term
216
14
(45)
185
\u2014
185
Other investments \u2013 short-term
330
\u2014
\u2014
330
\u2014
330
Other investments
40,849
13,291
(1,740)
52,400
\u2014
52,400
Total financial investments
243,372
37,349
(16,742)
263,979
\u2014
263,979
All unrealised gains and losses and impairments on financial investments classified as fair value through profit or loss have been
recognised in the income statement.
Unrealised gains and losses on financial investments classified as fair value through profit or loss, recognised in the income
statement in the year, were a net gain of \u00a316,693 million (2024: \u00a310,142 million net gain). Of this net gain, \u00a315,157 million net gain
(2024: \u00a311,845 million net gain) related to investments designated as other than trading and \u00a31,536\u00a0million net gain
(2024: \u00a3(1,703) million net loss) related to financial investments designated as trading.
The movement in the unrealised gain/loss position reported in the statement of financial position during the year, shown in the
table above, includes foreign exchange movements on the translation of unrealised gains and losses on financial investments
held by foreign subsidiaries, which are recognised in other comprehensive income, as well as transfers due to the realisation
of\u00a0gains and losses on disposal and the recognition of impairment losses.
(c) Financial investment arrangements
(i) Stock lending arrangements
The Group has entered into stock lending arrangements in the UK and overseas in accordance with established market
conventions. The\u00a0majority of the Group\u2019s stock lending transactions occur in the UK, where investments are lent to EEA-
regulated, locally domiciled counterparties and governed by agreements written under English law.
The Group receives collateral in order to reduce the credit risk of these arrangements, either in the form of securities or cash.
See note 54 for further discussion regarding collateral positions held by the Group.
(ii) Other arrangements
In carrying on its bulk purchase annuity business, the Group\u2019s IWR operation is required to place certain investments in trust on
behalf of\u00a0the policyholders. Amounts become payable from the trust funds to the trustees if the Group were to be in breach of its
payment obligations in respect of policyholder benefits. At 31 December 2025, \u00a31,368 million ( 2024: \u00a31,419 million) of financial
investments were restricted in this way.
Certain financial investments are also required to be deposited under local laws in various overseas countries as security for the
holders of policies issued in those countries. Other investments are pledged as security collateral for bank letters of credit.
(d) Non-UK government fixed maturity securities (gross of non-controlling interests)
The following is a summary of non-UK government debt.
2025
2024
Total
Total
\u00a3m
\u00a3m
Belgium
978
849
Spain
574
319
France
1,338
935
Germany
965
375
Italy
732
428
Luxembourg
219
354
Poland
770
653
European supranational debt
1,093
1,132
Other European countries
1,470
2,051
Europe
8,139
7,096
Canada
2,996
2,776
United States
6,113
6,296
North America
9,109
9,072
Chile
478
432
China
703
707
India
885
921
Indonesia
760
560
Japan
2,009
2,439
Mexico
356
240
South Korea
628
598
United Arab Emirates
368
382
Other supranational debt
525
605
Other
3,607
2,366
Asia Pacific and other
10,319
9,250
Total Non-UK government fixed maturity securities
27,567
25,418
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-723": { "value": "
28 \u2013 RECEIVABLES
This note analyses our total receivables.
2025
2024
\u00a3m
\u00a3m
Amounts owed by contract holders for non-participating investment contracts
316
148
Amounts owed by intermediaries
1,221
1,239
Amounts due from reinsurers for non-participating investment contracts
223
126
Amounts due from brokers for investment sales
139
107
Amounts receivable for collateral pledged
28
153
Amounts due from government, social security and taxes
943
797
Finance lease receivables
317
197
Other receivables
1,728
1,046
Total receivables
4,915
3,813
Expected to be recovered in less than one year
4,570
3,775
Expected to be recovered in more than one year
345
38
Total receivables
4,915
3,813
Exposure to significant concentrations of credit risk is limited due to the regulations applicable in most markets and the Group
credit policy and limits framework, which limits investments in individual assets and asset classes.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-724": { "value": "
29 \u2013 DEFERRED ACQUISITION COSTS ON NON-PARTICIPATING INVESTMENT CONTRACTS
(a) Carrying amount and movements in the year
2025
2024
Total
Total
\u00a3m
\u00a3m
Carrying amount at 1 January
821
788
Acquisition costs deferred during the year
106
96
Amortisation
(103)
(45)
Impact of assumption changes
\u2014
(10)
Foreign exchange rate movements
10
(8)
Carrying amount at 31 December
834
821
Deferred acquisition costs (DAC) on non-participating investment contracts are generally recoverable in more than one year.
Of\u00a0the above total, \u00a3712 million (2024: \u00a3712 million) is expected to be recovered in more than one year after the statement of
financial position date. Where amortisation of the DAC balance depends on projected profits, the amount expected to be
recovered is estimated and actual experience will differ.
Where amortisation of the DAC balance depends on projected profits, changes to economic conditions may lead to a movement
in the DAC balance and a corresponding impact on profit.
At both 31 December 2025 and 31 December 2024 the DAC balance has been restricted by the value of projected future profits.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredAcquisitionCostsArisingFromInsuranceContractsExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-725": { "value": "
30 \u2013 PENSION SURPLUSES, OTHER ASSETS, PREPAYMENTS AND ACCRUED INCOME
(a) Pension surpluses and other assets \u2013 carrying amount
The carrying amount comprises:
2025
2024
Note
\u00a3m
\u00a3m
Surpluses in the staff pension schemes
44(a)
561
451
Other assets
35
10
Total pension surpluses and other assets
596
461
Surpluses in the staff pension schemes and \u00a3nil (2024: \u00a3 nil) of other assets are recoverable more than one year after the
statement of financial position date.
(b) Prepayments and accrued income
Prepayments and accrued income of \u00a33,159 million (2024:\u00a0\u00a33,344 million) are expected to be recovered within one year .
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-727": { "value": "
31 \u2013 ORDINARY SHARE CAPITAL
This note gives details of Aviva plc\u2019s ordinary share capital and shows the movements during the year.
(a) Carrying amount
Details of the Company\u2019s ordinary share capital are as follows:
2025
2024
\u00a3m
\u00a3m
The allotted, called up and fully paid share capital of the Company was: 3,057,731,705 (2024:
2,677,649,489) ordinary shares of 32 17/19 pence each
1,006
881
At the Annual General Meeting that took place on 30 April 2025, the Company was authorised to allot up to a further maximum
nominal amount of:
\u2022 \u00a3586 million of which \u00a3293 million can be in connection with an offer by way of a rights issue
\u2022 \u00a3150 million in relation to any issue of UK Solvency II compliant capital instruments
(b) Movement in issued share capital
2025
2024
Share
capital
Share
capital
Note
3217/19p
3217/19p
each
\u00a3m
each
\u00a3m
At 1 January
2,677,649,489
881
2,739,487,140
901
Shares issued under the Group\u2019s Employee and Executive
Share Option Schemes
1,885,575
1
977,966
\u2014
Shares issued in relation to the acquisition of Direct Line
31(b)(i)
378,196,641
124
\u2014
\u2014
Shares cancelled through buyback
31(b)(ii)
\u2014
\u2014
(62,815,617)
(20)
As at 31 December
3,057,731,705
1,006
2,677,649,489
881
Ordinary shares in issue in the Company rank pari passu with any new ordinary shares issued in the Company. All the ordinary
shares in issue carry the same right to receive all dividends and other distributions declared, made or paid by the Company.
(i) Acquisition of Direct Line Insurance Group plc
On 3 July 2025, following the completion of Aviva's acquisition of Direct Line Insurance Group plc on 1 July 2025, Aviva
announced the admission of 378,143,305 new ordinary shares of 3217/19 pence on the Official List maintained by the Financial
Conduct Authority and to trading on the London Stock Exchange's main market for listed securities. On 22 July 2025, Aviva
announced the admission of a further 53,336 new ordinary shares of 3217/19 pence on the Official List maintained by the Financial
Conduct Authority and to trading on the London Stock Exchange's main market for listed securities.
(ii) Share buyback
On 7 March 2024, Aviva announced a share buyback programme for up to a maximum aggregate consideration of \u00a3300 million
to\u00a0commence immediately (the \"Programme\"). On 1 July 2024, Aviva announced that it had successfully completed the Programme. In
total, shares were purchased with a nominal value of \u00a320 million and were subsequently cancelled, giving rise to\u00a0an additional capital
redemption reserve of an equivalent amount. The 62,815,617 shares were acquired at an average price of\u00a0478 pence per share.
(c)'Subsequent events
On 4 March 2026, Aviva plc approved a share buyback of its own ordinary shares for up to a maximum aggregate consideration
of \u00a3350 million which is expected to commence on 9 March 2026.
The buyback will reduce IFRS net asset value and Solvency II own funds by \u00a3350 million.
34 \u2013 PREFERENCE SHARE CAPITAL
The issued and paid up preference share capital of the Company at 31 December was:
2025
2024
\u00a3m
\u00a3m
100,000,000 8.375% cumulative irredeemable preference shares of \u00a31 each
\u2014
100
100,000,000 8.75% cumulative irredeemable preference shares of \u00a31 each
\u2014
100
Total preference share capital
\u2014
200
Cancellation of preference shares
On 11 March 2025 the Group launched a parallel cancellation and tender offer process in relation to its \u00a3200 million of preference
share capital issued by Aviva plc.
The cancellation in full of both series of the Aviva plc preference shares was approved by shareholders on 15 April 2025 and sanctioned
by court on 13 May 2025. The cancellation of the Aviva plc preference shares became effective on 14 May 2025. Special dividends of \u00a344
million and \u00a350 million were paid on cancellation of the 8.375% cumulative irredeemable preference shares and 8.75% cumulative
irredeemable preference shares respectively. These have been recognised directly in retained earnings in note 36.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-726": { "value": "
31 \u2013 ORDINARY SHARE CAPITAL
This note gives details of Aviva plc\u2019s ordinary share capital and shows the movements during the year.
(a) Carrying amount
Details of the Company\u2019s ordinary share capital are as follows:
2025
2024
\u00a3m
\u00a3m
The allotted, called up and fully paid share capital of the Company was: 3,057,731,705 (2024:
2,677,649,489) ordinary shares of 32 17/19 pence each
1,006
881
At the Annual General Meeting that took place on 30 April 2025, the Company was authorised to allot up to a further maximum
nominal amount of:
\u2022 \u00a3586 million of which \u00a3293 million can be in connection with an offer by way of a rights issue
\u2022 \u00a3150 million in relation to any issue of UK Solvency II compliant capital instruments
(b) Movement in issued share capital
2025
2024
Share
capital
Share
capital
Note
3217/19p
3217/19p
each
\u00a3m
each
\u00a3m
At 1 January
2,677,649,489
881
2,739,487,140
901
Shares issued under the Group\u2019s Employee and Executive
Share Option Schemes
1,885,575
1
977,966
\u2014
Shares issued in relation to the acquisition of Direct Line
31(b)(i)
378,196,641
124
\u2014
\u2014
Shares cancelled through buyback
31(b)(ii)
\u2014
\u2014
(62,815,617)
(20)
As at 31 December
3,057,731,705
1,006
2,677,649,489
881
Ordinary shares in issue in the Company rank pari passu with any new ordinary shares issued in the Company. All the ordinary
shares in issue carry the same right to receive all dividends and other distributions declared, made or paid by the Company.
(i) Acquisition of Direct Line Insurance Group plc
On 3 July 2025, following the completion of Aviva's acquisition of Direct Line Insurance Group plc on 1 July 2025, Aviva
announced the admission of 378,143,305 new ordinary shares of 3217/19 pence on the Official List maintained by the Financial
Conduct Authority and to trading on the London Stock Exchange's main market for listed securities. On 22 July 2025, Aviva
announced the admission of a further 53,336 new ordinary shares of 3217/19 pence on the Official List maintained by the Financial
Conduct Authority and to trading on the London Stock Exchange's main market for listed securities.
(ii) Share buyback
On 7 March 2024, Aviva announced a share buyback programme for up to a maximum aggregate consideration of \u00a3300 million
to\u00a0commence immediately (the \"Programme\"). On 1 July 2024, Aviva announced that it had successfully completed the Programme. In
total, shares were purchased with a nominal value of \u00a320 million and were subsequently cancelled, giving rise to\u00a0an additional capital
redemption reserve of an equivalent amount. The 62,815,617 shares were acquired at an average price of\u00a0478 pence per share.
(c)'Subsequent events
On 4 March 2026, Aviva plc approved a share buyback of its own ordinary shares for up to a maximum aggregate consideration
of \u00a3350 million which is expected to commence on 9 March 2026.
The buyback will reduce IFRS net asset value and Solvency II own funds by \u00a3350 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-728": { "value": "
(c)'Subsequent events
On 4 March 2026, Aviva plc approved a share buyback of its own ordinary shares for up to a maximum aggregate consideration
of \u00a3350 million which is expected to commence on 9 March 2026.
The buyback will reduce IFRS net asset value and Solvency II own funds by \u00a3350 million.
58 \u2013 SUBSEQUENT EVENTS
For details of subsequent events relating to:
\u2022 share buybacks, see note 31(c).
There are no other material subsequent events to report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-729": { "value": "
32 \u2013 GROUP\u2019S SHARE PLANS
This note describes various equity compensation plans operated by the Group, and shows how the Group values the options and
awards of shares in the Company.
(a) Description of the plans
The Group maintains a number of active share option and award plans and schemes across all markets (the Group\u2019s share plans).
All employees are eligible for share plans and the plans offered are as follows:
Plan
Description
(i) Savings-related options
These are options granted under the tax-advantaged Save As You Earn (SAYE) share option
scheme in the UK and Irish revenue-approved SAYE share option scheme in Ireland. The SAYE
allows eligible employees to acquire options over the Company\u2019s shares at a discount of up to
20% of their market value at the date of grant.
Options are normally exercisable during the six month period following either the third or fifth
anniversary of the start of the relevant savings contract. Savings contracts are subject to the
statutory savings limits of \u00a3500 per month in the UK and \u20ac500 per month in Ireland.
(ii) Aviva long-term incentive plan
awards
These awards have been made under the Aviva Long-Term Incentive Plan (LTIP) and are
described in section (b) below and in the directors\u2019 remuneration report.
(iii) Aviva annual bonus plan awards
These awards have been made under the Aviva Annual Bonus Plan (ABP) and are described in
section (b) below and in the directors\u2019 remuneration report.
(iv) Aviva recruitment and retention
share plan awards
These are conditional awards granted under the Aviva Recruitment and Retention Share Award
Plan (RRSAP) in relation to the recruitment or retention of senior managers excluding executive
directors. The awards vest in tranches on various dates and vesting is conditional upon the
participant being employed by the Group on the vesting date and not having served notice of
resignation. Some awards can be subject to performance conditions. If a participant\u2019s
employment is terminated due to resignation or dismissal, any tranche of the award which has
vested within the 12 months prior to the termination date will be subject to clawback and any
unvested tranches of the award will lapse in full.
(v) Aviva Investors deferred share
award plan awards
These awards have been made under the Aviva Investors Deferred Share Award Plan (AI
DSAP), where employees can choose to have the deferred element of their bonus deferred into
awards over Aviva shares. The awards vest in three equal tranches on the second, third and
fourth year following the year of grant.
(vi) Various all employee share plans
The Company maintains a number of active stock option and share award voluntary schemes:
a) The global matching share plan
b) Aviva Group employee share ownership scheme
No new Aviva plc ordinary shares will be issued to satisfy awards made under plans (iv), (v), (vi b).
(b) Outstanding options
The following table summarises information about options outstanding at 31 December:
2025
2024
Range of exercise prices
Outstanding
options
Weighted
average
remaining
contractual life
Weighted
average
exercise price
Outstanding
options
number
Weighted
average
remaining
contractual life
years
Weighted
average
exercise price
pence
\u00a32.20 \u2013 \u00a33.16
20,924,671
1.45
2.77
25,945,027
2.24
269.98
\u00a33.17 \u2013 \u00a33.67
3,071,912
1.27
3.35
7,182,408
1.57
334.00
\u00a33.68 \u2013 \u00a34.19
6,477,272
2.92
4.03
7,005,319
3.93
403.00
\u00a34.20 - \u00a35.20
9,680,853
4.05
5.16
\u2014
\u2014
\u2014
(c) Movements in the year
A summary of the status of the option and share plans as at 31 December 2025 and 2024, and changes during the years ended on
those dates, is shown below.
2025
2024
Options
Weighted
average
exercise
price
Awards
Options
Weighted
average
exercise
price
Awards
number
years
number
years
number
Outstanding at 1 January
40,132,754
304.66
37,859,342
44,271,817
275.76
36,796,790
Granted during the year
9,797,200
516.00
22,550,980
7,125,550
403.00
17,149,117
Exercised during the year
(8,393,592)
283.00
(14,707,789)
(9,438,680)
243.12
(12,801,800)
Forfeited during the year
(508,065)
345.00
(4,361,460)
(1,531,527)
311.15
(3,284,766)
Cancelled during the year
(800,324)
371.00
\u2014
(219,853)
283.42
\u2014
Expired during the year
(73,265)
306.00
\u2014
(74,553)
265.38
\u2014
Outstanding at 31 December
40,154,708
359.00
41,341,073
40,132,754
304.66
37,859,342
Exercisable at 31 December
6,845,772
244.00
\u2014
2,652,142
308.30
\u2014
(d) Expense charged to the income statement
The total expense recognised for the year arising from equity compensation plans was as follows:
2025
2024
\u00a3m
\u00a3m
Equity-settled expense
(74)
(61)
(e) Fair value of options and awards
The weighted average fair values of options and awards granted during the year, estimated by using the Binomial option pricing
model and Monte Carlo Simulation model, were \u00a31.80 and \u00a35.71 (2024: \u00a30.96 and \u00a34.73) respectively.
(i) Share options
The fair value of the options was estimated on the date of grant, based on the following weighted average assumptions:
Weighted average assumption
2025
2024
Share price
691p
484p
Exercise price
516p
403p
Expected volatility
24.88%
24.58%
Expected life
4.3 years
4.19 years
Expected dividend yield
5.34%
7.07%
Risk-free interest rate
3.94%
3.63%
The expected volatility used was based on the historical volatility of the share price over a period equivalent to the expected life
of the option prior to its date of grant. The risk-free interest rate was based on the yields available on UK government bonds as at
the date of grant. The bonds chosen were those with a similar remaining term to the expected life of the options. 8,393,592
options were exercised during the year (2024: 9,438,680).
(ii) Share awards
The fair value of the awards was estimated on the date of grant based on the following weighted average assumptions:
Weighted average assumption
2025
2024
Share price
571p
489p
Expected volatility1
23%
30%
Expected volatility of comparator companies\u2019 share price1
28%
29%
Correlation between Aviva and comparator competitors\u2019 share price
48%
49%
Expected life1
3.00 years
3.00 years
Expected dividend yield
0.00%
0.00%
Risk-free interest rate 1
4.02%
4.02%
1. For awards with market-based performance conditions only
", "dimensions": { "concept": "ifrs-full:DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-730": { "value": "
33 \u2013 TREASURY SHARES
Prior to 2021, we primarily issued new shares except where it is necessary to use shares held by an employee share trust. From
2021, we satisfy awards and options granted under the Group\u2019s share plans primarily through shares purchased in the market and
held by employee share trusts. This note gives details of the shares held in these trusts.
Movements in the carrying value of shares held by employee trusts comprise:
2025
2024
number
\u00a3m
number
\u00a3m
At 1 January
17,993,161
81
21,193,467
87
Acquired in the year
3,888,119
25
11,013,221
53
Effect of acquisitions in the period
2,735,957
4
\u2014
\u2014
Distributed in the year
(14,213,220)
(67)
(14,213,527)
(59)
At 31 December
10,404,017
43
17,993,161
81
The shares are owned by employee share trusts with an undertaking to satisfy awards of shares in the Company under the
Company\u2019s share plans and schemes. Details of the features of the plans can be found in the directors\u2019 remuneration report and/
or in note 32.
These shares were purchased in the market and are carried at weighted average cost. At 31 December 2025, they had an
aggregate nominal value of \u00a33,422,374 (2024: \u00a35,918,803) and a market value of \u00a371,236,304 (2024:\u00a0\u00a384,351,939). The trustees
have waived their rights to dividends on the shares held in the trusts.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-731": { "value": "
35 \u2013 TIER 1 NOTES
The carrying amount of Tier 1 Notes at 31 December was:
2025
2024
\u00a3m
\u00a3m
6.875% \u00a3500 million fixed rate tier 1 notes - issued 2022
496
496
7.750% \u00a3500 million fixed rate tier 1 notes - issued 2025
496
\u2014
Total tier 1 notes
992
496
On 31 March 2025, Aviva plc issued \u00a3500 million of 7.750% Fixed Rate Reset Perpetual Restricted Tier 1 Contingent Convertible
Notes. The RT1 Notes are callable at par between 30 September 2032 and 31 March 2033 (the First Reset Date) inclusive and
thereafter every five years after the First Reset Date. If not called, the coupon from 31 March 2033 will be reset to the prevailing
five year benchmark gilt yield plus 3.194%.
On 15 June 2022, Aviva plc issued \u00a3500 million of 6.875% Fixed Rate Reset Perpetual Restricted Tier 1 Contingent Convertible Notes.
The\u00a0RT1 Notes are callable at par between 15 December 2031 and 15 June 2032 (the First Reset Date) inclusive and thereafter every five
years after the First Reset Date. If not called, the coupon from 15 June 2032 will be reset to the prevailing five year benchmark gilt yield
plus 4.649%.
Both Notes have no fixed maturity date. Optional cancellation of coupon payments is at the discretion of Aviva plc and cancellation is
mandatory upon the occurrence of certain conditions. The RT1 Notes are therefore treated as equity and the coupon payments are
recognised directly in equity. During the year coupon payments of \u00a354 million were made (31 December 2024: \u00a334 million). On the
occurrence of certain conversion trigger events the Notes are convertible into ordinary shares of Aviva plc.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-732": { "value": "54000000.0", "decimals": -6, "dimensions": { "concept": "avi:CouponPaymentsOnNotes", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-733": { "value": "
36 \u2013 CAPITAL RESERVES AND RETAINED EARNINGS
This note analyses the movements in the consolidated capital reserves and retained earnings during the year, which form part of
IFRS Shareholders' equity.
Full year 2025
Full year 2024
Capital reserves
Retained
earnings
Capital reserves
Retained
earnings
Share
premium
Capital
redemption
reserve
Merger
reserve
Share
premium
Capital
redemption
reserve
Merger
reserve
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January
17
44
5,224
1,388
17
24
5,224
2,228
Profit for the year attributable to equity
shareholders
\u2014
\u2014
\u2014
924
\u2014
\u2014
\u2014
683
Remeasurements of pension schemes
44(b)(i)
\u2014
\u2014
\u2014
108
\u2014
\u2014
\u2014
(386)
Dividends and appropriations
15
\u2014
\u2014
\u2014
(1,097)
\u2014
\u2014
\u2014
(972)
Forfeited dividends
15
\u2014
\u2014
\u2014
2
\u2014
\u2014
\u2014
\u2014
Special dividends paid to Aviva plc
preference shareholders
34
\u2014
\u2014
\u2014
(94)
\u2014
\u2014
\u2014
\u2014
Shares purchased in buyback
31(b)(i)
\u2014
\u2014
\u2014
\u2014
\u2014
20
\u2014
(300)
Direct Line Acquisition
Issue of share capital - acquisition of
Direct Line
\u2014
\u2014
2,198
\u2014
\u2014
\u2014
\u2014
\u2014
Other movements
Net shares issued under equity
compensation plans
\u2014
\u2014
\u2014
2
\u2014
\u2014
\u2014
(27)
Owner-occupied properties fair value
gains transferred to retained earnings on
disposals
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
21
Aggregate tax effect
\u2014
\u2014
\u2014
(7)
\u2014
\u2014
\u2014
141
At 31 December
17
44
7,422
1,226
17
44
5,224
1,388
(a) Acquisition of Direct Line
During 2025, the balance of the merger reserve has increased by \u00a32,198 million to \u00a37,422 million (2024: \u00a35,224 million) due to the
acquisition of Direct Line which attracted merger relief under section 612 of the Companies Act 2006. Refer to note 2 for further
details regarding the acquisition of Direct Line.
(b) Aviva plc company
Retained earnings of Aviva plc, the Company, were \u00a311,781 million at 31 December 2025 ( 2024: \u00a310,397 million) (see note H on the
Company Financial statements).
37 \u2013 OTHER\u00a0RESERVES
This note gives details of the other reserves forming part of the Group\u2019s consolidated equity and shows the movements during
the year excluding non -controlling interests:
2025
2024
Currency
translation
reserve
Owner
occupied
properties
reserve
Investment
valuation
reserve
Hedging
instruments
reserve
Equity
compensation
reserve
Total
Other
reserves
Currency
translation
reserve
Owner
occupied
properties
reserve
Investment
valuation
reserve
Hedging
instruments
reserve
Equity
compensation
reserve
Total
Other
reserves
Accounting policy
E
P
T
U
AB
E
P
T
U
AB
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January
208
1
(3)
(205)
135
136
378
22
(3)
(240)
122
279
Foreign exchange
rate movements
(74)
\u2014
\u2014
(36)
\u2014
(110)
(156)
\u2014
\u2014
52
\u2014
(104)
Aggregate tax effect
\u2013 shareholders\u2019 tax
\u2014
\u2014
\u2014
10
\u2014
10
3
\u2014
\u2014
(13)
\u2014
(10)
Total other
comprehensive
income for the year
(74)
\u2014
\u2014
(26)
\u2014
(100)
(153)
\u2014
\u2014
39
\u2014
(114)
Fair value gains
transferred to
retained earnings on
disposals
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(21)
\u2014
\u2014
\u2014
(21)
Transfer to profit on
disposal of
subsidiaries, joint
ventures and
associates
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(17)
\u2014
\u2014
(4)
\u2014
(21)
Reserves credit for
equity compensation
plans
\u2014
\u2014
\u2014
\u2014
74
74
\u2014
\u2014
\u2014
\u2014
61
61
Shares issued under
equity compensation
plans
\u2014
\u2014
\u2014
\u2014
(88)
(88)
\u2014
\u2014
\u2014
\u2014
(48)
(48)
At 31 December
134
1
(3)
(231)
121
22
208
1
(3)
(205)
135
136
Foreign exchange rate movements recorded in the consolidated statement of comprehensive income of \u00a3(117) million
(2024: \u00a3(107) million) relate to foreign exchange rate movements on the currency translation reserve of \u00a3(74)\u00a0million
(2024:\u00a0\u00a3(156) million), the hedging instrument reserve of \u00a3(36) million (2024:\u00a0\u00a3 52 million) and non-controlling interests (see note
38) of \u00a3(7) million (2024 : \u00a3(3) million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-734": { "value": "
38 \u2013 NON-CONTROLLING INTERESTS
This note gives details of the Group\u2019s non-controlling interests and shows the movements during the year.
2025
2024
\u00a3m
\u00a3m
At 1 January
316
318
Profit for the year attributable to non-controlling interests1
130
22
Foreign exchange rate movements
(7)
(3)
Total comprehensive income attributable to non-controlling interests
123
19
Non-controlling interests share of dividends declared in the year, excluding special dividends
(20)
(21)
Preference share cancellation
(250)
\u2014
Special dividend paid to GA plc preference shareholders
(109)
\u2014
Non-controlling interest in acquired subsidiaries
343
\u2014
Changes in non-controlling interests in subsidiaries
\u2014
\u2014
As at 31 December
403
316
Comprising:
Equity shares in subsidiaries
60
66
Preference shares in subsidiaries
\u2014
250
Tier 1 notes in subsidiaries
343
\u2014
Total non-controlling interests
403
316
1. Profit for the year attributable to non-controlling interests includes the special dividends paid on the cancellation of preferences shares of GA plc of \u00a3109 million, see 38(b).
a) Direct Line
Following the acquisition of Direct Line on 1 July 2025 (see note 2), Non-Controlling Interests above includes \u00a3350 million of 4.75%
fixed rate perpetual Restricted Tier 1 contingent convertible notes (the RT1 notes) which were issued by Direct Line on 7 December
2017. The RT1 notes are callable at par on 7 December 2027 (the First Call Date) and thereafter every five years after the First Call
Date. If not called, the coupon from 7 December 2027 will be reset to the prevailing five year mid-swap rate plus 3.394%. The
notes have no fixed maturity date. Optional cancellation of coupon payments is at the discretion of Direct Line. RT1 notes are
therefore treated as equity and recognised within non-controlling interests at their acquisition date fair value of \u00a3343 million.
b) Preference shares
On 11 March 2025 the Group launched a parallel cancellation and tender offer process in relation to its \u00a3250 million of preference
share capital issued by GA plc.
The cancellation in full of the preference shares was approved by shareholders on 15 April 2025 and sanctioned by court
on\u00a05\u00a0June 2025. The cancellation of the GA plc preference shares became effective on 6 June 2025. \u00a3109 million of special
dividends were paid on cancellation of the preference shares.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-735": { "value": "Financial guarantees and options
This note details the financial guarantees and options inherent in some of our insurance and participating investment contracts.
For insurance and participating investment contracts, the Group\u2019s objective in estimating future cash flows is to determine the
expected value of a range of scenarios that reflects the full range of possible outcomes. For contracts with embedded options
and guarantees, in particular with-profits business, a stochastic approach based on the average of a number of scenarios is
typically used. Stochastic modelling involves projecting future cash flows under a large number of possible economic scenarios
for market variables such as interest rates and equity returns.
(a) UK non-profit business
The material guarantees and options relating to non-profit business are:
(i) Guaranteed annuity options
The Group\u2019s UK non-profit funds have written contracts which contain guaranteed annuity rate options (GAOs), where the
policyholder has\u00a0the option to take the benefits from a policy in the form of an annuity based on guaranteed conversion rates.
Liabilities for these guarantees do not materially differ from a provision based on a market-consistent stochastic model, and
amount to \u00a325 million at 31 December 2025 ( 2024: \u00a329 million).
(ii) Guaranteed unit price on certain products
Certain pension products linked to long-term life insurance funds provide policyholders with guaranteed benefits at retirement
or\u00a0death. No additional liability is held for this guarantee as the investment management strategy for these funds is designed to
ensure that the guarantee can be met from the fund, mitigating the impact of large falls in investment values and interest rates.
(iii) Return of Premium guarantees
German pension products sold in Friends Life between 2006 and 2014 are subject to a return of premium guarantee whereby
the\u00a0product guarantees to return the maximum of the unit fund value or total premiums paid (before deductions).\u00a0Liabilities for
this guarantee are calculated using a market-consistent stochastic model and amount to \u00a356\u00a0million at 31 December 2025
(2024:\u00a0\u00a377 million).
(b) UK with-profits business
The material guarantees and options relating to with-profit business are:
(i) Maturity value and death benefit guarantees
Significant conventional and unitised with-profits business have minimum maturity (and in some cases death benefit) values
reflecting the sum assured plus declared annual bonus. For some unitised with-profits life contracts the amount paid after the
fifth policy anniversary is guaranteed to be at least as high as the premium paid increased in line with the rise in retail price
index\u00a0(RPI) or consumer price index (CPI).
(ii) No market valuation reduction (MVR) guarantees
For unitised business, there are circumstances where a \u2018no MVR\u2019 guarantee is applied, for example on certain policy
anniversaries, guaranteeing that no market value reduction will be applied to reflect the difference between the accumulated
value of units and the market value of the underlying assets.
(iii) Guaranteed annuity options
The Group\u2019s UK with-profits funds have written individual and group pension contracts which contain GAOs, where
the\u00a0policyholder has the option to take the benefits from a policy in the form of an annuity based on guaranteed conversion rates.
The Group also has exposure to GAOs and similar options on deferred annuities.
Liabilities for the cost of guarantees in respect of GAOs in the UK with-profits funds were \u00a3300 million at 31 December 2025
(2024: \u00a3439 million). With the exception of the with-profits sub-fund supported by the RIEESA, movements in the GAO liabilities
in\u00a0the with-profits funds are offset by a corresponding movement in the estate to be distributed between policyholders and
shareholders. The (immediate) impact on profit arises from the mismatch between the remeasurement of the variable fee
(using\u00a0current market consistent financial assumptions) and remeasurement of the CSM (using locked-in financial assumptions),
together with the incremental amortisation of the change to the CSM. Liabilities for GAOs in the with-profits sub-fund supported
by the RIEESA were \u00a326 million at 31 December 2025 (2024: \u00a332 million).
(iv) Guaranteed minimum pension
The Group\u2019s UK with-profits funds also have certain policies that contain a guaranteed minimum level of pension as part of the
condition of the original transfer from state benefits to the policy.
(v) Guaranteed minimum maturity payments on mortgage endowments
The with-profits funds made promises to certain policyholders in relation to their with-profits mortgage endowments. Top-up
payments will be made on these policies at maturity to meet the mortgage value up to a maximum of the 31\u00a0December 1999
illustrated shortfall.
(c) Ireland
(i) Guaranteed annuity options and guaranteed maturity values
Guarantees and options in Ireland include GAOs, minimum maturity values on conventional with-profits business, guaranteed
minimum bonus rates on unitised with profits business, and a \u2018no MVR\u2019 guarantee that may apply at certain policy anniversaries.
Guarantees and options are measured using stochastic methods, and for some smaller with-profit funds closed form solutions.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-736": { "value": "
41 \u2013 EFFECT OF CHANGES IN NON-FINANCIAL ASSUMPTIONS AND ESTIMATES DURING THE\u00a0YEAR
This note analyses the impact of changes in estimates and assumptions from 2024 to 2025 , on liabilities for insurance and
investment contracts, and related assets and liabilities, such as reinsurance, deferred acquisition costs and acquired value of in-
force business and does not allow for offsetting movements in the value of backing financial assets.
2025
2024
Assumptions
Change in
Fulfillment
Cash Flows
(FCF)
Change in
CSM
Effect on
profit
Change in
Fulfillment
Cash Flows
(FCF)
Change in
CSM
Effect on
profit
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Expenses
76
(53)
(23)
95
(65)
(29)
Persistency rates
53
(50)
(3)
(2)
35
(33)
Mortality and morbidity for assurance contracts
11
(15)
4
(1)
20
(19)
Longevity for annuity contracts
(69)
106
(37)
(54)
21
33
Tax and other assumptions
(4)
7
(3)
(12)
7
5
Long-term insurance and participating investment business
67
(5)
(62)
26
18
(44)
Expenses
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Long-term non-participating investment business
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total
67
(5)
(62)
26
18
(44)
Of the \u00a323 million loss from expense assumption changes in 2025, the majority of the loss arises on onerous contracts, where the
full impact from FCF is recognised as loss.
The impact of change in mortality and morbidity assumptions for assurance contracts for both 2025 and 2024 relates mainly
to\u00a0a\u00a0review of recent experience.
Longevity assumption changes during this year are valued at \u00a369 million (2024: \u00a354 million) reduction in FCF (valued at opening
market discount rates) and \u00a3106 million (2024: \u00a321 million) increase in CSM (discount rates locked in at the time of business
inception), giving a total loss of \u00a337 million (2024: \u00a333 million profit), mainly due to the mismatch between those discount rates.
Updates were made to mortality improvements and reflecting recent experience in base mortality.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-737": { "value": "
42 \u2013 TAX ASSETS AND LIABILITIES
This note analyses the tax assets and liabilities that appear in the statement of financial position and explains the movements
in\u00a0these balances in the year.
(a) Current tax
Current tax assets recoverable and liabilities payable in more than one year are \u00a3 nil and \u00a38 million (2024:\u00a0\u00a385 million\u00a0and \u00a3nil),
respectively.
The Group is party to the CFC & Dividend Group Litigation Order, which challenged the tax treatment of dividends received from
non-UK entities before 2009. The Group is attempting to recover claims from HMRC covered by this judgement. A recoverable
balance of \u00a354\u00a0million ( 2024 : \u00a385 million) is included within current tax assets. In addition, the Group estimates potential interest
recoverable of \u00a323 million, which has not previously been recognised in investment return in the income statement and is not
currently reflected in the statement of financial position.
(b) Deferred tax
(i) The balances at 31 December comprise:
2025
2024
\u00a3m
\u00a3m
Deferred tax assets
59
614
Deferred tax liabilities
(481)
(345)
Net deferred tax (liability)/asset
(422)
269
Deferred tax attributable to policyholder returns included above at 31 December 2025 was a liability of \u00a3379 million (2024:\u00a0liability
of \u00a389 million).
Where shareholder deferred tax assets are not supported by deferred tax liabilities, they are recognised to the extent that it is
probable that future taxable profits will be available against which the tax losses can be utilised. In assessing future profitability,
the directors have relied on board approved business plans and profit forecasts for up to five years and the Group's history of
taxable profits in the relevant jurisdictions.
(ii) The net deferred tax (liability)/asset arises on the following items:
2025
2024
\u00a3m
\u00a3m
Insurance and investment contract liabilities
245
287
Deferred acquisition costs
(18)
61
Unrealised gains on investments
(457)
(309)
Pensions and other post-retirement obligations
(43)
(17)
Unused losses and tax credits
155
288
Intangibles and additional value of in-force long-term business
(456)
(249)
Provisions and other temporary differences
152
208
Net deferred tax (liability)/asset
(422)
269
(iii) The movement in the net deferred tax(liability)/asset was as follows:
Note
2025
2024
\u00a3m
\u00a3m
Net asset at 1 January
269
505
Effect of acquisitions in the period
2
(119)
7
Amounts charged to income statement
13(a)
(503)
(380)
Amounts (charged)/credited to other comprehensive income
13(b)
(28)
137
Amounts charged to equity
(47)
\u2014
Foreign exchange rate movements
6
\u2014
Net (liability)/asset at 31 December
(422)
269
The Group has unrecognised gross tax losses (excluding capital losses) and other temporary differences of \u00a3623 million
( 2024: \u00a3799 million) to carry forward against future taxable income of the necessary category in the companies concerned.
Of\u00a0these, trading losses of \u00a326 million ( 2024: \u00a344 million) will expire within the next eight years. The remaining losses have no
expiry date.
In addition, the Group has unrecognised gross capital losses of \u00a3566 million (2024: \u00a3566 million). These have no expiry date.
At 31 December 2025, a potential deferred tax liability of \u00a343 million (2024: \u00a332 million) is not recognised on temporary
differences relating to reserves of overseas subsidiaries which are not expected to be distributed.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-738": { "value": "
45 \u2013 BORROWINGS
Our borrowings are classified as either core structural borrowings, which are included within the Group\u2019s capital employed, or
operational borrowings drawn by operating subsidiaries. This note shows the carrying values of each type.
(a) Analysis of total borrowings
Total borrowings comprise:
Note
2025
2024
\u00a3m
\u00a3m
Core structural borrowings
45(b)
4,533
4,496
Operational borrowings at amortised cost
233
229
Operational borrowings designated at fair value
822
887
Operational borrowings
45(c)
1,055
1,116
Total borrowings
5,588
5,612
(b) Core structural borrowings
(i) Carrying amount
The carrying amounts of these borrowings are:
2025
2024
\u00a3m
\u00a3m
6.125% \u00a3700 million subordinated notes 2036
200
200
6.875% \u00a3600 million subordinated notes 2058
595
595
5.125% \u00a3400 million subordinated notes 2050
398
397
3.375% \u20ac900 million subordinated notes 2045
\u2014
745
4.375% \u00a3400 million subordinated notes 2049
398
397
4.000% \u00a3500 million subordinated notes 2055
495
494
4.000% \u00a3260 million subordinated notes 2032
243
\u2014
4.000% $CAD450 million subordinated notes 2030
243
248
6.875% \u00a3500 million subordinated notes 2053
494
493
6.125% \u00a3500 million subordinated notes 2054
494
494
4.625% \u20ac600 million subordinated notes 2056
517
\u2014
Subordinated debt
4,077
4,063
1.875% \u20ac750 million senior notes 2027
404
383
Senior notes
404
383
Commercial paper
52
50
Total core structural borrowings
4,533
4,496
On 28 May 2025 the Group issued \u20ac600 million of Fixed to Floating Rate Tier 2 Notes at 4.625%, with final maturity in August 2056
and First Call in February 2036.
As a result of the Group\u2019s acquisition of Direct Line on 1 July 2025, Direct Line\u2019s 4.00% \u00a3260 million Subordinated Tier 2 Notes
were acquired by the Group. The Notes have a redemption date of 5 June 2032 and may be redeemed at the option of the
Group\u00a0commencing on 5 December 2031 until the maturity date. With effect on and from 2 July 2025, and in accordance with
the\u00a0terms and conditions of the Tier 2 Notes, Aviva plc has been substituted in place of Direct Line as principal debtor under
the\u00a0Tier 2 Notes.
On 4 December 2025 the Group redeemed its 3.375% \u20ac900 million Dated Tier 2 Fixed to Floating Rate Notes in full at their
optional First Call Date.
All borrowings are stated at amortised cost, with the exception of commercial paper.
(ii) Contractual undiscounted cash flows
The contractual maturity dates of undiscounted cash flows for these borrowings are:
2025
2024
Principal
Interest
Total
Principal
Interest
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Within one year
52
235
287
50
218
268
1 to 5 years
649
891
1,540
385
861
1,246
5 to 10 years
260
1,019
1,279
249
1,016
1,265
10 to 15 years
200
954
1,154
200
970
1,170
Over 15 years
3,423
2,637
6,060
3,646
2,530
6,176
Total contractual undiscounted cash flows
4,584
5,736
10,320
4,530
5,595
10,125
Borrowings are considered current if the contractual maturity dates are within a year. Contractual undiscounted interest
payments are calculated based on underlying fixed interest rates or prevailing market floating rates as applicable. Year-end
exchange rates have been used for interest projections on loans in foreign currencies.
(c) Operational borrowings
(i) The carrying amounts of these borrowings are:
2025
2024
Note
\u00a3m
\u00a3m
Loans owed to financial institutions at amortised cost
233
229
Securitised mortgage loan notes designated at fair value
25(b)
822
887
Total operational borrowings
1,055
1,116
The Group designates loan notes issued in connection with the IWR lifetime mortgage business at FVTPL to eliminate an
accounting mismatch, as the relevant mortgages and derivatives are managed as a portfolio on a fair value basis.
The Group elects to present the change in fair value attributable to a change in the credit risk of the loan notes in the income
statement and the impacts are presented in note 23.
The fair values of the loan notes are modelled on risk-adjusted cash flows for defaults discounted at a risk-free rate plus a
market-determined liquidity premium, and are therefore classified as \u2018Level 3\u2019 in the fair value hierarchy. The risk allowances are
consistent with those used in the fair value asset methodology, as described in note 23.
The securitised mortgage loan notes are at various fixed, floating and index-linked rates. Further details about these notes are
given in note\u00a0 25.
(ii) The contractual maturity dates of undiscounted cash flows for these borrowings are:
2025
2024
Principal
Interest
Total
Principal
Interest
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Within one year
251
34
285
247
41
288
1 to 5 years
361
174
535
358
166
524
5 to 10 years
232
146
378
291
156
447
10 to 15 years
57
16
73
87
38
125
Over 15 years
3
4
7
9
10
19
Total contractual undiscounted cash flows
904
374
1,278
992
411
1,403
The carrying value of the loan notes issued in connection with IWR lifetime mortgages is \u00a3240 million lower (31 December
2024:\u00a0\u00a3309 million\u00a0lower) than the anticipated payment at maturity. The payment mirrors the repayment of the lifetime mortgages
and is based on the current modelling assumptions.
Contractual undiscounted interest payments are calculated based on underlying fixed interest rates or prevailing market floating
rates as applicable. Year-end exchange rates have been used for interest projections on loans in foreign currencies.
(d) Description and features
(i) Subordinated debt
A description of each of the subordinated notes is set out in the table below:
Notional amount
Issue date
Redemption date
Callable at par at option
of\u00a0the Company from
In the event the Company does not call the notes,
the\u00a0coupon will reset at each applicable reset date to
\u00a3200 million
14 Nov 2001
14 Nov 2036
16 Nov 2026
5 year Benchmark Gilt Rate + 2.85%
\u00a3600 million
20 May 2008
20 May 2058
20 May 2038
Daily Compounded SONIA + 0.1193% + 3.26%
\u00a3400 million
4 June 2015
4 June 2050
4 June 2030
Daily Compounded SONIA + 0.1193% + 4.022%
\u00a3400 million
12 September 2016
12 September 2049
12 September 2029
Daily Compounded SONIA + 0.1193% + 4.721%
\u00a3500 million
3 June 2020
3 June 2055
3 March 2035
5 year Benchmark Gilt Rate + 4.70%
\u00a3260 million
5 June 2020
5 June 2032
5 December 2031
N/A
$CAD450 million
2 October 2020
2 October 2030
N/A
N/A
\u00a3500 million
27 November 2023
27 November 2053
27 May 2033
5 year Benchmark Gilt Rate + 3.85%
\u00a3500 million
12 September 2024
12 September 2054
12 March 2034
5 year Benchmark Gilt Rate + 3.30%
\u20ac600 million
28 May 2025
28 August 2056
28 February 2036
3 month Euribor + 3.050%
Subordinated notes issued by the Company rank below its senior obligations and ahead of its Restricted Tier 1 Notes and ordinary
share capital.\u00a0The fair value of Notes at 31 December 2025 was \u00a34,153\u00a0million (31 December 2024:\u00a0\u00a33,999\u00a0million), calculated with
reference to\u00a0quoted prices.
(ii) Senior notes
All senior notes are at fixed rates and their total fair value at 31 December 2025 was \u00a3400\u00a0million (31 December 2024: \u00a3377
million).
(iii) Commercial paper
The commercial paper consists of \u00a352 million issued by the Company (31 December 2024: \u00a350 million) and is considered core
structural funding. The\u00a0fair\u00a0value of the commercial paper is considered to be the same as its carrying value and all issuances are
repayable within one year.
(iv) Loans
Loans owed to financial institutions comprise:
2025
2024
\u00a3m
\u00a3m
Loans to property partnerships
182
128
Other loans
51
101
Total loans owed to financial institutions
233
229
As explained in accounting policy D, the UK long-term business policyholder funds have invested in a number of property funds
and structures (the \u2018Property Funds\u2019), some of which have raised external debt, secured on the relevant Property Fund\u2019s property
portfolio. The lenders are only entitled to obtain payment of interest and principal to the extent there are sufficient resources in
the relevant Property Fund and they have no recourse whatsoever to the policyholder or shareholders\u2019 funds of any companies
in\u00a0the Group. Loans of \u00a3182 million (31 December 2024: \u00a3128 million) included in the table above relate to Property Funds.
Other loans include external debt raised by special purpose vehicles in the IWR long-term business and a bank credit facility as
part of the acquisition of Optiom on 5 January 2024. The\u00a0lenders have no recourse whatsoever to the shareholders\u2019 funds of any
companies in the Group. The outstanding balance of\u00a0these loans at 31 December 2025 was \u00a349 million (31 December 2024: \u00a3101
million).
(v) Securitised mortgage loan notes
Loan notes have been issued by special purpose securitisation companies in the UK. Details are given in note 25.
(e) Movements during the year
Movements in borrowings during the year were:
2025
2024
Core
Structural
Operational
Total
Core
Structural
Operational
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January
4,496
1,116
5,612
5,174
1,200
6,374
New borrowings drawn down, excluding commercial paper,
net of expenses
499
95
594
494
33
527
Repayment of borrowings, excluding commercial paper
(787)
(178)
(965)
(1,095)
(192)
(1,287)
Movement in commercial paper1
(1)
\u2014
(1)
\u2014
\u2014
\u2014
Net cash (outflow)/inflow
(289)
(83)
(372)
(601)
(159)
(760)
Borrowings acquired in business combinations2
242
\u2014
242
\u2014
33
33
Foreign exchange rate movements
78
(1)
77
(82)
(2)
(84)
Fair value movements
\u2014
23
23
\u2014
44
44
Amortisation of discounts and other non-cash items
6
\u2014
6
5
\u2014
5
At 31 December
4,533
1,055
5,588
4,496
1,116
5,612
1. Gross issuances of commercial paper were \u00a3139 million (2024: \u00a3113 million), offset by repayments of \u00a3140 million (2024: \u00a3113 million)
2. Borrowings acquired in business combinations relate to the acquisition of Direct Line Insurance Group Plc on 1 July 2025 and relate to Direct Line\u2019s 4.00% \u00a3260 million Subordinated
Tier 2 Notes. The 2024 balance relates to the acquisition of Optiom on 5 January 2024 and their bank credit facility.
All movements in fair value in 2025 and 2024 on securitised mortgage loan notes designated as fair value through profit or loss
were attributable to changes in market conditions.
(f) Undrawn borrowings
The Group has the following undrawn committed central borrowing facilities:
2025
2024
\u00a3m
\u00a3m
Expiring within one year
\u2014
\u2014
Expiring beyond one year
1,700
3,550
Total undrawn borrowings
1,700
3,550
The Group's undrawn borrowings of \u00a31,700 million (31 December2024: \u00a33,550 million) relate to borrowing facilities which are
used to support the commercial paper programme. 31 December 2024 also includes the bridge facility agreement of \u00a31,850
million entered into by the Group as part of the acquisition of Direct Line, in order to satisfy the Takeover Code requirements. On
23 April 2025, the bridge facility agreement was cancelled.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-739": { "value": "787000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:BorrowingsByNameAxis": "avi:SubordinatedDebtAndSeniorNotesMember", "unit": "iso4217:GBP" } }, "f-740": { "value": "1095000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:BorrowingsByNameAxis": "avi:SubordinatedDebtAndSeniorNotesMember", "unit": "iso4217:GBP" } }, "f-741": { "value": "
46 \u2013 PAYABLES AND OTHER FINANCIAL LIABILITIES
This note analyses our payables and other financial liabilities at the end of the year.
2025
2024
Note
\u00a3m
\u00a3m
Payables arising out of direct insurance
1,139
859
Payables arising out of reinsurance operations
178
137
Bank customer accounts liability
6
2
Bank overdrafts1
51
1,268
928
Derivative liabilities
53
7,115
8,271
Amounts due to brokers for investment purchases
346
513
Obligations for repayment of cash collateral received
464
732
Lease liabilities
22
450
346
Other financial liabilities
4,452
2,867
Total payables and other financial liabilities
15,418
14,655
Expected to be settled within one year
9,022
7,345
Expected to be settled in more than one year
6,396
7,310
Total payables and other financial liabilities
15,418
14,655
1. Bank overdrafts amount to \u00a3593 million (2024: \u00a3263 million) in life business operations and \u00a3675 million ( 2024: \u00a3665 million) in general insurance business and other operations
All payables and other financial liabilities are carried at cost, which approximates to fair value, except for derivative liabilities,
which are carried at their fair values and lease liabilities which are carried at the present value of the outstanding lease payments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-742": { "value": "
47 \u2013 OTHER LIABILITIES
This note analyses our other liabilities at the end of the year.
2025
2024
\u00a3m
\u00a3m
Deferred income
47
41
Accruals
1,299
845
Interest payable on borrowings
831
1,125
Other liabilities
741
1,286
Total other liabilities
2,918
3,297
Expected to be settled within one year
2,613
3,024
Expected to be settled in more than one year
305
273
Total other liabilities
2,918
3,297
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-743": { "value": "
48 \u2013 CONTINGENT LIABILITIES AND OTHER RISK\u00a0FACTORS
This note sets out the main areas of uncertainty over the calculation of our liabilities.
(a) Uncertainty over claims provisions
Note 39 gives details of the estimation techniques used by the Group to determine the non-life business liability for incurred
claims provisions and of the methodology and assumptions used in determining the long-term business provisions. These
approaches are designed to produce a best estimate of the cost of settling liabilities, with a risk adjustment reflecting the
uncertainty associated with these liabilities. The actual cost of settling these liabilities may differ, for example because
experience may be worse than that assumed, or future non-life business claims inflation may differ from that expected, and
hence there is uncertainty in respect of these liabilities.
Bu siness Interruption
There continues to be a degree of uncertainty in relation to business interruption claims arising from COVID-19 and on-going test
case litigation in the UK, with ongoing proceedings and appeals taking place. We are party to a number of litigation proceedings in
Canada, however, uncertainty has reduced in 2025 as the main business interruption class actions have been settled, subject to
court approval. In the opinion of management, adequate liabilities have been established for such claims based on information
available at the reporting date. The Group purchases reinsurance protection that includes coverage for business interruption and
is collecting or seeking reinsurance recoveries of business interruption losses that are covered by reinsurance.
For further information see note 52(e).
(b) Asbestos, pollution and social environmental hazards
In the course of conducting insurance business, various companies within the Group receive general insurance liability claims,
and become involved in actual or threatened related litigation arising therefrom, including claims in respect of pollution and other
environmental hazards. Amongst these are claims in respect of asbestos production and handling in the UK, Ireland and Canada.
Given the significant delays that are experienced in the notification of these claims, the potential number of incidents they cover
and the uncertainties associated with establishing liability, the ultimate cost cannot be determined with certainty. However, on
the basis of current information having regard to the level of provisions made for general insurance claims and substantial
reinsurance cover now in place, the directors consider that any additional costs arising are not likely to have a material impact on
the financial position of the Group.
(c) Guarantees on long-term savings products
As a normal part of their operating activities, various Group companies have given guarantees and options, including interest rate
guarantees, in respect of certain long-term insurance and investment products. Note 39(h) gives details of these guarantees and
options. Interest rate guaranteed returns, such as those available on guaranteed annuity options, are sensitive to interest rates
falling below the guaranteed level. The directors continue to believe that the existing IFRS 17 provisions for such guarantees and
options are sufficient.
(d) Regulatory compliance
The Group\u2019s insurance and investment business is subject to local regulation in each of the countries in which it operates.
A\u00a0number of the Group\u2019s UK subsidiaries are dual regulated (directly authorised by both the PRA (for prudential regulation) and
the FCA (for conduct regulation)) while others are solo regulated (regulated solely by the FCA for both prudential and conduct
regulation). Between them, the PRA and FCA have broad powers including the authority to grant, vary the terms of, or cancel a
regulated firm\u2019s authorisation; to investigate marketing and sales practices; and to require the maintenance of adequate financial
resources.
The Group\u2019s regulated businesses have compliance resources to respond to regulatory enquiries in a constructive way, and take
corrective action when warranted. However, all regulated financial services companies face the risk that their regulator could
find that they have failed to comply with applicable regulations or have not undertaken corrective action as required.
The impact of any such finding (whether in the UK or overseas) could have a negative impact on the Group\u2019s reported results or
on its relations with current and potential customers. Regulatory action against a member of the Group could result in adverse
publicity for, or negative perceptions regarding, the Group, or could have a material adverse effect on the business of the Group,
its results, operations and/or financial condition and divert management\u2019s attention from the day-to-day management of the
business.
(e) Structured settlements
The Group has purchased annuities from licensed Canadian life insurers to provide for fixed and recurring payments to claimants.
As a result of these arrangements, the Group is exposed to credit risk to the extent that any of the life insurers fail to fulfil their
obligations. The Group\u2019s maximum exposure to credit risk for these types of arrangements is approximately \u00a3479 million as at
31\u00a0December 2025 (2024: \u00a3510 million). Credit risk is managed by acquiring annuities from a diverse portfolio of life insurers with
proven financial stability. This risk is reduced to the extent of coverage provided by Assuris, the Canadian life insurance industry
compensation plan. As at 31 December 2025, no\u00a0information has come to the Group\u2019s attention that would suggest any weakness
or failure in life insurers from which it has purchased annuities and consequently no provision for credit risk is required.
(f) Other
In the course of conducting insurance and investment business, various Group companies receive liability claims, and become
involved in\u00a0actual or threatened related litigation. In the opinion of the directors, adequate provisions have been established for
such claims and no\u00a0material loss will arise in this respect.
In addition, in line with standard business practice, various Group companies have given guarantees, indemnities and warranties
in connection with disposals in recent years of subsidiaries and associates to parties outside the Aviva Group which can give rise
to contingent liabilities. In the opinion of the directors, no material unprovisioned loss will arise in respect of these guarantees,
indemnities and warranties.
There are a number of charges registered over the assets of Group companies in favour of other Group companies or third
parties. In\u00a0addition, certain of the Company\u2019s assets are charged in favour of certain of its subsidiaries as security for intra-
Group\u00a0loans.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-744": { "value": "
49 \u2013 COMMITMENTS
This note gives details of our commitments to capital expenditure. See note 22 for further information on lease commitments.
Contractual commitments for acquisitions or capital expenditures of infrastructure loan advances, investment property, property
and equipment and equity funds which have not been recognised in the financial statements are as follows:
2025
2024
\u00a3m
\u00a3m
Infrastructure loan advances
358
215
Investment property
588
234
Property and equipment
13
\u2014
Other investment vehicles\u00b9
429
536
Total commitments
1,388
985
1. Represents commitments for further investment in certain private equity vehicles. Such commitments do not expose the Group to the risk of future losses in excess of its
investment.
Notes 18 and 19 set out the commitments the Group has to its joint ventures and associates.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-745": { "value": "
50 \u2013 GROUP CAPITAL MANAGEMENT
(a) Group capital
The Group is required to measure and monitor its capital resources on a regulatory basis and to comply with minimum capital
requirements of regulators in each territory that it operates in. At a Group level, we have to comply with the Solvency II
requirements established by the PRA.
The Group solvency capital requirement is calculated using a Partial Internal Model (PIM) approved by the PRA. The Solvency II
capital regime requires insurers to calculate regulatory capital adequacy at both individual regulated subsidiaries and an
aggregate Group level. Non-UK entities have been included in Group solvency in line with Solvency II requirements. Other
financial sector entities (including fund management) are included at their proportional share of the capital requirement according
to the relevant sectoral values. In addition, non-UK businesses including Canada, are subject to the locally applicable capital
requirements in the jurisdictions in which they operate.
Group capital is represented by Solvency II own funds. The Solvency II position disclosed is based on a \u2018shareholder view\u2019.
The\u00a0shareholder view is considered by management to be more representative of the shareholders\u2019 risk exposure and the
Group\u2019s ability to cover the\u00a0Solvency Capital Requirement (SCR) with eligible own funds and aligns with management\u2019s approach
to dynamically manage its capital\u00a0position.
In arriving at the shareholder position, the contribution to the Group\u2019s SCR and own funds of the most material fully ring fenced
with-profits funds of \u00a31,495 million at 31 December 2025 (2024: \u00a31,387 million) and staff pension schemes in surplus of
\u00a3279 million at 31 December 2025 (2024: \u00a3297 million) are excluded. These exclusions have no impact on Solvency II surplus
as\u00a0these funds are self-supporting on a Solvency II capital basis with any surplus capital above SCR not recognised.
2025
2024
(unaudited)
\u00a3m
\u00a3m
Solvency II regulatory own funds as at 31 December
17,795
17,323
Adjustments for:
Fully ring-fenced with-profit funds
(1,495)
(1,387)
Staff pension schemes in surplus
(279)
(297)
Solvency II shareholder own funds as at 31 December
16,021
15,639
Solvency II own funds are comprised of a combination of shareholders\u2019 funds, preference share capital (applicable at 31
December 2024 before preference share cancellation in 2025), subordinated debt, and deferred tax assets measured on a
Solvency II basis. During the year, the Group cancelled \u00a30.45 billion preference shares and replaced by \u00a30.5 billion Restricted
Tier 1 debt, redeemed \u20ac0.9 billion of Tier 2 subordinated debt, issued \u20ac0.6 billion of Tier 2 subordinated debt and acquired \u00a30.26
billion Subordinated Tier 2 Notes as a result of acquisition of Direct Line (see note\u00a045).
Solvency II surplus at the Group level represents the excess of eligible Solvency II own funds over the Group\u2019s solvency capital
requirements calculated in accordance with Solvency II requirements. The Group maintained capital in excess of the SCR at all
times during 2025. All\u00a0key regulated subsidiaries complied with their capital requirements throughout the year.
Further information on the Group\u2019s Solvency II position, including a reconciliation between IFRS equity and own funds can be
found in the Other information section. This information is estimated and is therefore subject to change. It is also unaudited.
(b) Risks and capital management objectives
Optimal deployment of capital is a key driver in our strategic decision making, including product mix, pricing, hedging,
reinsurance, investments, transformation programmes, acquisitions and disposals. Capital and liquidity management is
embedded in our businesses and supported by group-wide policies. A\u00a0Capital Management Standard sets out minimum standards
and guidelines over responsibility for capital management including considerations for capital management decisions and
requirements for management information, capital monitoring, reporting, forecasting, planning and overall governance.
The Group manages capital in conjunction with solvency capital requirements and in line with the dividend policy and capital
management framework.
\u2022 We aim to deliver sustainable dividends at a level that is resilient in times of stress and is covered by the capital and cash
generated from our businesses. We also expect to make regular and sustainable returns of capital;
\u2022 At the core of our capital management framework is financial strength in accordance with risk appetite and efficient
deployment of capital. See note 52 for more information about the Group\u2019s risk management approach;
\u2022 Key elements of our capital management framework are as follows:
\u2013 Solvency II shareholder cover ratio working range of 160%-180% with opportunities for the deployment of any excess capital
considered as part of the framework (see below);
\u2013 Centre liquid assets of at least \u00a31 billion;
\u2013 Solvency II debt leverage ratio below 30% (other than for temporary periods);
\u2013 To maintain our AA credit rating metrics;
\u2022 In addition to regular capital returns any excess capital is available for deploying in the business to support growth and top
quartile efficiency objectives, M&A where this delivers attractive risk adjusted returns and the opportunity is in line with our
strategy, thereafter, additional distributions to shareholders will be considered;
\u2022 The Group seeks to retain financial flexibility by maintaining strong liquidity, access to a range of capital markets and significant
unutilised committed credit lines; and
\u2022 Our businesses are capitalised based on buffers above their regulatory minimum levels, which are specific to each entity.
Subsidiary capital and liquidity risk appetites are reviewed regularly by subsidiary boards.
Intra-group capital arrangements
Consistent with our capital management framework, the Group has in place intra-group arrangements to provide additional
capital support to its regulated subsidiaries. In the normal course of business, the Group will provide additional capital support to
its regulated subsidiaries in certain circumstances. While the Group considers it unlikely that such support will be required, the
arrangements are intended to provide additional comfort to its regulated subsidiaries and its policyholders.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-746": { "value": "
51 \u2013 STATEMENT OF CASH FLOWS
This note gives further detail behind the figures in the statement of cash flows.
(a) The reconciliation of profit before tax to the net cash flows from operating activities is:
2025
2024
\u00a3m
\u00a3m
Profit before tax
1,843
1,267
Adjustments for:
Share of profit after tax of joint ventures and associates
(128)
(136)
Dividends received from joint ventures and associates
125
29
(Profit)/loss on sale of:
Investment property
\u2014
4
Subsidiaries, joint ventures and associates
\u2014
(195)
Investments
(7,793)
(1,816)
Fair value (gains)/losses on:
Investment property
(203)
13
Investments
(16,706)
(10,250)
Borrowings
24
44
Depreciation of property and equipment
78
62
Equity compensation plans, equity settled expense
74
61
Impairment and expensing of:
11
18
Financial investments, loans and other assets
2
2
Acquired value of in-force business and intangibles
7
16
Non-financial assets
2
\u2014
Amortisation of:
267
696
Premium/discount on fixed maturity securities
46
509
Premium/discount on borrowings
6
5
Premium/discount on non-participating investment contracts
55
52
Acquired value of in-force business and intangibles
160
130
Interest expense on borrowings
322
339
Net finance income on pension schemes
(5)
(19)
Foreign currency exchange gains
821
181
Increase in reinsurance assets
(1,068)
(1,505)
Increase in deferred acquisition costs
(3)
(41)
Increase in insurance liabilities and investment contracts
32,443
22,503
(Increase)/decrease in other assets
(5)
3,038
Changes in working capital
31,367
23,995
Net purchases of investment property
(499)
(494)
Net proceeds on sale of investment property
337
382
Net purchase of financial investments
(12,360)
(5,493)
Net purchases of operating assets
(12,522)
(5,605)
Total cash (used in)/generated from operating activities
(2,425)
8,688
The cash flows presented in this statement cover all the Group\u2019s activities and include flows from both policyholder and
shareholder activities. Operating cash flows reflect the movement in both policyholder and shareholder controlled cash and
cash\u00a0equivalent balances.
During the year the net operating cash flows reflects a number of factors, including the level of premium income, payments of
claims, creditors and surrenders and purchases and sales of operating assets including financial investments. It also includes
changes in the size and value of consolidated cash investment funds and changes in the Group participation in these funds.
(b) Liabilities arising from financing activities:
2025
2024
Borrowings
Leases\u00a0
Total
Borrowings
Leases\u00a0
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Opening balance of liabilities arising from financing activities
5,612
346
5,958
6,374
372
6,746
Cash movements
Repayment of leases
\u2014
(60)
(60)
\u2014
(60)
(60)
New borrowings
733
\u2014
733
640
\u2014
640
Repayment of borrowings
(1,105)
\u2014
(1,105)
(1,400)
\u2014
(1,400)
Non-cash movements
Effect of acquisitions
242
110
352
33
1
34
Additions
\u2014
33
33
\u2014
\u2014
\u2014
Foreign exchange movements
77
1
78
(84)
(2)
(86)
Fair value gains/losses
23
\u2014
23
44
\u2014
44
Other
6
20
26
5
35
40
Closing balance of liabilities arising from financing activities
5,588
450
6,038
5,612
346
5,958
(c) Cash flows in respect of the acquisition of, and additions to, subsidiaries, joint ventures and associates comprised:
2025
2024
\u00a3m
\u00a3m
Cash consideration for subsidiaries, joint ventures and associates acquired and additions1
(1,741)
(856)
Less: Cash and cash equivalents acquired with subsidiaries
774
96
Total cash flow on acquisitions and additions
(967)
(760)
1. Cash consideration for subsidiaries, joint ventures and associates acquired and additions includes \u00a31,711 million relating to the acquisition of Direct Line
(d) Cash flows in respect of the disposal of subsidiaries, joint ventures and associates comprised:
2025
2024
\u00a3m
\u00a3m
Cash proceeds from disposal of subsidiaries, joint ventures and associates1
16
1,095
Total cash flow on disposals
16
1,095
1. Cash proceeds from disposal of subsidiaries, joint ventures and associates are net of \u00a3nil (2024: \u00a35 million) transaction costs paid during the year.These relate to the disposal of
Aviva Investors UK Commercial Real Estate Senior Debt LP
The above figures form part of cash flows from investing activities.
(e) Cash and cash equivalents in the statement of cash flows and statement of financial position comprised:
2025
2024
Note
\u00a3m
\u00a3m
Cash at bank and in hand
4,652
5,055
Cash equivalents
13,637
18,426
Cash and cash equivalents per the statement of financial position
18,289
23,481
Bank overdrafts
46
(1,268)
(928)
Cash and cash equivalents
17,021
22,553
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-747": { "value": "
52 \u2013 RISK MANAGEMENT
Risk management is key to Aviva\u2019s success. We accept the risks inherent to our core business lines of life, general insurance and
health, and asset management. We diversify these risks through our scale, geographic spread, the variety of the products and
services we offer and the channels through which we sell them. We receive premiums which we invest to maximise risk-adjusted
returns, so that we can fulfil our promises to customers while providing a return to our shareholders. We identify risks to the
business and, depending on our risk appetite, prefer, accept or avoid those risks. In doing so we prefer retaining those risks we
believe we are capable of managing to generate a return.
Our sustainability and financial strength are underpinned by an effective risk management process and risk intelligent culture.
This helps us identify major risks to which we may be exposed, establish appropriate controls and take mitigating actions for the
benefit of our customers and investors. The Group\u2019s risk strategy is to invest its available capital to optimise the balance between
return and risk while maintaining an appropriate level of economic (i.e. risk-based) and regulatory capital.
The key elements of our risk management framework comprise: our risk strategy and risk management forward plans; risk
governance, including risk policies and business standards, risk oversight committees and roles and responsibilities; and the
processes we use to identify, measure, manage, monitor and report risks, including the use of our risk models, Operational Risk
and Control Management system (ORCM) and stress and scenario testing.
Risk Environment
Macroeconomic risk has been elevated throughout 2025, with persistent uncertainty around global growth prospects reflected in
ongoing cost of living pressures. While inflation has eased in some regions, interest rates remain high and trade policy
developments have introduced new risks to global supply chains and pricing dynamics. Momentum in global growth has softened,
with analysts highlighting the impacts of geopolitical tensions, protectionist trade measures and financial market vulnerabilities.
Affordability remains a concern because of the global economic climate and will continue to impact customers, including
relatively affluent customers. Customer experience and retention will continue to require close monitoring as economic
pressures shift consumer behaviour.
There are a significant number of ongoing regulatory developments that will drive a high level of scrutiny on the fair value of
products provided by the insurance industry. In addition, changes in relevant legislation in any of the markets in which the Group
operates may adversely impact the products and services we offer and the valuation of the Group's assets and liabilities.
Pensions legislation and evolving leaseholder reform have the potential to adversely impact our business.
The Group continues to maintain strong solvency and liquidity positions through a range of scenarios and stress testing. Our
capital and liquidity positions have been tested by recent market conditions and have been shown to be robust and resilient.
There remains an increased threat of malware and ransomware attacks across the world and several recent cyber incidents
impacting the UK retail sector caused significant disruption. In response we have increased the protection level of anti-malware
and cyber incident security controls. We continue to monitor threat intelligence data and update our controls to maintain
protection against new and emerging ransomware variants, including in respect of our suppliers.
Following the integration of Direct Line, the types of risks the Group is exposed to remains broadly consistent. The risks within DL
are closely aligned to those already managed by the Group, with the main effect being an increase in the overall materiality of
these risks at Group level.
Risk Management Framework (RMF)
The Group\u2019s RMF is at the heart of every business decision and is key to a robust control environment and the Group\u2019s
sustainable success. The key components of our RMF are risk appetite; risk governance, including risk policies and business
standards, risk oversight committees and roles and responsibilities; and the processes we use to identify, measure, manage,
monitor and report risks, including the use of our risk models and stress and scenario testing. A risk taxonomy is maintained for a
consistent approach to risk identification, measurement and reporting, and to determine application of the Group Risk Appetite
Framework and the risks for which a risk policy is required. The taxonomy is arranged in a hierarchy with more granular risk
types grouped into the following principal risk categories: credit and market, liquidity, life insurance, general insurance (including
health), operational and strategic risk. Risks falling within these types may affect a number of outcomes including those relating to
solvency, liquidity, profit, reputation and conduct.
To promote a consistent and rigorous approach to risk management across all businesses we have a set of risk policies, business
standards and associated guidance which set out the risk strategy/forward plan, appetite, framework, key controls, and minimum
requirements for the Group\u2019s worldwide operations. The business unit\u2019s Chief Executive Officers make an annual declaration,
supported by an opinion from the business unit Chief Risk Officers, that the system of governance and internal controls was
effective and fit for purpose for their business throughout the year.
The Group\u2019s Risk Appetite Framework is reviewed and refreshed annually, with updated risk appetites considered and approved
by the Risk Committee.
A regular top-down key risk identification and assessment process is carried out by the Risk function in collaboration with the
business, including consideration of emerging risks, and is supported by deeper thematic reviews. This process is replicated at
the business unit level. The risk assessment processes are used to generate risk reports which are shared with the relevant risk
committees.
We regularly apply a broad suite of quantitative techniques including sensitivity analysis, stress and scenario testing, reverse
stress testing and deep downside recession type scenarios to assess the resilience of our balance sheet and business model.
These exercises, which range from single factor sensitivities to multi factor, severe stress scenarios, evaluate the potential
impacts on profitability, capital generation, solvency and liquidity, and incorporate regulatory requirements such as the 2025 Life
Insurance Stress Test (LIST) and our annual recovery planning regime. Where relevant, we identify timely and plausible
management actions, such as expense or volume management, hedging and derisking, to support recovery in extreme
conditions. The insights from this analysis inform key decisions across business planning, dividend sustainability, risk appetite
setting and capital management, helping to ensure both operational and financial resilience while demonstrating robust
regulatory compliance and a clear understanding of the financial and non-financial consequences of our actions.
Roles and responsibilities for risk management in the Group are based around the \u2018three lines of defence\u2019 risk governance model
where ownership for risk is taken at all levels in the Group. Line management in the business is accountable for risk ownership
and management, including the implementation and embedding of the RMF. The Risk Function is accountable for quantitative and
qualitative oversight and challenge of the risk identification, measurement, monitoring, management, and reporting processes
and for developing the RMF, as well as providing advisory support to the business on risk innovation. Internal audit provides an
independent assessment of the risk management framework and internal control processes.
Board oversight of risk and its management across the Group is maintained on a roughly quarterly basis through its Risk
Committee and Customer and Sustainability Committee. The Board has overall responsibility for determining risk appetite, which
is an expression of the risk the business is willing to take. Three Group-level management Committees (Group Executive Risk
Committee, Group Asset Liability Committee and the Disclosure Committee) exist to assist members of the Aviva Executive
Committee in the discharge of their delegated authorities and their accountabilities within the Aviva governance framework and in
relation to their defined regulatory responsibilities.
Where the Group has entered into joint venture arrangements without a controlling interest, we work with our joint venture
partners to align the joint venture\u2019s RMF, where possible, with Aviva\u2019s RMF so not to unduly increase the overall risk exposure of
the Group. Upon acquiring a new subsidiary, we work with these entities to understand how their risks are managed and apply the
Group\u2019s RMF to the acquired entity in a manner appropriate for the scale and nature of their operations. Following the acquisition
of Direct Line in July 2025, we performed a detailed review of its RMF and identified many similarities and synergies with our own.
We expect to complete the integration of their appetites, policies, standards and frameworks by mid-2026, with further
embedding taking place thereafter.
The types of risks to which the Group is exposed have not changed significantly during the year and remain credit, market,
liquidity, life insurance, general insurance and health, asset management and operational risks. These risks are described below.
(a) Credit risk
Credit risk is the risk of financial loss as a result of the default or failure of third parties to meet their payment obligations to the
Group, or variations in market values as a result of changes in expectations related to these risks. Credit risk is taken so that the
Group can provide the returns required to satisfy policyholder liabilities and to generate returns for our shareholders. In general
we prefer to take credit risk over equity and property risks, because of the better expected risk-adjusted return, our credit risk
analysis capability and the structural investment advantages conferred to insurers with long-dated, relatively illiquid liabilities.
Our approach to managing credit risk recognises that there is a risk of adverse financial impact resulting from fluctuations in
credit quality of third parties including default, rating transition and credit spread movements. Our credit risks arise principally
through exposures to debt security investments, structured asset investments, bank deposits, derivative counterparties,
mortgage lending and reinsurance counterparties.
The Group manages its credit risk at business unit and Group levels. All business units are required to implement credit risk
management processes (including limits frameworks), operate specific risk management committees and report and monitor
their exposures against detailed pre-established risk criteria. At Group level, we manage and monitor all exposures across our
business units on a consolidated basis and operate a Group limit framework that must be adhered to by all.
We did not experience a material increase in credit defaults in 2025, with pro-active management of the credit portfolio in a
challenging macroeconomic environment. We continue to monitor closely any deterioration in the credit markets. Our capital
position includes an allowance for the expected potential impacts from downgrades and defaults.
A detailed breakdown of the Group\u2019s current credit exposure by credit quality is shown below.
(i) Financial exposures by credit ratings
Financial assets are graded according to current external credit ratings issued. AAA is the highest possible rating. Investment
grade financial assets are classified within the range of AAA to BBB ratings. Financial assets with ratings outside this range are
classified as sub-investment grade. The following table provides information regarding the aggregated credit risk exposure of the
Group for financial and reinsurance contract assets with external credit ratings. \u2018Not rated\u2019 assets capture assets not rated by
external ratings agencies.
2025
30 June
2024
AAA
AA
A
BBB
Below
BBB
Not
rated
Maximum
exposure
AAA
AA
A
BBB
Below
BBB
Not
rated
Maximum
exposure
%
%
%
%
%
%
\u00a3m
%
%
%
%
%
%
\u00a3m
Fixed maturity
securities
9.6%
45.7%
19.9%
14.3%
3.3%
7.2%
128,233
10.6%
44.2%
20.1%
13.3%
3.7%
8.1%
115,539
Reinsurance contract
assets
\u2014%
64.8%
34.7%
\u2014%
\u2014%
0.5%
9,814
\u2014%
74.2%
25.3%
(1.0%)
\u2014%
1.5%
7,742
Reinsurance assets for
non-participating
investment contracts
\u2014%
48.5%
51.5%
\u2014%
\u2014%
\u2014%
5,770
\u2014%
48.8%
50.5%
0.7%
\u2014%
\u2014%
5,280
Other investments
0.6%
0.3%
2.2%
0.1%
0.3%
96.5%
61,820
1.5%
0.2%
0.2%
0.1%
\u2014%
98.0%
52,400
Loans1
\u2014%
\u2014%
\u2014%
\u2014%
\u2014%
100.0%
30,847
0.9%
\u2014%
\u2014%
0.4%
\u2014%
98.7%
30,553
Total
236,484
211,514
1. Comparative amounts have been amended to re-present internally rated loan assets from AAA to \u2018Not rated\u2019
The majority of non-rated fixed maturity securities within shareholder assets are private placements and other corporate bonds
held by our UK IWR business, amounting to \u00a36.7 billion (2024:\u00a0\u00a35.6\u00a0billion). Of these securities most are allocated an investment
grade internal rating using a methodology largely consistent with that adopted by an external rating agency.
The Group\u2019s maximum exposure to credit risk of financial assets, without taking collateral or hedges into account, is represented
by the carrying value of the financial instruments in the Statement of Financial Position. For reinsurance contract assets the
maximum exposure reflects the carrying value less the value of CSM. Excluding Direct Line, Aviva's reinsurance contract asset
rating distribution has remained broadly stable. Direct Line's exposure is more weighted towards A rated counterparties.
The financial assets comprise debt securities, reinsurance assets, derivative assets, loans and receivables. The carrying values
of these assets are disclosed in the relevant notes: financial investments (note 27), reinsurance assets (note 39), loans (note 24)
and receivables (note 28). The collateral in place for these credit exposures is disclosed in note 54.
(ii) Other investments
Other investments include: unit trusts and other investment vehicles; derivative financial instruments, representing positions
to\u00a0mitigate the impact of adverse market movements; and other assets, including deposits with credit institutions and minority
holdings in property management undertakings.
The credit quality of the underlying debt securities within investment vehicles is managed by the safeguards built into the
investment mandates for these funds which determine the funds\u2019 risk profiles. At the Group level, we also monitor the asset
quality of unit trusts and other investment vehicles against Group set limits.
A proportion of the assets underlying these investments are represented by equities and so credit ratings are not generally
applicable. Equity exposures are managed against agreed benchmarks that are set with reference to overall appetite for
market\u00a0risk.
(iii) Loans
The Group loan portfolio principally comprises:
\u2022 Policy loans which are generally collateralised by a lien or charge over the underlying policy;
\u2022 Loans and advances to banks which primarily relate to loans of cash collateral received in stock lending transactions.
These\u00a0loans are fully collateralised by other securities;
\u2022 Healthcare, infrastructure and private finance initiative loans secured against healthcare, education, social housing and
emergency services related\u00a0premises; and
\u2022 Mortgage loans collateralised by property assets.
We use loan to value, interest and debt service cover and diversity and quality of the tenant base metrics to internally monitor
our\u00a0exposures to mortgage loans. We use credit quality, based on dynamic market measures, and collateralisation rules to
manage our stock lending activities. Policy loans are loans and advances made to policyholders and are collateralised by the
underlying policies.
(iv) Credit concentration risk
The long-term and general insurance and health businesses are generally not individually exposed to significant concentrations
of credit risk due to the regulations applicable in most markets and the Group credit policy and limits framework, which limit
investments in individual assets and asset classes. Credit concentrations are monitored as part of the regular credit monitoring
process and are reported to the Group Asset Liability Committee (ALCO).
(v) Reinsurance credit exposures
The Group is exposed to concentrations of risk with individual reinsurers due to the nature of the reinsurance market and the
restricted range of reinsurers that have acceptable credit ratings. The Group operates a policy to manage its reinsurance
counterparty exposures, by limiting the reinsurers that may be used and applying strict limits to each reinsurer. The largest
aggregated counterparty exposure within shareholder assets is to the Swiss Reinsurance Company Limited (including
subsidiaries), representing approximately 1.1% of the total shareholder assets. Reinsurance exposures are aggregated with other
exposures to ensure that the overall risk is within appetite. The Group Capital and Group Risk teams have an active monitoring
role with escalation to the Chief Financial Officer (CFO), Chief Risk Officer (CRO), Group ALCO and the Board Risk Committee as
appropriate.
(vi) Securities finance
The Group has significant securities financing operations within the UK and smaller operations in some other businesses.
The\u00a0risks within this activity are mitigated by collateralisation and minimum counterparty credit quality requirements.
(vii) Derivative credit exposures
The Group is exposed to counterparty credit risk through derivative trades. This risk is generally mitigated through holding
collateral for most trades. Residual exposures are captured within the Group\u2019s credit management framework.
(viii) Unit-linked business
In unit-linked business the policyholder bears the direct market risk and credit risk on investment assets in the unit funds and
the\u00a0shareholders\u2019 exposure to credit risk is limited to the extent of the income arising from asset management charges based
on\u00a0the value of assets in the fund.
(ix) Impairment of financial assets
Impairment is calculated using an expected credit loss model for financial assets measured at amortised cost and lease
receivables, with reference to historical experience of losses adjusted for forward-looking information, as discussed in
accounting policy U.
(b) Market risk
Market risk is the risk of adverse financial impact resulting, directly or indirectly, from fluctuations in interest rates, inflation,
foreign currency exchange rates, equity and property prices. Market risk arises in business units because of fluctuations in both
the value of liabilities and the value of investments held. At Group level, it also arises in relation to foreign currency exchange risk
from our international businesses and market risk from the value of investment assets held at the Group Centre. We actively seek
some market risks as part of our strategy and in accordance to our risk preferences set out in our Risk Appetite Framework.
The management of market risk is undertaken at business unit and at Group level. Businesses manage market risks locally using
the Group market risk framework and within local regulatory constraints. Group Capital is responsible for monitoring and
managing market risk at Group level, limiting the impact of mismatches through monitoring of sensitivities and the application of
our Asset Liability Management Business Standard.
The Group writes unit-linked business, primarily in the UK. The\u00a0shareholders\u2019 exposure to market risk on this business is limited
to the extent that income arising from asset management charges is based on the value of assets in the fund.
The most material types of market risk that the Group is exposed to are described below.
(i) Equity price risk
The Group is subject to direct equity price risk arising from changes in the market values of its equity securities portfolio. We
have some equity exposure in shareholder funds through equities held to match inflation-linked liabilities as part of general
insurance investment optimisation. We also have some equity holdings in with profits funds which can impact the costs for
policyholder guarantees. Our\u00a0most material indirect equity price risk exposures are to policyholder unit-linked funds, which are
exposed to a fall in the\u00a0value of the fund thereby reducing the fees we earn on those funds, and participating contracts, which are
exposed to a\u00a0fall\u00a0in\u00a0the\u00a0value of the funds thereby increasing our costs for policyholder guarantees.
We continue to manage our direct equity exposure in line with our risk appetite framework. At a business unit level, investment
limits and local investment regulations require that business units hold diversified portfolios of assets thereby reducing exposure
to individual equities. The Group does not have material holdings of unquoted equity securities.
Equity risk is also managed using a variety of derivative instruments, including futures and options. Businesses actively model
the\u00a0performance of equities through the use of risk models, in particular to understand the impact of equity performance on
guarantees, options and bonus rates. An equity hedging strategy remains in place to help control the Group\u2019s overall direct
and\u00a0indirect exposure to equities.
Sensitivity to changes in equity prices is given in section (h) Risk and capital management , below.
(ii) Property price risk
The Group is subject to property price risk directly because of holdings of investment properties in a variety of locations
worldwide and indirectly through investments in mortgages and mortgage backed securities. Investment in property is managed
at business unit level, and is subject to local regulations on investments, liquidity requirements and the expectations of
policyholders.
As at 31 December 2025, no material derivative contracts had been entered into to mitigate the effects of changes in property
prices. We maintain a conservative loan-to-value ratio on our commercial mortgage portfolio. Exposure to property risk on
equity release mortgages from sustained underperformance in the UK House Price Index (HPI) is mitigated by capping loan to
value on\u00a0origination at low levels for the majority of the book and regularly monitoring the performance of the mortgage portfolio.
Sensitivity to changes in property prices is given in section (h) Risk and capital management, below.
(iii) Interest rate risk
Interest rate risk arises primarily from the Group\u2019s investments in long-term debt and fixed income securities and their
movement relative to the value placed on the insurance liabilities. A number of policyholder product features contain interest rate
risk. The major features include guaranteed surrender values, guaranteed annuity options, and minimum surrender and maturity
values. Details of material guarantees and options are given in note 39(h).
We have limited appetite for interest rate risk as we do not believe it is adequately rewarded. We limit our total exposure to
interest rate risk via setting a risk tolerance. Exposure to interest rate risk is monitored through several measures that include
duration, capital modelling, sensitivity testing and stress and scenario testing.
While interest rate risk is well managed, the Group\u2019s regulatory capital cover ratio is sensitive to interest rates movements with
the cover ratio increasing with rate rises and decreasing with rate falls. Interest rates are highly dependent on the macro-
economic outlook and wider geopolitical environment which has a high degree of uncertainty at this time.
The Group typically manages interest rate risk by investing in fixed interest securities which closely match the interest rate
sensitivity of the liabilities where such investments are available. Per matching adjustment criteria, our annuity liabilities are
matched with assets of the same duration, and in some cases where appropriate cash flow matching has been used. These
assets include corporate bonds, residential mortgages and commercial mortgages. Should they default before maturity, it is
assumed that the Group can reinvest in assets of a similar risk and return profile, which is subject to market conditions. Interest
rate risk is also managed using a variety of derivative instruments, including futures, options, swaps, caps and floors.
Other product lines of the Group, such as protection, are not significantly sensitive to interest rate or market movements. For
unit-linked business, the shareholder margins emerging are typically a mixture of annual management fees and risk/expense
charges. Risk and expense margins are largely unaffected by low interest rates. Annual management fees could increase if there
was a move towards low interest rates which increases the value of fixed interest unit funds.
The UK participating business includes contracts with features such as guaranteed surrender values, guaranteed annuity options
and minimum surrender and maturity values. These liabilities are managed through duration matching of assets and liabilities and
the use of derivatives, including swaptions. As a result, the Group\u2019s exposure to sustained low interest rates on this portfolio is
not material. Details of material guarantees and options are given in note 39(h).
Sensitivity to changes in interest rates is given in section (h) Risk and capital management.
(iv) Inflation risk
Inflation risk arises primarily from the Group\u2019s exposure to general insurance claims inflation, to inflation linked benefits within
the defined benefit staff pension schemes and within the UK annuity portfolio and to expense inflation. Increases in long-term
inflation expectations are closely linked to long-term interest rates and so are frequently considered with interest rate risk.
Exposure to inflation risk is monitored through capital modelling, sensitivity testing and stress and scenario testing. The Group
typically manages inflation risk through its investment strategy and, in particular, by investing in inflation linked securities and
through a variety of derivative instruments, including inflation linked swaps.
(v) Currency risk
In the Group, we actively seek to manage currency risk primarily by matching assets and liabilities in functional currencies at
the\u00a0business unit level. The Group has minimal exposure to currency risk from financial instruments held by business units in
currencies other than their functional currencies, as nearly all such holdings are backing either unit-linked or with-profits
contract liabilities or are hedged. As a result, the foreign exchange gains and losses on investments are largely offset by changes
in unit-linked and with-profits liabilities and fair value changes in derivatives attributable to changes in foreign exchange rates
recognised in the income statement.\u00a0
At 31 December, the Group\u2019s net assets by currency was:
2025
2024
\u00a3m
\u00a3m
Sterling
11,110
8,428
Euro
84
363
$CAD
741
669
Other
(846)
(840)
Total
11,089
8,620
A 10% change in sterling to euro/$CAD period-end foreign exchange rates would have had the following impact on net assets
and\u00a0a 10% change in sterling to euro/$CAD average foreign exchange rates applied to translate foreign currency profits would
have had the following impact on profit before tax, including resulting gains and losses on foreign exchange hedges.
2025
2024
Impact on
net assets
Impact on
profit before
tax
Impact on
net assets
Impact on
profit before
tax
\u00a3m
\u00a3m
\u00a3m
\u00a3m
10% increase in sterling/euro
(8)
17
(36)
24
10% decrease in sterling/euro
8
(21)
36
(29)
10% increase in sterling/$CAD
(74)
(31)
(67)
(27)
10% decrease in sterling/$CAD
74
38
67
34
The balance sheet changes arise from retranslation of business unit statements of financial position from their functional
currencies into sterling, with above movements being taken through the currency translation reserve. These balance sheet
movements in exchange rates therefore have no impact on profit. Net asset and profit before tax sensitivities are stated after
taking account of the effect of currency hedging activities.
(vi) Derivatives risk
Derivatives are used by a number of the business units. Derivatives are primarily used for efficient investment management,
risk\u00a0hedging purposes, or to structure specific retail savings products. Activity is overseen by the Group Capital and Group Risk
teams, which monitor exposure levels and approve large or complex transactions.
The Group applies strict requirements to the administration and valuation processes it uses, and has a control framework that
is\u00a0consistent with market and industry practice for the activity that is undertaken.
(vii) Correlation risk
The Group recognises that lapse behaviour and potential increases in consumer expectations are sensitive to and interdependent
with market movements and interest rates. These interdependencies are taken into consideration in the internal capital model
and in scenario analysis.
(c) Liquidity risk
Liquidity risk arises from the risk of not being able to make payments as they become due because there are insufficient assets
in\u00a0cash (or permissible collateral) form. At a business unit level, the key liquidity risks relate to deviations in expected insurance
cashflows and collateral calls on derivative contracts to manage interest rate, inflation and foreign-exchange risks.\u00a0
The Group manages liquidity risk through use of a Centre Assets Liquidity Risk Appetite (LRA), and the businesses adopt their
own LRAs under guidance from the Group. The Group LRA ensures we maintain sufficient financial resources at the centre
to\u00a0meet its (largely external) obligations as they fall due. The business unit LRAs consider both short and longer-term stressed
liquidity requirements. In the short term the source of liquidity is restricted, with a wider pool of liquidity (with appropriate
haircuts) available in the longer term. These LRAs in combination with business unit liquidity risk management plans,
which\u00a0identify available liquidity generating actions, and ongoing monitoring against financial market triggers ensure that liquidity
risk is managed.
Maturity analysis
The following tables show the maturities of our insurance and investment contract liabilities, and of the financial assets held
to\u00a0meet them. A maturity analysis of the contractual amounts payable for borrowings and derivative liabilities is given in notes
45\u00a0and 53(b)(ii), respectively. Contractual obligations under leases and capital commitments are given in note 22 and note 49.
(i) Analysis of maturity of insurance and investment contract liabilities
For insurance and participating investment contract liabilities, including reinsurance contract liabilities, the following table shows
the estimates of the present value of future cash flows at 31 December 2025 and 2024 analysed by estimated timing.
For non-participating investment contracts, almost all may be surrendered or transferred on demand. The earliest contractual
maturity date is therefore the 2025 statement of financial position date, for a surrender amount approximately equal to the
current statement of financial position liability.
However, we expect surrenders, transfers and maturities to occur over many years, and therefore the table below reflects the
expected cash flows for these contracts, rather than their contractual maturity date.
2025
Within 1
year
One to
Two
years
Two to
Three
years
Three to
Four
years
Four to
Five Years
Five to 15
years
Over 15
years
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Life risk
4,549
2,846
2,838
2,853
2,859
25,746
22,784
64,475
Participating
3,454
2,546
2,415
2,232
2,057
13,537
9,563
35,804
Non-life
6,909
4,042
2,853
2,042
1,401
2,862
609
20,718
Insurance contract and participating
investment contract liabilities
14,912
9,434
8,106
7,127
6,317
42,145
32,956
120,997
Non-participating investment contract liabilities
357
1,612
2,974
4,019
4,798
53,718
140,922
208,400
Total contract liabilities
15,269
11,046
11,080
11,146
11,115
95,863
173,878
329,397
2024
Within 1
year
One to
Two years
Two to
Three
years
Three to
Four years
Four to
Five Years
Five to 15
years
Over 15
years
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Life risk
3,593
2,259
2,059
2,109
2,207
21,470
27,868
61,565
Participating
3,434
2,025
1,913
1,824
1,896
14,674
10,281
36,047
Non-life
5,251
3,134
1,936
1,360
928
2,122
407
15,138
Insurance contract and participating
investment contract liabilities
12,278
7,418
5,908
5,293
5,031
38,266
38,556
112,750
Non-participating investment contract liabilities
648
1,712
3,015
4,082
4,885
55,440
109,360
179,142
Total contract liabilities
12,926
9,130
8,923
9,375
9,916
93,706
147,916
291,892
The amounts from insurance and investment contract liabilities that are payable on demand are set out below.
2025
2024
Amount
payable on
demand
Carrying
value
Amount
payable on
demand
Carrying
value
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Insurance contracts - Life risk
13,119
13,324
11,759
12,018
Insurance contracts - Participating
35,466
35,088
35,973
35,915
Non-participating investment contract liabilities
208,138
208,204
179,044
179,142
256,723
256,616
226,776
227,075
(ii) Analysis of maturity of financial assets
The following table provides an analysis, by maturity date of the principal, of the carrying value of financial assets which are
available to fund the repayment of liabilities as they crystallise.
2025
2024
On
demand
or within
1 year
One to five
years
Over five
years
No
fixed
term
Total
On
demand
or within 1
year
One to
five years
Over five
years
No
fixed
term
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Fixed maturity securities
25,234
37,111
65,163
725
128,233
20,137
34,886
60,233
283
115,539
Equity securities
\u2014
\u2014
\u2014
113,353
113,353
\u2014
\u2014
\u2014
96,040
96,040
Other investments
59,285
203
2,332
\u2014
61,820
48,724
566
2,418
692
52,400
Loans
4,831
5,950
20,066
\u2014
30,847
5,423
5,844
19,286
\u2014
30,553
Cash and cash equivalents
18,289
\u2014
\u2014
\u2014
18,289
23,481
\u2014
\u2014
\u2014
23,481
Total financial assets
107,639
43,264
87,561
114,078
352,542
97,765
41,296
81,937
97,015
318,013
The assets above are analysed in accordance with the earliest possible redemption date of the instrument at the initiation of the
Group. Where an instrument is transferable back to the issuer on demand, such as most unit trusts or similar types of investment
vehicle, it is included in the \u2018On demand or within 1 year\u2019 column. Debt securities with no fixed contractual maturity date are
generally callable at the option of the issuer at the date the coupon rate is reset under the contractual terms of the instrument.
The terms for resetting the coupon are such that we expect the securities to be redeemed at this date, as it would be uneconomic
for the issuer not to do so, and for liquidity management purposes we manage these securities on this basis. The first repricing
and call date is normally ten years or more after the date of issuance. Most of the Group\u2019s investments in equity securities and
fixed maturity securities are market traded and therefore, if required, can be liquidated for cash at short notice.
(d) Life insurance risk
Life insurance risk in the Group arises through its exposure to mortality, morbidity and longevity risk and exposure to worse than
anticipated operating experience on factors such as persistency levels, exercising of policyholder options and management and
administration expenses.
The Group chooses to take measured amounts of life insurance risk provided that the relevant business has the appropriate core
skills to assess and price the risk and adequate returns are available. The Group\u2019s underwriting strategy and appetite is
communicated via specific policy statements, related business standards and guidelines. Life insurance risk is managed primarily
at business unit level with oversight at the Group level.
The Group's life insurance risk continues to be dominated by exposure from our UK business. Longevity risk remains a significant
life insurance risk due to the Group\u2019s annuity portfolio. We are also exposed to longevity risk through the Aviva staff pension
schemes, to which our economic exposure has been reduced since 2014 by entering into a longevity swap covering the majority
of pensioner in-payment scheme liabilities in force at the time. We purchase reinsurance for some of the longevity risk relating to
our annuity business and this also includes the bulk annuity transactions with the Aviva staff pension schemes that have been
carried out since 2019.
Mortality and morbidity risk are also significant, arising from the Group\u2019s Life protection business, whose products offers
insurance coverage against death, critical illness, and ill health to individual and corporate (or group) customers. Concentrations
of mortality risk arise on group protection business when significant numbers of insured lives work in a single geographic
location.
We have reinsurance in place across all our businesses to reduce our net exposure to potential losses. In the UK we have
extensive quota share reinsurance in place on Individual Life Protection business and for UK Group Life Protection we use
surplus reinsurance for very large individual claims as well as excess-of-loss reinsurance for large concentrations of risk in
single geographical locations.
More generally, life insurance risks are believed to provide a significant diversification against other risks in the portfolio. Life
insurance risks are modelled within the internal capital model and are subject to sensitivity and stress and scenario testing.
COVID-19 is now expected to present limited future impact to our business, and this is allowed for in assumptions for pricing and
reporting. However, there remains the potential for other future pandemics.
Recent persistency experience has been generally resilient to cost of living pressures and has not shown significant deterioration
in\u00a0the short term. There remains some uncertainty about the potential for this to continue, which is being monitored closely.
External factors that may impact future persistency experience include prolonged high inflation and interest rates, increased
stock-market volatility and changes in legislation.
The assumption setting and management of life insurance risks is governed by the Group-wide business standards covering
underwriting, pricing, product design and management, in-force management, claims handling and reinsurance. The individual life
insurance risks are managed as follows:
\u2022 Mortality and morbidity risks are managed through comprehensive medical underwriting, input and advice from medical
experts, as well as frequent monitoring and analysis of company experience. For Group Life Protection business, individual
contracts are subject to an event limit that caps the losses from a single event, and we monitor and limit the accumulation of
risk at single geographic locations. Reinsurance treaties are in place to provide further mitigation.
\u2022 Longevity risk is managed through monitoring and analysis of the Group\u2019s experience, as well as considering the latest external
industry data and emerging trends. While individual businesses are responsible for reserving and pricing for annuity business,
the Group monitors the exposure to this risk and any associated capital implications. The Group has used reinsurance solutions
to reduce the risks from longevity and continually monitors and evaluates emerging market solutions to mitigate this risk
further.
\u2022 Persistency risk is managed at a business unit level through frequent monitoring of company experience and benchmarking
against local market information. Generally, persistency risk arises from customers lapsing their policies earlier than has been
assumed. Lapses and their associated financial impact are reduced through appropriate design of products to meet current
and, where possible, future customer needs. Businesses also implement specific initiatives to improve the retention of policies
which may otherwise lapse.
\u2022 Expense risk is primarily managed by the business units through robust cost controls and efficiency targets, together with
frequent monitoring of expense levels.
Embedded derivatives
The Group is exposed to the risk of changes in policyholder behaviour due to the exercise of options, guarantees and other
product features embedded in its long-term savings products. These product features offer policyholders varying degrees of
guaranteed benefits at maturity or on early surrender, along with options to convert their benefits into different products on pre-
agreed terms. The extent of the impact of these embedded derivatives differs considerably between business units and exposes
Aviva to changes in policyholder behaviour in the exercise of options as well as market risk.
Examples of each type of embedded derivative affecting the Group are:
\u2022 Options: call, put, surrender and maturity options, guaranteed annuity options, options to cease premium payment, options for
withdrawals free of market value adjustment, annuity options and guaranteed insurability options.
\u2022 Guarantees: embedded floor (guaranteed return), maturity guarantee, guaranteed death benefit, guaranteed minimum rate of
annuity payment and the 'no negative equity' guarantee associated with the Equity Release business; and
\u2022 Other: indexed interest or principal payments, maturity value.
The impact of these is reflected in the capital model and managed as part of the asset liability framework. Further disclosure on
financial guarantees and options embedded in contracts and their inclusion in insurance and investment contract liabilities is
provided in note 39(h).
(e) General insurance risk and health risk
The Group writes a balanced portfolio of general insurance risk (including personal motor, household, commercial motor,
property and liability), as well as global exposure to corporate specialty risks. This risk is taken on, in line with our underwriting
and pricing expertise, to provide an appropriate level of return for an acceptable level of risk. Underwriting discipline and a
robust governance process is at the core of the Group\u2019s underwriting strategy.
The Group\u2019s health insurance risks (including risks associated with private health insurance, critical illness cover, income
protection and personal accident insurance, as well as a range of corporate healthcare products) exposes the Group to morbidity
risk (the proportion of our customers falling sick) and medical expense inflation.
Provisions made for insurance liabilities are inherently uncertain. Due to this uncertainty, general and health insurance reserves
are regularly reviewed by qualified and experienced actuaries at the business unit and Group level in accordance with the
Group\u2019s reserving framework. These and other key risks, including the occurrence of unexpected claims from a single source or
cause and inadequate reinsurance protection/risk transfer, are subject to an overarching risk management framework and
various mechanisms to govern and control our risks and exposures.
We recognise that the severity and frequency of weather-related events has the potential to adversely impact provisions for
insurance liabilities and our earnings, with the result that there is some seasonality in our results from period to period. Large
catastrophic (CAT) losses arising as a result of these events are explicitly considered in our economic capital modelling to ensure
we are resilient to such CAT scenarios, and this modelling considers the impact of climate change on the frequency and severity
of potential future events. The impact of actual weather-related losses compared to the expected losses based on the long-term
average was 20% lower (2024: 7% lower) for UK & Ireland General Insurance and 3% lower (2024: 104% lower) for Canada
General Insurance.
More broadly, the materiality and time horizon over which climate-related risks and opportunities affect our business depend on
the specific insurance products, geographies and investments being considered. Notwithstanding that the impact on general
insurance liabilities is mitigated by the short-term nature of the business, the ability to re-price annually, and by the Company\u2019s
reinsurance programmes, the physical effects of climate change will most likely result in more risks and perils becoming either
uninsurable or unaffordable over the longer term and the need for more urgent action increases.
In the UK, legal rulings related to business interruption coverage due to COVID-19 restrictions continue to be issued, with ongoing
proceedings and appeals taking place. Consequently there continues to be a degree of uncertainty in relation to business
interruption claims arising from COVID-19.
In Canada we are party to a number of litigation proceedings, including class actions challenging business interruption coverage
for the COVID-19 pandemic under our commercial property policies. The main business interruption class action has been
settled, subject to court approval.
The Group purchases reinsurance protection that includes coverage for business interruption and is collecting or seeking
reinsurance recoveries of business interruption losses that are covered by reinsurance.
The Group's general insurance business does not have material underwriting exposure to Israel, Palestine, Russia or Ukraine, and
does not conduct operations in the affected regions.
The current geopolitical landscape and rising protectionist measures have the potential to lead to disruption to global supply
chains and heightened claims inflation in 2026, and may increase the uncertainty associated with the cost of settling general
insurance claims. While the impacts of heightened claims inflation can be mitigated via new business pricing actions, our ability to
price for inflation is dependent on market, competitor and customer behaviour. The time lag between premium earning and
claims emergence means that some adverse impact on profitability could be expected.
Reinsurance strategy
Significant reinsurance purchases are reviewed annually at both business unit and Group level to verify that the levels of
protection being bought reflect any developments in exposure and the risk appetite of the Group. The basis of these purchases
is\u00a0underpinned by analysis of capital, earnings and capital volatility, cash flow and liquidity and the Group\u2019s franchise value.
Detailed actuarial analysis is used to calculate the Group\u2019s extreme risk profile and then design cost and capital efficient
reinsurance programmes to mitigate these risks to within agreed appetites. For businesses writing general insurance we analyse
the natural catastrophe exposure using various probabilistic catastrophe models which are benchmarked against external
catastrophe models widely used by the rest of the (re)insurance industry.
The Group cedes much of its worldwide catastrophe risk to third party reinsurers. The Group purchases a Group-wide
catastrophe reinsurance programme to protect against its peak catastrophe losses in excess of a 1 in 250 year return period
(1\u00a0in\u00a0500 year return period in Canada). The total Group potential retained loss from its most concentrated catastrophe exposure
peril (Northern Europe Windstorm) is approximately \u00a3200 million on a per occurrence basis. The Group purchases a number
of\u00a0general insurance business line specific reinsurance programmes with various retention levels to protect both capital and
earnings, and has reinsured 100% of its latent exposures to its historic UK employers\u2019 liability and public liability business written
prior to 31 December 2000.
(f) Operational risk
Operational risk is the risk of direct or indirect loss, arising from inadequate or failed internal processes, people and systems, or
external events including changes in the regulatory environment. We have limited appetite for operational risk and aim to reduce
these risks as far as is commercially sensible.
The Group continues to operate, validate and enhance its key operational controls and purchase insurance to minimise losses
arising from inadequate or ineffective internal processes, people and systems or from external events. The Group maintains
constructive relationships with its regulators around the world and responds appropriately to developments in relation to key
regulatory changes. The Operational Risk Appetite framework enables management and the Board to assess the overall quality
of\u00a0the operational risk environment relative to risk appetite and where a business unit (or the Group) are outside of appetite,
require clear and robust plans to be put in place in order to return to appetite. As part of our continual improvements of our risk
management approach to keep pace with the business, increasing regulatory expectations, and the macroeconomic and geo-
political environment, we continue to implement risk and control improvements throughout the organisation and across all three
lines of defence. Those improvements continue to strengthen and enhance our risk management capabilities and enable us to
operate a stronger control environment, improve understanding and accountabilities of risks, reduce the complexity of how the
business thinks about and manages risks and create greater collaboration across the first and second lines of defence to provide
higher quality advice and challenge.
(i) IT and cyber security risk
We continue to embed operational resilience in line with applicable regulations (including outsourcing and critical third-party risk
management). We maintain and continue to improve our programme of resilience and crisis response testing to minimise
customer harm and ensure continued financial safety and soundness of Aviva\u2019s business. Operational resilience disciplines and
assessments have been reviewed and used in response to global and regional material events, including a firm level plan for a
National Power Outage such as occurred in the Iberian Peninsula, cyber-attacks on major retailers, changes to the geo-political
environment and financial market instability. We have not breached impact tolerance for our core services in 2025 and when
incidents have occurred, we have followed these with a lessons learned exercise.
We rely on several outsourcing providers for critical business processes, customer servicing, investment operations and IT
support. We have continued to accelerate cloud adoption which has increased the potential impact of cloud provider outage. To
manage the risk of failure of a critical outsourcing provider, businesses are required to identify business critical outsourced
functions (internal and external) and for each to have exit and termination plans, and business continuity and disaster recovery
plans in place in the event of supplier failure, which are reviewed annually. We also carry out supplier financial stability reviews at
least annually.
The threat scenario remains elevated with the ongoing risk of cyber security attacks on the Group or its suppliers, with the
potential to cause business service interruption and/or data or intellectual property theft. In response Aviva continues to actively
monitor the threat environment and enhance its IT infrastructure and cyber controls to identify, detect and prevent attacks.
Aviva\u2019s cyber defences are regularly tested using our own \u2018ethical hacking\u2019 team and we have engaged our suppliers to put in
place all reasonable measures so that services to Aviva and our customers are protected.
We oversee the management of controls for the current risks generative artificial intelligence presents to ensure these remain
effective as well as exploit the opportunities for process efficiency, better pricing and underwriting, product personalisation and
improved customer service.
Overall, Aviva services have remained stable in 2025 with no material disruption to customer journeys.
(ii) Reputational Risk
The Group actively monitors social and other media in order to protect our reputation, manage misinformation about our
business and take corrective action if necessary.
We are exposed to the risk that litigation, employee misconduct, operational failures, the outcome of regulatory investigations,
media speculation and negative publicity, disclosure of confidential client information, inadequate services, whether or not
founded, as well as wider geo-political and economic external events or trends, could impact our brands or reputation. Any of
our brands or our reputation could also be affected if products or services recommended by us (or any of our intermediaries)
do\u00a0not perform as expected (whether or not the expectations are founded) or customers\u2019 expectations of the product change.
(iii) Conduct Risk
A Compliance and Conduct Risk framework is in place across the Group, designed to facilitate adherence to local regulatory
requirements and provide good conduct outcomes for our customers, and other stakeholders. The Framework supports relevant
policies and standards. Compliance and conduct risks are reported, in line with risk appetite, to appropriate governance forums.
We have designed our products and business processes so that we treat our customers fairly and we make use of various
metrics to assess our own performance, including customer advocacy, retention and complaints. Failure to treat our customers
fairly is counter to our purpose, values and culture and could result in regulatory action and penalties, as well as impact our
brands and/or reputation.
The FCA Consumer Duty (\"the Duty\"), applicable to our UK businesses, requires firms to \u2018act to deliver good customer outcomes\u2019
by managing the risks posed to those good outcomes; these are our customer conduct risks. Achieving the expectations of the
Duty aligns with our strategic priority of becoming the go-to customer brand for Insurance, Wealth and Retirement. Our
commitment and responsibility to deliver good customer outcomes is reflected in our conduct risk appetite, training for our
people, product governance, service delivery and monitoring of outcomes achieved. Senior Managers statements of
responsibility also reflect these responsibilities and commitments in the UK, as do our policies, business standards and reward
strategy across the Group.
(iv) Asset Management Risk
The Group is directly exposed to the risks associated with operating an asset management business through its ownership of
Aviva Investors. The underlying risk profile of our asset management risk is derived from investment performance, specialist
investment professionals and leadership, product development capabilities, fund liquidity, margin, client retention, regulatory
developments, fiduciary and contractual responsibilities. Funds invested in illiquid assets such as commercial property are
particularly exposed to liquidity risk. The risk profile is regularly monitored.
A client relationship team is in place to manage client retention risk, while all new asset management products undergo a
review\u00a0and approval process at each stage of the product development process, including approvals from legal, compliance
and\u00a0risk functions. Investment performance against client objectives relative to agreed benchmarks is monitored as part of
our\u00a0investment performance and risk management process, and subject to further independent oversight and challenge by
a\u00a0specialist risk team, reporting directly to the Aviva Investors\u2019 Chief Risk Officer.
(g) Climate risk
Aviva remains committed to supporting an economy wide transition to a low carbon, climate resilient, nature positive and socially
just future. Our ambition is to be a Net Zero company by 2040. Aviva\u2019s second Transition Plan, published in February 2025,
details our strategy and the approach we are taking to achieve our interim ambitions across our business. Aviva\u2019s climate
disclosure highlights the progress we have made to date.
The challenges spanning data quality and availability, evolving methodologies, and balancing trade\u2011offs between our
sustainability and other ambitions persist. For us this relates to our Scope 3, and particularly the Scope 3 of our category 15:
investments and underwriting activities, our \u2018Scope 3 of 3\u2019, where GHG data availability is improving, but is still of low quality.
Based on what we understand today, and the low degree of control we have over these emissions, we do not currently see a
route to Net Zero for these emissions. Nevertheless, we remain committed to using our best endeavours to address them.
We consider climate change to represent a significant risk to our customers, strategy, business model and wider society. The
effects are already being felt and we are proactively addressing these through our risk management processes. Through our Risk
Management Framework, we continue to identify, measure, monitor, manage and report on the risks to which our business,
customers and wider society are, or could be, exposed to.
We have defined our climate risk appetite framework (including climate statements and preferences) to enable confident, risk-
based decisions. We report progress quarterly to enable the Board and Senior Management to oversee and monitor the financial
impact of climate change and ensure this is in line with our risk appetite and risk profile. We use a variety of historical and
forward-looking metrics to monitor and manage the delivery of our short-, medium- and long- term ambitions.
We conduct solvency modelling which provides a view of our resilience to the potential impact of climate change on our internal
model solvency capital requirement. We incorporate climate and other sustainability-related risks and opportunities into our
business plan and we run climate stress and scenario testing using both qualitative and quantitative scenarios and ensure
appropriate mitigating actions are in place. We continue to build the possibility of extreme weather events into our general
insurance pricing, reinsurance programme design and monitor actual weather-related losses versus expected weather-related
losses by business.
Further details on climate risk strategy and management by the Group can be found in the Aviva plc Climate-related Financial
Disclosure report 2025.
(h) Risk and capital management
(i) Sensitivity test analysis
The Group uses a number of sensitivity tests to understand the volatility of earnings, the volatility of its capital requirements, and
to manage its capital more efficiently. Sensitivities to economic and operating experience are regularly produced on the Group\u2019s
key financial performance metrics to inform the Group\u2019s decision making and planning processes, and as part of the framework
for identifying and quantifying the risks to which each of its business units, and the Group as a whole, are exposed.
(ii) Life insurance and investment contracts
The nature of long-term business is such that a number of assumptions are made in compiling these financial statements.
Assumptions are made about investment returns, expenses, mortality rates and persistency in connection with the in-force
policies for each business unit. Assumptions are best estimates based on historic and expected experience of the business.
A\u00a0number of the key assumptions for the Group\u2019s central scenario are disclosed elsewhere in these statements.
(iii) General insurance and health business
General insurance and health claim liabilities are estimated by using standard actuarial claims projection techniques. These methods
extrapolate the claims development for each accident year based on the observed development of earlier\u00a0years. In\u00a0most cases,
no explicit assumptions are made as projections are based on assumptions implicit in the\u00a0historic claims.
(iv) Sensitivity test results
Illustrative results of sensitivity testing for long-term business, general insurance and health business and the fund management
and non-insurance business are set out below. For each sensitivity test the impact of a reasonably possible change in a single
factor is shown, with other assumptions left unchanged. See below for further details on the limitations of the sensitivity analysis.
The sensitivity of the net IAS 19 surplus to discoun t rates is provided in note 44(b)(iii).
Sensitivity factor
Description of sensitivity factor applied
Market risk variables
Interest rate and investment return
The impact of a change in market interest rates by a 1% increase or decrease. The test allows
consistently for similar changes to investment returns and movements in the market value of
backing fixed interest securities.
Credit spreads
The impact of a 0.5% increase or decrease in credit spreads over risk-free interest rates on
corporate bonds and other non-UK sovereign and other credit assets, also allowing for the
consequential impact on liability valuations.
Equity market values
The impact of a 10% increase or decrease in equity market values.
Property market values
The impact of a 10% increase or decrease in commercial and residential property values. The
indirect impact of property values on the value of commercial mortgage loans and equity release
mortgage loans are included in this sensitivity.
Underwriting risk variables
Expenses
The impact of an increase in maintenance expenses by 10%.
Lapses/surrenders
The impact of an increase in lapse or surrender rates by 10%.
Assurance mortality/morbidity
The impact of an increase in mortality/morbidity rates for assurance contracts by 2%.
Annuitant mortality
The impact of a reduction in mortality rates for annuity contracts by 2%.
Gross loss ratios
The impact of an increase in gross loss ratios for general insurance and health business by 5%.
Market risk variables
For business where the change in market risk variables could impact on profit, the following table presents how a possible shift in
those variables might impact insurance and investment contract balances, the corresponding investment assets, profit before tax
and shareholders' equity after tax, all net of reinsurance.
In general, a beneficial impact under the sensitivity (i.e. reduction in liability/increase in assets) should be displayed as a positive
as this denotes an increase in immediate profit or to shareholder equity. For CSM impact an increase in CSM under the sensitivity
should be displayed as a negative as this locks away more profit for future release thereby offsetting some of the immediate profit.
The net of reinsurance liability impact, investment asset impact and impact on shareholder equity are shown as positives where
profit/shareholder equity increase and a negative where they decrease.
For business (including with-profits funds and unit-linked contracts) where changes in the market risk variables result in
movements that offset to nil, having no overall impact on profit or shareholders' equity, the offsetting movements in the insurance
and investment contract balances and investment assets are included in this sensitivity analysis. Impacts on the Group's pension
schemes are excluded from the analysis.
2025
2024
Net insurance/
investment
contracts balances
Investment
assets
profit or
loss
Total
profit
before
tax
Shareholder\u2019s
equity after
tax
Net insurance/
investment contracts
balances
Investment
assets
profit or
loss
Total
profit
before
tax
Shareholder\u2019s
equity after
tax
CSM
Profit or
loss
CSM
Profit or
loss
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
100 bps increase in
interest rate
1
8,676
(9,478)
(802)
(602)
3
8,524
(9,278)
(754)
(569)
100 bps decrease in
interest rate
1
(9,905)
10,838
933
700
(1)
(9,861)
10,707
846
639
50 bps increase in credit
spread
14
1,900
(2,576)
(676)
(506)
12
1,826
(2,171)
(345)
(258)
50 bps decrease in credit
spread
(17)
(2,652)
3,228
576
427
(14)
(2,269)
2,639
370
276
10% increase in market
value of equity
(109)
(16,727)
16,455
(272)
(204)
(52)
(13,880)
13,669
(211)
(160)
10% decrease in market
value of equity
109
16,711
(16,440)
271
203
51
13,870
(13,654)
216
163
10% increase in value of
property
(18)
(649)
808
159
119
(17)
(609)
770
161
121
10% decrease in value of
property
19
649
(860)
(211)
(158)
16
611
(821)
(210)
(158)
Underwriting risk variables
The following table presents information on how reasonably possible changes in assumptions made by the Group with regard to
underwriting risk variables impact insurance and reinsurance contract balances, profit before tax and shareholders\u2019 equity after
tax. The affected underlying insurance contracts and related reinsurance contracts are measured under IFRS 17 and the impacts
on fulfilment cash flows (FCF) and on the CSM are shown separately as these components are not fully symmetrically impacted
by possible changes in assumptions. The ultimate profit or loss arising will depend on the level of offset seen between CSM and
FCF movements in the sensitivity, which in turn is impacted by whether locked-in rates within the CSM are higher or lower than
the current market rates which drive the FCF movements.
Insurance contracts balances
Reinsurance contracts balances
Total profit
before tax
Shareholder\u2019s
equity after tax
2025
FCF
CSM
Profit or
loss
FCF
CSM
Profit or
loss
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Life insurance business
10% increase in expenses
(269)
263
(6)
5
(7)
(2)
(8)
(7)
10% increase in lapse rates
42
(40)
2
(125)
115
(10)
(8)
(6)
2% increase in assurance mortality and
morbidity
(230)
140
(90)
166
(87)
79
(11)
(9)
2% decrease in annuitant mortality
(361)
520
159
192
(293)
(101)
58
43
General insurance and health business
10% increase in expenses
(254)
\u2014
(254)
\u2014
\u2014
\u2014
(254)
(190)
5% increase in gross loss ratios
(571)
\u2014
(571)
92
\u2014
92
(479)
(359)
Insurance contracts balances
Reinsurance contracts balances
Total profit
before tax
Shareholder\u2019s
equity after tax
FCF
CSM
Profit or
loss
FCF
CSM
Profit or
loss
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Life insurance business
10% increase in expenses
(330)
284
(46)
18
(20)
(2)
(48)
(36)
10% increase in lapse rates
(41)
44
3
(35)
17
(18)
(15)
(11)
2% increase in assurance mortality and
morbidity
(286)
171
(115)
210
(115)
95
(20)
(15)
2% decrease in annuitant mortality
(377)
455
78
176
(231)
(55)
23
17
General insurance and health business
10% increase in expenses
(142)
\u2014
(142)
\u2014
\u2014
\u2014
(142)
(55)
5% increase in gross loss ratios
(350)
\u2014
(350)
26
\u2014
26
(324)
(243)
For general insurance and health, the impact of the expense sensitivity on profit also includes the increase in ongoing
administration expenses, in addition to the increase in the claims handling expense provision.
Limitations of sensitivity analysis
The tables above demonstrate the effect of an instantaneous change in a key assumption while other assumptions remain
unchanged. In reality, changes may occur over a period of time and there is a correlation between the assumptions and other
factors. It should also be noted that these sensitivities are non-linear, and larger or smaller impacts should not be interpolated or
extrapolated from these results.
The sensitivity analysis does not take into consideration that the Group\u2019s assets and liabilities are actively managed. Additionally,
the financial position of the Group may vary at the time that any actual market movement occurs. For example, the Group\u2019s
financial risk management strategy aims to manage the exposure to market fluctuations.
As investment markets move past various trigger levels, management actions could include selling investments, changing
investment portfolio allocations and taking other protective action.
Other limitations in the above sensitivity analysis include the use of hypothetical market movements to demonstrate potential
risks that only represent the Group\u2019s view of possible near-term market changes that cannot be predicted with any certainty
and\u00a0the assumption that all parameters move in an identical fashion.
Specific examples:
a. The sensitivity analysis assumes a parallel shift in interest rates at all terms. These results should not be used to calculate the
impact of non-parallel yield movements.
b. The sensitivity analysis assumes equivalent assumption changes across all markets i.e. UK and non-UK yield curves move by
the same amounts, equity markets across the world rise or fall identically.
Additionally, the movements observed by assets held by Aviva will not be identical to market indices so caution is required when
applying the sensitivities to observed index movements.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-748": { "value": "
(a) Credit risk
Credit risk is the risk of financial loss as a result of the default or failure of third parties to meet their payment obligations to the
Group, or variations in market values as a result of changes in expectations related to these risks. Credit risk is taken so that the
Group can provide the returns required to satisfy policyholder liabilities and to generate returns for our shareholders. In general
we prefer to take credit risk over equity and property risks, because of the better expected risk-adjusted return, our credit risk
analysis capability and the structural investment advantages conferred to insurers with long-dated, relatively illiquid liabilities.
Our approach to managing credit risk recognises that there is a risk of adverse financial impact resulting from fluctuations in
credit quality of third parties including default, rating transition and credit spread movements. Our credit risks arise principally
through exposures to debt security investments, structured asset investments, bank deposits, derivative counterparties,
mortgage lending and reinsurance counterparties.
The Group manages its credit risk at business unit and Group levels. All business units are required to implement credit risk
management processes (including limits frameworks), operate specific risk management committees and report and monitor
their exposures against detailed pre-established risk criteria. At Group level, we manage and monitor all exposures across our
business units on a consolidated basis and operate a Group limit framework that must be adhered to by all.
We did not experience a material increase in credit defaults in 2025, with pro-active management of the credit portfolio in a
challenging macroeconomic environment. We continue to monitor closely any deterioration in the credit markets. Our capital
position includes an allowance for the expected potential impacts from downgrades and defaults.
A detailed breakdown of the Group\u2019s current credit exposure by credit quality is shown below.
(i) Financial exposures by credit ratings
Financial assets are graded according to current external credit ratings issued. AAA is the highest possible rating. Investment
grade financial assets are classified within the range of AAA to BBB ratings. Financial assets with ratings outside this range are
classified as sub-investment grade. The following table provides information regarding the aggregated credit risk exposure of the
Group for financial and reinsurance contract assets with external credit ratings. \u2018Not rated\u2019 assets capture assets not rated by
external ratings agencies.
2025
30 June
2024
AAA
AA
A
BBB
Below
BBB
Not
rated
Maximum
exposure
AAA
AA
A
BBB
Below
BBB
Not
rated
Maximum
exposure
%
%
%
%
%
%
\u00a3m
%
%
%
%
%
%
\u00a3m
Fixed maturity
securities
9.6%
45.7%
19.9%
14.3%
3.3%
7.2%
128,233
10.6%
44.2%
20.1%
13.3%
3.7%
8.1%
115,539
Reinsurance contract
assets
\u2014%
64.8%
34.7%
\u2014%
\u2014%
0.5%
9,814
\u2014%
74.2%
25.3%
(1.0%)
\u2014%
1.5%
7,742
Reinsurance assets for
non-participating
investment contracts
\u2014%
48.5%
51.5%
\u2014%
\u2014%
\u2014%
5,770
\u2014%
48.8%
50.5%
0.7%
\u2014%
\u2014%
5,280
Other investments
0.6%
0.3%
2.2%
0.1%
0.3%
96.5%
61,820
1.5%
0.2%
0.2%
0.1%
\u2014%
98.0%
52,400
Loans1
\u2014%
\u2014%
\u2014%
\u2014%
\u2014%
100.0%
30,847
0.9%
\u2014%
\u2014%
0.4%
\u2014%
98.7%
30,553
Total
236,484
211,514
1. Comparative amounts have been amended to re-present internally rated loan assets from AAA to \u2018Not rated\u2019
The majority of non-rated fixed maturity securities within shareholder assets are private placements and other corporate bonds
held by our UK IWR business, amounting to \u00a36.7 billion (2024:\u00a0\u00a35.6\u00a0billion). Of these securities most are allocated an investment
grade internal rating using a methodology largely consistent with that adopted by an external rating agency.
The Group\u2019s maximum exposure to credit risk of financial assets, without taking collateral or hedges into account, is represented
by the carrying value of the financial instruments in the Statement of Financial Position. For reinsurance contract assets the
maximum exposure reflects the carrying value less the value of CSM. Excluding Direct Line, Aviva's reinsurance contract asset
rating distribution has remained broadly stable. Direct Line's exposure is more weighted towards A rated counterparties.
The financial assets comprise debt securities, reinsurance assets, derivative assets, loans and receivables. The carrying values
of these assets are disclosed in the relevant notes: financial investments (note 27), reinsurance assets (note 39), loans (note 24)
and receivables (note 28). The collateral in place for these credit exposures is disclosed in note 54.
(ii) Other investments
Other investments include: unit trusts and other investment vehicles; derivative financial instruments, representing positions
to\u00a0mitigate the impact of adverse market movements; and other assets, including deposits with credit institutions and minority
holdings in property management undertakings.
The credit quality of the underlying debt securities within investment vehicles is managed by the safeguards built into the
investment mandates for these funds which determine the funds\u2019 risk profiles. At the Group level, we also monitor the asset
quality of unit trusts and other investment vehicles against Group set limits.
A proportion of the assets underlying these investments are represented by equities and so credit ratings are not generally
applicable. Equity exposures are managed against agreed benchmarks that are set with reference to overall appetite for
market\u00a0risk.
(iii) Loans
The Group loan portfolio principally comprises:
\u2022 Policy loans which are generally collateralised by a lien or charge over the underlying policy;
\u2022 Loans and advances to banks which primarily relate to loans of cash collateral received in stock lending transactions.
These\u00a0loans are fully collateralised by other securities;
\u2022 Healthcare, infrastructure and private finance initiative loans secured against healthcare, education, social housing and
emergency services related\u00a0premises; and
\u2022 Mortgage loans collateralised by property assets.
We use loan to value, interest and debt service cover and diversity and quality of the tenant base metrics to internally monitor
our\u00a0exposures to mortgage loans. We use credit quality, based on dynamic market measures, and collateralisation rules to
manage our stock lending activities. Policy loans are loans and advances made to policyholders and are collateralised by the
underlying policies.
(iv) Credit concentration risk
The long-term and general insurance and health businesses are generally not individually exposed to significant concentrations
of credit risk due to the regulations applicable in most markets and the Group credit policy and limits framework, which limit
investments in individual assets and asset classes. Credit concentrations are monitored as part of the regular credit monitoring
process and are reported to the Group Asset Liability Committee (ALCO).
(v) Reinsurance credit exposures
The Group is exposed to concentrations of risk with individual reinsurers due to the nature of the reinsurance market and the
restricted range of reinsurers that have acceptable credit ratings. The Group operates a policy to manage its reinsurance
counterparty exposures, by limiting the reinsurers that may be used and applying strict limits to each reinsurer. The largest
aggregated counterparty exposure within shareholder assets is to the Swiss Reinsurance Company Limited (including
subsidiaries), representing approximately 1.1% of the total shareholder assets. Reinsurance exposures are aggregated with other
exposures to ensure that the overall risk is within appetite. The Group Capital and Group Risk teams have an active monitoring
role with escalation to the Chief Financial Officer (CFO), Chief Risk Officer (CRO), Group ALCO and the Board Risk Committee as
appropriate.
(vi) Securities finance
The Group has significant securities financing operations within the UK and smaller operations in some other businesses.
The\u00a0risks within this activity are mitigated by collateralisation and minimum counterparty credit quality requirements.
(vii) Derivative credit exposures
The Group is exposed to counterparty credit risk through derivative trades. This risk is generally mitigated through holding
collateral for most trades. Residual exposures are captured within the Group\u2019s credit management framework.
(viii) Unit-linked business
In unit-linked business the policyholder bears the direct market risk and credit risk on investment assets in the unit funds and
the\u00a0shareholders\u2019 exposure to credit risk is limited to the extent of the income arising from asset management charges based
on\u00a0the value of assets in the fund.
(ix) Impairment of financial assets
Impairment is calculated using an expected credit loss model for financial assets measured at amortised cost and lease
receivables, with reference to historical experience of losses adjusted for forward-looking information, as discussed in
accounting policy U.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-749": { "value": "
(b) Market risk
Market risk is the risk of adverse financial impact resulting, directly or indirectly, from fluctuations in interest rates, inflation,
foreign currency exchange rates, equity and property prices. Market risk arises in business units because of fluctuations in both
the value of liabilities and the value of investments held. At Group level, it also arises in relation to foreign currency exchange risk
from our international businesses and market risk from the value of investment assets held at the Group Centre. We actively seek
some market risks as part of our strategy and in accordance to our risk preferences set out in our Risk Appetite Framework.
The management of market risk is undertaken at business unit and at Group level. Businesses manage market risks locally using
the Group market risk framework and within local regulatory constraints. Group Capital is responsible for monitoring and
managing market risk at Group level, limiting the impact of mismatches through monitoring of sensitivities and the application of
our Asset Liability Management Business Standard.
The Group writes unit-linked business, primarily in the UK. The\u00a0shareholders\u2019 exposure to market risk on this business is limited
to the extent that income arising from asset management charges is based on the value of assets in the fund.
The most material types of market risk that the Group is exposed to are described below.
(i) Equity price risk
The Group is subject to direct equity price risk arising from changes in the market values of its equity securities portfolio. We
have some equity exposure in shareholder funds through equities held to match inflation-linked liabilities as part of general
insurance investment optimisation. We also have some equity holdings in with profits funds which can impact the costs for
policyholder guarantees. Our\u00a0most material indirect equity price risk exposures are to policyholder unit-linked funds, which are
exposed to a fall in the\u00a0value of the fund thereby reducing the fees we earn on those funds, and participating contracts, which are
exposed to a\u00a0fall\u00a0in\u00a0the\u00a0value of the funds thereby increasing our costs for policyholder guarantees.
We continue to manage our direct equity exposure in line with our risk appetite framework. At a business unit level, investment
limits and local investment regulations require that business units hold diversified portfolios of assets thereby reducing exposure
to individual equities. The Group does not have material holdings of unquoted equity securities.
Equity risk is also managed using a variety of derivative instruments, including futures and options. Businesses actively model
the\u00a0performance of equities through the use of risk models, in particular to understand the impact of equity performance on
guarantees, options and bonus rates. An equity hedging strategy remains in place to help control the Group\u2019s overall direct
and\u00a0indirect exposure to equities.
Sensitivity to changes in equity prices is given in section (h) Risk and capital management , below.
(ii) Property price risk
The Group is subject to property price risk directly because of holdings of investment properties in a variety of locations
worldwide and indirectly through investments in mortgages and mortgage backed securities. Investment in property is managed
at business unit level, and is subject to local regulations on investments, liquidity requirements and the expectations of
policyholders.
As at 31 December 2025, no material derivative contracts had been entered into to mitigate the effects of changes in property
prices. We maintain a conservative loan-to-value ratio on our commercial mortgage portfolio. Exposure to property risk on
equity release mortgages from sustained underperformance in the UK House Price Index (HPI) is mitigated by capping loan to
value on\u00a0origination at low levels for the majority of the book and regularly monitoring the performance of the mortgage portfolio.
Sensitivity to changes in property prices is given in section (h) Risk and capital management, below.
(iii) Interest rate risk
Interest rate risk arises primarily from the Group\u2019s investments in long-term debt and fixed income securities and their
movement relative to the value placed on the insurance liabilities. A number of policyholder product features contain interest rate
risk. The major features include guaranteed surrender values, guaranteed annuity options, and minimum surrender and maturity
values. Details of material guarantees and options are given in note 39(h).
We have limited appetite for interest rate risk as we do not believe it is adequately rewarded. We limit our total exposure to
interest rate risk via setting a risk tolerance. Exposure to interest rate risk is monitored through several measures that include
duration, capital modelling, sensitivity testing and stress and scenario testing.
While interest rate risk is well managed, the Group\u2019s regulatory capital cover ratio is sensitive to interest rates movements with
the cover ratio increasing with rate rises and decreasing with rate falls. Interest rates are highly dependent on the macro-
economic outlook and wider geopolitical environment which has a high degree of uncertainty at this time.
The Group typically manages interest rate risk by investing in fixed interest securities which closely match the interest rate
sensitivity of the liabilities where such investments are available. Per matching adjustment criteria, our annuity liabilities are
matched with assets of the same duration, and in some cases where appropriate cash flow matching has been used. These
assets include corporate bonds, residential mortgages and commercial mortgages. Should they default before maturity, it is
assumed that the Group can reinvest in assets of a similar risk and return profile, which is subject to market conditions. Interest
rate risk is also managed using a variety of derivative instruments, including futures, options, swaps, caps and floors.
Other product lines of the Group, such as protection, are not significantly sensitive to interest rate or market movements. For
unit-linked business, the shareholder margins emerging are typically a mixture of annual management fees and risk/expense
charges. Risk and expense margins are largely unaffected by low interest rates. Annual management fees could increase if there
was a move towards low interest rates which increases the value of fixed interest unit funds.
The UK participating business includes contracts with features such as guaranteed surrender values, guaranteed annuity options
and minimum surrender and maturity values. These liabilities are managed through duration matching of assets and liabilities and
the use of derivatives, including swaptions. As a result, the Group\u2019s exposure to sustained low interest rates on this portfolio is
not material. Details of material guarantees and options are given in note 39(h).
Sensitivity to changes in interest rates is given in section (h) Risk and capital management.
(iv) Inflation risk
Inflation risk arises primarily from the Group\u2019s exposure to general insurance claims inflation, to inflation linked benefits within
the defined benefit staff pension schemes and within the UK annuity portfolio and to expense inflation. Increases in long-term
inflation expectations are closely linked to long-term interest rates and so are frequently considered with interest rate risk.
Exposure to inflation risk is monitored through capital modelling, sensitivity testing and stress and scenario testing. The Group
typically manages inflation risk through its investment strategy and, in particular, by investing in inflation linked securities and
through a variety of derivative instruments, including inflation linked swaps.
(v) Currency risk
In the Group, we actively seek to manage currency risk primarily by matching assets and liabilities in functional currencies at
the\u00a0business unit level. The Group has minimal exposure to currency risk from financial instruments held by business units in
currencies other than their functional currencies, as nearly all such holdings are backing either unit-linked or with-profits
contract liabilities or are hedged. As a result, the foreign exchange gains and losses on investments are largely offset by changes
in unit-linked and with-profits liabilities and fair value changes in derivatives attributable to changes in foreign exchange rates
recognised in the income statement.\u00a0
At 31 December, the Group\u2019s net assets by currency was:
2025
2024
\u00a3m
\u00a3m
Sterling
11,110
8,428
Euro
84
363
$CAD
741
669
Other
(846)
(840)
Total
11,089
8,620
A 10% change in sterling to euro/$CAD period-end foreign exchange rates would have had the following impact on net assets
and\u00a0a 10% change in sterling to euro/$CAD average foreign exchange rates applied to translate foreign currency profits would
have had the following impact on profit before tax, including resulting gains and losses on foreign exchange hedges.
2025
2024
Impact on
net assets
Impact on
profit before
tax
Impact on
net assets
Impact on
profit before
tax
\u00a3m
\u00a3m
\u00a3m
\u00a3m
10% increase in sterling/euro
(8)
17
(36)
24
10% decrease in sterling/euro
8
(21)
36
(29)
10% increase in sterling/$CAD
(74)
(31)
(67)
(27)
10% decrease in sterling/$CAD
74
38
67
34
The balance sheet changes arise from retranslation of business unit statements of financial position from their functional
currencies into sterling, with above movements being taken through the currency translation reserve. These balance sheet
movements in exchange rates therefore have no impact on profit. Net asset and profit before tax sensitivities are stated after
taking account of the effect of currency hedging activities.
(vi) Derivatives risk
Derivatives are used by a number of the business units. Derivatives are primarily used for efficient investment management,
risk\u00a0hedging purposes, or to structure specific retail savings products. Activity is overseen by the Group Capital and Group Risk
teams, which monitor exposure levels and approve large or complex transactions.
The Group applies strict requirements to the administration and valuation processes it uses, and has a control framework that
is\u00a0consistent with market and industry practice for the activity that is undertaken.
(vii) Correlation risk
The Group recognises that lapse behaviour and potential increases in consumer expectations are sensitive to and interdependent
with market movements and interest rates. These interdependencies are taken into consideration in the internal capital model
and in scenario analysis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-750": { "value": "
(c) Liquidity risk
Liquidity risk arises from the risk of not being able to make payments as they become due because there are insufficient assets
in\u00a0cash (or permissible collateral) form. At a business unit level, the key liquidity risks relate to deviations in expected insurance
cashflows and collateral calls on derivative contracts to manage interest rate, inflation and foreign-exchange risks.\u00a0
The Group manages liquidity risk through use of a Centre Assets Liquidity Risk Appetite (LRA), and the businesses adopt their
own LRAs under guidance from the Group. The Group LRA ensures we maintain sufficient financial resources at the centre
to\u00a0meet its (largely external) obligations as they fall due. The business unit LRAs consider both short and longer-term stressed
liquidity requirements. In the short term the source of liquidity is restricted, with a wider pool of liquidity (with appropriate
haircuts) available in the longer term. These LRAs in combination with business unit liquidity risk management plans,
which\u00a0identify available liquidity generating actions, and ongoing monitoring against financial market triggers ensure that liquidity
risk is managed.
Maturity analysis
The following tables show the maturities of our insurance and investment contract liabilities, and of the financial assets held
to\u00a0meet them. A maturity analysis of the contractual amounts payable for borrowings and derivative liabilities is given in notes
45\u00a0and 53(b)(ii), respectively. Contractual obligations under leases and capital commitments are given in note 22 and note 49.
(i) Analysis of maturity of insurance and investment contract liabilities
For insurance and participating investment contract liabilities, including reinsurance contract liabilities, the following table shows
the estimates of the present value of future cash flows at 31 December 2025 and 2024 analysed by estimated timing.
For non-participating investment contracts, almost all may be surrendered or transferred on demand. The earliest contractual
maturity date is therefore the 2025 statement of financial position date, for a surrender amount approximately equal to the
current statement of financial position liability.
However, we expect surrenders, transfers and maturities to occur over many years, and therefore the table below reflects the
expected cash flows for these contracts, rather than their contractual maturity date.
2025
Within 1
year
One to
Two
years
Two to
Three
years
Three to
Four
years
Four to
Five Years
Five to 15
years
Over 15
years
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Life risk
4,549
2,846
2,838
2,853
2,859
25,746
22,784
64,475
Participating
3,454
2,546
2,415
2,232
2,057
13,537
9,563
35,804
Non-life
6,909
4,042
2,853
2,042
1,401
2,862
609
20,718
Insurance contract and participating
investment contract liabilities
14,912
9,434
8,106
7,127
6,317
42,145
32,956
120,997
Non-participating investment contract liabilities
357
1,612
2,974
4,019
4,798
53,718
140,922
208,400
Total contract liabilities
15,269
11,046
11,080
11,146
11,115
95,863
173,878
329,397
2024
Within 1
year
One to
Two years
Two to
Three
years
Three to
Four years
Four to
Five Years
Five to 15
years
Over 15
years
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Life risk
3,593
2,259
2,059
2,109
2,207
21,470
27,868
61,565
Participating
3,434
2,025
1,913
1,824
1,896
14,674
10,281
36,047
Non-life
5,251
3,134
1,936
1,360
928
2,122
407
15,138
Insurance contract and participating
investment contract liabilities
12,278
7,418
5,908
5,293
5,031
38,266
38,556
112,750
Non-participating investment contract liabilities
648
1,712
3,015
4,082
4,885
55,440
109,360
179,142
Total contract liabilities
12,926
9,130
8,923
9,375
9,916
93,706
147,916
291,892
The amounts from insurance and investment contract liabilities that are payable on demand are set out below.
2025
2024
Amount
payable on
demand
Carrying
value
Amount
payable on
demand
Carrying
value
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Insurance contracts - Life risk
13,119
13,324
11,759
12,018
Insurance contracts - Participating
35,466
35,088
35,973
35,915
Non-participating investment contract liabilities
208,138
208,204
179,044
179,142
256,723
256,616
226,776
227,075
(ii) Analysis of maturity of financial assets
The following table provides an analysis, by maturity date of the principal, of the carrying value of financial assets which are
available to fund the repayment of liabilities as they crystallise.
2025
2024
On
demand
or within
1 year
One to five
years
Over five
years
No
fixed
term
Total
On
demand
or within 1
year
One to
five years
Over five
years
No
fixed
term
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Fixed maturity securities
25,234
37,111
65,163
725
128,233
20,137
34,886
60,233
283
115,539
Equity securities
\u2014
\u2014
\u2014
113,353
113,353
\u2014
\u2014
\u2014
96,040
96,040
Other investments
59,285
203
2,332
\u2014
61,820
48,724
566
2,418
692
52,400
Loans
4,831
5,950
20,066
\u2014
30,847
5,423
5,844
19,286
\u2014
30,553
Cash and cash equivalents
18,289
\u2014
\u2014
\u2014
18,289
23,481
\u2014
\u2014
\u2014
23,481
Total financial assets
107,639
43,264
87,561
114,078
352,542
97,765
41,296
81,937
97,015
318,013
The assets above are analysed in accordance with the earliest possible redemption date of the instrument at the initiation of the
Group. Where an instrument is transferable back to the issuer on demand, such as most unit trusts or similar types of investment
vehicle, it is included in the \u2018On demand or within 1 year\u2019 column. Debt securities with no fixed contractual maturity date are
generally callable at the option of the issuer at the date the coupon rate is reset under the contractual terms of the instrument.
The terms for resetting the coupon are such that we expect the securities to be redeemed at this date, as it would be uneconomic
for the issuer not to do so, and for liquidity management purposes we manage these securities on this basis. The first repricing
and call date is normally ten years or more after the date of issuance. Most of the Group\u2019s investments in equity securities and
fixed maturity securities are market traded and therefore, if required, can be liquidated for cash at short notice.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-751": { "value": "
53 \u2013 DERIVATIVE FINANCIAL INSTRUMENTS AND\u00a0HEDGING
This note gives details of the various financial instruments the Group uses to mitigate risk.
The Group uses a variety of derivative financial instruments, including both exchange traded and over-the-counter instruments,
in line with the Group\u2019s overall risk management strategy. The objectives include managing exposure to market, foreign currency
and/or interest rate risk on existing assets or liabilities, as well as planned or anticipated investment purchases.
In the narrative and tables below, figures are given for both the notional amounts and fair values of these instruments. The notional
amounts reflect the aggregate of individual derivative positions on a gross basis and so give an indication of the overall scale of
the derivative transaction. The fair values represent the gross carrying values at the year end for each class of derivative contract
held (or issued) by the Group.
The fair values do not provide an indication of credit risk, as many over-the-counter transactions are contracted and documented
under ISDA (International Swaps and Derivatives Association, Inc.) master agreements or their equivalent. Such agreements are
designed to provide a legally enforceable set-off in the event of default, which reduces credit exposure. In addition, the Group
has collateral agreements in place between the individual Group entities and relevant counterparties. See note 54 for further
information on collateral and net credit risk of derivative instruments.
(a) Instruments qualifying for hedge accounting
The Group has formally assessed and documented the hedge effectiveness for financial instruments designated as hedge
instruments in accordance with IFRS 9.
(i) Net investment hedges
To reduce its exposure to foreign currency risk, the Group has designated a portion of its Euro denominated debt and, up to 18
December 2025, all of its Canadian dollar denominated debt as hedging instruments to hedge the currency components of its net
investments in foreign subsidiaries. The matching currency denomination of the assets and liabilities of the subsidiaries and the
loan liabilities in the Group leads to an economic relationship, where a change in the value of the asset as a result of changes in
the foreign exchange rate will be offset directly by\u00a0an opposite change in the value of the liability. The maturity analysis of the
liabilities is presented in note 45. The Group\u2019s net investments are designated into a hedge relationship in Canada such that the
value hedged matches exactly the nominal amounts of the hedging instrument being used. The net investment hedge for Canada,
which had a hedge ratio of\u00a01:1 (2024 : 1:1), was terminated on 18 December 2025 following a change to the way in which the Group
manages the foreign exchange risk on its external borrowings. The Group has applied a hedge ratio of 0.66:1 (2024: 0.66:1) for the
net investment hedge for Ireland.
At inception, the nature of the economic relationship is such that the net investment hedge is expected to be highly effective,
however, ineffectiveness or discontinuation of the hedging relationship may arise should a disposal of a foreign subsidiary
included in the net investment hedge occur during the period.
Other risks except for currency risk associated with the Group's net investments in its foreign subsidiaries are not covered
by\u00a0these hedging arrangements.
(ii) Financial impacts of hedge accounting
The following hedging instruments for the net investment hedges are included within borrowings and financial investments
respectively in the statement of financial position.
2025
2024
Carrying
amount
Change as a
result of
foreign
currency
movement
Carrying
amount
Change as a
result of
foreign
currency
movement
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Net investment hedges
1.875% \u20ac750 million senior notes 20271
45
404
15
383
(13)
3.375% \u20ac900 million subordinated notes 20452
45
\u2014
\u2014
361
(13)
4.625% \u20ac600 million subordinated notes 20563
45
429
16
\u2014
\u2014
4.000% C$450 million subordinated notes 20304
45
\u2014
(4)
248
(13)
Total hedging instruments
833
27
992
(39)
1. Of the \u20ac750 million senior notes, a nominal amount of \u20ac464 million has been placed in a net investment hedge
2. Of the \u20ac900 million subordinated notes, a nominal amount of \u20ac436 million was placed in a net investment hedge until the notes were redeemed on 4 December 2025
3. Of the \u20ac600 million subordinated notes, a nominal amount of \u20ac493 million has been placed in a net investment hedge
4. The net investment hedge of the C$450 million subordinated notes was terminated on 18 December 2025
The following hedged items were placed in net investment hedges as at the year end:
2025
2024
Carrying
amount
Cumulative
foreign
currency
movement
Change as a
result of
foreign
currency
movement
Carrying
amount
Cumulative
foreign
currency
movement
Change as a
result of
foreign
currency
movement
Currency
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Net investment hedges
Ireland
EUR
833
(245)
(31)
744
(214)
26
Canada 1
CAD
\u2014
10
4
248
6
13
Total hedged items
833
(235)
(27)
992
(208)
39
1. The net investment hedge of Canada was terminated on 18 December 2025
The effects of hedge accounting on the Group's financial performance can be summarised as follows:
2025
2024
Currency
Translation
gain/(loss)
recognised in
currency
translation
reserve
Change in
value of
hedging
instrument
recognised in
OCI
Hedge
ineffectiveness
recognised in
profit or loss
Amount
reclassified
from hedging
instrument\u00a0
reserve to
profit or loss
Translation
gain/(loss)
recognised in
currency
translation
reserve
Change in
value of
hedging
instrument
recognised in
OCI
Hedge
ineffectiveness
recognised in
profit or loss
Amount
reclassified
from hedging
instrument
reserve to
profit or loss
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Net investment hedges
Ireland
EUR
31
(31)
\u2014
\u2014
(26)
26
\u2014
\u2014
Canada
CAD
(4)
4
\u2014
\u2014
(13)
13
\u2014
\u2014
27
(27)
\u2014
\u2014
(39)
39
\u2014
\u2014
Cash flow hedge
SGD
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
4
Total hedged items
27
(27)
\u2014
\u2014
(39)
39
\u2014
4
(b) Derivatives
Except for the currency derivatives described in note 55(a), the Group did not apply hedge accounting to derivatives.
(i) The Group\u2019s derivatives at 31 December were as follows:
2025
2024
Contract/
notional
amount
Fair value
asset
Fair value
liability
Contract/
notional
amount
Fair value
asset
Fair value
liability
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
OTC Forwards
23,136
673
(526)
14,044
291
(331)
OTC Interest rate and currency swaps
19,534
515
(630)
18,393
250
(1,035)
Foreign exchange contracts
42,670
1,188
(1,156)
32,437
541
(1,366)
OTC Swaps
59,854
2,097
(4,493)
61,845
2,086
(5,318)
OTC Options
149
1
\u2014
152
2
\u2014
OTC Swaptions
8
\u2014
(3)
\u2014
\u2014
\u2014
Exchange traded Futures
6,520
20
(1)
4,994
9
(74)
Interest rate contracts
66,531
2,118
(4,497)
66,991
2,097
(5,392)
OTC Options
1,337
50
(88)
1,976
69
(34)
Exchange traded Futures
8,627
103
(48)
6,852
48
(139)
Exchange traded Options
1,262
130
\u2014
902
119
\u2014
Equity/Index contracts
11,226
283
(136)
9,730
236
(173)
Credit contracts
2,058
27
(38)
1,535
38
(20)
Other
28,849
427
(1,288)
20,570
423
(1,320)
Total derivatives
151,334
4,043
(7,115)
131,263
3,335
(8,271)
Fair value assets of \u00a34,043 million (2024: \u00a33,335 million) are recognised as \u2018Derivative financial instruments\u2019 in note 27(a),
while\u00a0fair value liabilities of \u00a37,115 million (2024: \u00a38,271 million) are recognised as \u2018Derivative liabilities\u2019 in note 46.
The Group\u2019s derivative risk management policies are outlined in note 52.
(ii) The contractual undiscounted cash flows in relation to derivative liabilities have the following maturities:
2025
2024
Within
one year
One to
two
years
Two to
three
years
Three to
four
years
Four to
five
years
After
five
years
Within
one year
One to
two
years
Two to
three
years
Three to
four
years
Four to
five
years
After five
years
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Derivative liabilities
817
585
477
436
412
5,653
1,015
680
636
539
484
6,705
(c) Collateral
Certain derivative contracts, primarily interest rate and currency swaps, involve the receipt or pledging of cash and non-cash
collateral. The amounts of cash collateral receivable or repayable are included in notes 28 and 46 respectively. Collateral
received and pledged by the Group is detailed in note 54.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-752": { "value": "
The Group uses a variety of derivative financial instruments, including both exchange traded and over-the-counter instruments,
in line with the Group\u2019s overall risk management strategy. The objectives include managing exposure to market, foreign currency
and/or interest rate risk on existing assets or liabilities, as well as planned or anticipated investment purchases.
In the narrative and tables below, figures are given for both the notional amounts and fair values of these instruments. The notional
amounts reflect the aggregate of individual derivative positions on a gross basis and so give an indication of the overall scale of
the derivative transaction. The fair values represent the gross carrying values at the year end for each class of derivative contract
held (or issued) by the Group.
The fair values do not provide an indication of credit risk, as many over-the-counter transactions are contracted and documented
under ISDA (International Swaps and Derivatives Association, Inc.) master agreements or their equivalent. Such agreements are
designed to provide a legally enforceable set-off in the event of default, which reduces credit exposure. In addition, the Group
has collateral agreements in place between the individual Group entities and relevant counterparties. See note 54 for further
information on collateral and net credit risk of derivative instruments.
(a) Instruments qualifying for hedge accounting
The Group has formally assessed and documented the hedge effectiveness for financial instruments designated as hedge
instruments in accordance with IFRS 9.
(i) Net investment hedges
To reduce its exposure to foreign currency risk, the Group has designated a portion of its Euro denominated debt and, up to 18
December 2025, all of its Canadian dollar denominated debt as hedging instruments to hedge the currency components of its net
investments in foreign subsidiaries. The matching currency denomination of the assets and liabilities of the subsidiaries and the
loan liabilities in the Group leads to an economic relationship, where a change in the value of the asset as a result of changes in
the foreign exchange rate will be offset directly by\u00a0an opposite change in the value of the liability. The maturity analysis of the
liabilities is presented in note 45. The Group\u2019s net investments are designated into a hedge relationship in Canada such that the
value hedged matches exactly the nominal amounts of the hedging instrument being used. The net investment hedge for Canada,
which had a hedge ratio of\u00a01:1 (2024 : 1:1), was terminated on 18 December 2025 following a change to the way in which the Group
manages the foreign exchange risk on its external borrowings. The Group has applied a hedge ratio of 0.66:1 (2024: 0.66:1) for the
net investment hedge for Ireland.
At inception, the nature of the economic relationship is such that the net investment hedge is expected to be highly effective,
however, ineffectiveness or discontinuation of the hedging relationship may arise should a disposal of a foreign subsidiary
included in the net investment hedge occur during the period.
Other risks except for currency risk associated with the Group's net investments in its foreign subsidiaries are not covered
by\u00a0these hedging arrangements.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-755": { "value": "
54 \u2013 FINANCIAL ASSETS AND LIABILITIES SUBJECT TO OFFSETTING, ENFORCEABLE MASTER
NETTING AGREEMENTS AND SIMILAR ARRANGEMENTS
(a) Offsetting arrangements
Financial assets and liabilities are offset in the statement of financial position when the Group has a legally enforceable right to
offset and has the intention to settle the asset and liability on a net basis, or to realise the asset and settle the liability
simultaneously.
Aviva mitigates credit risk in derivative contracts by entering into collateral agreements, where practical, and into ISDA master
netting agreements for each of the legal entities to facilitate its right to offset credit risk exposure. The credit support agreement
will normally dictate the threshold over which collateral needs to be pledged by Aviva or its counterparty.
Derivative transactions requiring Aviva or its counterparty to post collateral are typically the result of over-the-counter
derivative trades, comprised mostly of interest rate swaps, currency swaps and credit default swaps. These transactions are
conducted under terms that are usual and customary to standard long-term borrowing, derivative, securities lending and
securities borrowing activities. The derivative assets and liabilities in the table below are made up of the contracts described
in\u00a0detail in note 53.
Aviva participates in a number of stock lending and repurchase arrangements. In some of these arrangements cash is exchanged
by Aviva for securities and a related receivable is recognised within Loans to banks in note 24. These arrangements are reflected
in the tables below. In instances where the collateral is recognised in the statement of financial position, the obligation for its
return is included within Payables and other financial liabilities in note 46.
In other arrangements, securities are exchanged for other securities. The collateral received must be in a readily realisable form,
such as listed securities, and is held in segregated accounts. Transfer of title always occurs for the collateral received. In many
instances, however, no market risk or economic benefit is exchanged and these transactions are not recognised in the statement
of financial position in accordance with our accounting policies, and accordingly not included in the following tables.
2025
Offset under IAS 32
Amounts under a master netting agreement
but not offset under IAS 32
Amounts subject to enforceable netting arrangements
Gross
amounts
Amounts
offset
Net amounts
reported in
the statement
of financial
position
Financial
instruments
Cash
collateral
Securities
collateral
received/
pledged
Net
amount
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Derivative financial assets
2,980
\u2014
2,980
(1,748)
(103)
(66)
1,063
Loans to banks and repurchase arrangements
3,426
\u2014
3,426
\u2014
(299)
(3,124)
3
Total financial assets
6,406
\u2014
6,406
(1,748)
(402)
(3,190)
1,066
Derivative financial liabilities
(5,662)
\u2014
(5,662)
2,209
78
2,663
(712)
Other financial liabilities
(2,155)
\u2014
(2,155)
\u2014
\u2014
\u2014
(2,155)
Total financial liabilities
(7,817)
\u2014
(7,817)
2,209
78
2,663
(2,867)
2024
Offset under IAS 32
Amounts under a master netting agreement
but not offset under IAS 32
Amounts subject to enforceable netting arrangements
Gross
amounts
Amounts
offset
Net amounts
reported in the
statement of
financial
position
Financial
instruments
Cash
collateral
Securities
collateral
received/
pledged
Net amount
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Derivative financial assets
2,295
\u2014
2,295
(1,623)
(85)
(25)
562
Loans to banks and repurchase arrangements
4,486
\u2014
4,486
\u2014
(300)
(3,850)
336
Total financial assets
6,781
\u2014
6,781
(1,623)
(385)
(3,875)
898
Derivative financial liabilities
(6,099)
\u2014
(6,099)
2,175
36
3,136
(752)
Other financial liabilities
(1,753)
\u2014
(1,753)
\u2014
\u2014
\u2014
(1,753)
Total financial liabilities
(7,852)
\u2014
(7,852)
2,175
36
3,136
(2,505)
Derivative assets are recognised as Derivative financial instruments in note 27(a), while fair value liabilities are recognised as
Derivative liabilities in note 46. \u00a31,063 million (2024 : \u00a31,040 million) of derivative assets and \u00a31,453 million (2024: \u00a32,172 million) of
derivative liabilities are not subject to master netting agreements and are therefore excluded from the table above.
Amounts receivable related to securities lending and reverse-repurchase arrangements totalling \u00a33,426 million
(2024:\u00a0\u00a34,486 million) are recognised within Loans to banks in note 24.
Other financial liabilities presented above represent liabilities related to repurchase arrangements recognised within Obligations
for repayment of cash collateral received in note 46.
(b) Collateral
In the tables above, the amounts of assets or liabilities presented in the consolidated statement of financial position are offset
first by financial instruments that have the right to offset under master netting or similar arrangements with any remaining amount
reduced by the amount of cash and securities collateral. The actual amount of collateral may be greater than amounts presented
in the tables above in the case of over-collateralisation.
The total amount of collateral received which the Group is permitted to sell or repledge in the absence of default, excluding
collateral related to balances recognised within Loans to banks disclosed in note 24, was \u00a36,141 million (2024:\u00a0\u00a35,648 million), all
of which other than \u00a3218 million (2024: \u00a3138 million) is related to securities lending arrangements. Collateral of \u00a3300 million (2024:
\u00a3459 million) has been received related to balances recognised within Loans to banks in note 24. \u00a389 million
(2024: \u00a385 million) included within cash and cash equivalents has been pledged as collateral in respect of the Group\u2019s UK pension
schemes. Under the agreements, cash is only transferred to the pension schemes to fund bulk annuity buy-in transactions with
Aviva Life & Pensions UK Limited or in the event of the Group defaulting on its pension obligations. The value of collateral that
was actually sold or repledged in the absence of default was \u00a3nil (2024: \u00a3nil).
The level of collateral held is monitored regularly, with further collateral obtained where this is considered necessary to manage
the Group\u2019s risk exposure. The fair values of collateral received approximate to their carrying amounts.", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-754": { "value": "
54 \u2013 FINANCIAL ASSETS AND LIABILITIES SUBJECT TO OFFSETTING, ENFORCEABLE MASTER
NETTING AGREEMENTS AND SIMILAR ARRANGEMENTS
(a) Offsetting arrangements
Financial assets and liabilities are offset in the statement of financial position when the Group has a legally enforceable right to
offset and has the intention to settle the asset and liability on a net basis, or to realise the asset and settle the liability
simultaneously.
Aviva mitigates credit risk in derivative contracts by entering into collateral agreements, where practical, and into ISDA master
netting agreements for each of the legal entities to facilitate its right to offset credit risk exposure. The credit support agreement
will normally dictate the threshold over which collateral needs to be pledged by Aviva or its counterparty.
Derivative transactions requiring Aviva or its counterparty to post collateral are typically the result of over-the-counter
derivative trades, comprised mostly of interest rate swaps, currency swaps and credit default swaps. These transactions are
conducted under terms that are usual and customary to standard long-term borrowing, derivative, securities lending and
securities borrowing activities. The derivative assets and liabilities in the table below are made up of the contracts described
in\u00a0detail in note 53.
Aviva participates in a number of stock lending and repurchase arrangements. In some of these arrangements cash is exchanged
by Aviva for securities and a related receivable is recognised within Loans to banks in note 24. These arrangements are reflected
in the tables below. In instances where the collateral is recognised in the statement of financial position, the obligation for its
return is included within Payables and other financial liabilities in note 46.
In other arrangements, securities are exchanged for other securities. The collateral received must be in a readily realisable form,
such as listed securities, and is held in segregated accounts. Transfer of title always occurs for the collateral received. In many
instances, however, no market risk or economic benefit is exchanged and these transactions are not recognised in the statement
of financial position in accordance with our accounting policies, and accordingly not included in the following tables.
2025
Offset under IAS 32
Amounts under a master netting agreement
but not offset under IAS 32
Amounts subject to enforceable netting arrangements
Gross
amounts
Amounts
offset
Net amounts
reported in
the statement
of financial
position
Financial
instruments
Cash
collateral
Securities
collateral
received/
pledged
Net
amount
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Derivative financial assets
2,980
\u2014
2,980
(1,748)
(103)
(66)
1,063
Loans to banks and repurchase arrangements
3,426
\u2014
3,426
\u2014
(299)
(3,124)
3
Total financial assets
6,406
\u2014
6,406
(1,748)
(402)
(3,190)
1,066
Derivative financial liabilities
(5,662)
\u2014
(5,662)
2,209
78
2,663
(712)
Other financial liabilities
(2,155)
\u2014
(2,155)
\u2014
\u2014
\u2014
(2,155)
Total financial liabilities
(7,817)
\u2014
(7,817)
2,209
78
2,663
(2,867)
2024
Offset under IAS 32
Amounts under a master netting agreement
but not offset under IAS 32
Amounts subject to enforceable netting arrangements
Gross
amounts
Amounts
offset
Net amounts
reported in the
statement of
financial
position
Financial
instruments
Cash
collateral
Securities
collateral
received/
pledged
Net amount
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Derivative financial assets
2,295
\u2014
2,295
(1,623)
(85)
(25)
562
Loans to banks and repurchase arrangements
4,486
\u2014
4,486
\u2014
(300)
(3,850)
336
Total financial assets
6,781
\u2014
6,781
(1,623)
(385)
(3,875)
898
Derivative financial liabilities
(6,099)
\u2014
(6,099)
2,175
36
3,136
(752)
Other financial liabilities
(1,753)
\u2014
(1,753)
\u2014
\u2014
\u2014
(1,753)
Total financial liabilities
(7,852)
\u2014
(7,852)
2,175
36
3,136
(2,505)
Derivative assets are recognised as Derivative financial instruments in note 27(a), while fair value liabilities are recognised as
Derivative liabilities in note 46. \u00a31,063 million (2024 : \u00a31,040 million) of derivative assets and \u00a31,453 million (2024: \u00a32,172 million) of
derivative liabilities are not subject to master netting agreements and are therefore excluded from the table above.
Amounts receivable related to securities lending and reverse-repurchase arrangements totalling \u00a33,426 million
(2024:\u00a0\u00a34,486 million) are recognised within Loans to banks in note 24.
Other financial liabilities presented above represent liabilities related to repurchase arrangements recognised within Obligations
for repayment of cash collateral received in note 46.
(b) Collateral
In the tables above, the amounts of assets or liabilities presented in the consolidated statement of financial position are offset
first by financial instruments that have the right to offset under master netting or similar arrangements with any remaining amount
reduced by the amount of cash and securities collateral. The actual amount of collateral may be greater than amounts presented
in the tables above in the case of over-collateralisation.
The total amount of collateral received which the Group is permitted to sell or repledge in the absence of default, excluding
collateral related to balances recognised within Loans to banks disclosed in note 24, was \u00a36,141 million (2024:\u00a0\u00a35,648 million), all
of which other than \u00a3218 million (2024: \u00a3138 million) is related to securities lending arrangements. Collateral of \u00a3300 million (2024:
\u00a3459 million) has been received related to balances recognised within Loans to banks in note 24. \u00a389 million
(2024: \u00a385 million) included within cash and cash equivalents has been pledged as collateral in respect of the Group\u2019s UK pension
schemes. Under the agreements, cash is only transferred to the pension schemes to fund bulk annuity buy-in transactions with
Aviva Life & Pensions UK Limited or in the event of the Group defaulting on its pension obligations. The value of collateral that
was actually sold or repledged in the absence of default was \u00a3nil (2024: \u00a3nil).
The level of collateral held is monitored regularly, with further collateral obtained where this is considered necessary to manage
the Group\u2019s risk exposure. The fair values of collateral received approximate to their carrying amounts.", "dimensions": { "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-753": { "value": "
54 \u2013 FINANCIAL ASSETS AND LIABILITIES SUBJECT TO OFFSETTING, ENFORCEABLE MASTER
NETTING AGREEMENTS AND SIMILAR ARRANGEMENTS
(a) Offsetting arrangements
Financial assets and liabilities are offset in the statement of financial position when the Group has a legally enforceable right to
offset and has the intention to settle the asset and liability on a net basis, or to realise the asset and settle the liability
simultaneously.
Aviva mitigates credit risk in derivative contracts by entering into collateral agreements, where practical, and into ISDA master
netting agreements for each of the legal entities to facilitate its right to offset credit risk exposure. The credit support agreement
will normally dictate the threshold over which collateral needs to be pledged by Aviva or its counterparty.
Derivative transactions requiring Aviva or its counterparty to post collateral are typically the result of over-the-counter
derivative trades, comprised mostly of interest rate swaps, currency swaps and credit default swaps. These transactions are
conducted under terms that are usual and customary to standard long-term borrowing, derivative, securities lending and
securities borrowing activities. The derivative assets and liabilities in the table below are made up of the contracts described
in\u00a0detail in note 53.
Aviva participates in a number of stock lending and repurchase arrangements. In some of these arrangements cash is exchanged
by Aviva for securities and a related receivable is recognised within Loans to banks in note 24. These arrangements are reflected
in the tables below. In instances where the collateral is recognised in the statement of financial position, the obligation for its
return is included within Payables and other financial liabilities in note 46.
In other arrangements, securities are exchanged for other securities. The collateral received must be in a readily realisable form,
such as listed securities, and is held in segregated accounts. Transfer of title always occurs for the collateral received. In many
instances, however, no market risk or economic benefit is exchanged and these transactions are not recognised in the statement
of financial position in accordance with our accounting policies, and accordingly not included in the following tables.
2025
Offset under IAS 32
Amounts under a master netting agreement
but not offset under IAS 32
Amounts subject to enforceable netting arrangements
Gross
amounts
Amounts
offset
Net amounts
reported in
the statement
of financial
position
Financial
instruments
Cash
collateral
Securities
collateral
received/
pledged
Net
amount
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Derivative financial assets
2,980
\u2014
2,980
(1,748)
(103)
(66)
1,063
Loans to banks and repurchase arrangements
3,426
\u2014
3,426
\u2014
(299)
(3,124)
3
Total financial assets
6,406
\u2014
6,406
(1,748)
(402)
(3,190)
1,066
Derivative financial liabilities
(5,662)
\u2014
(5,662)
2,209
78
2,663
(712)
Other financial liabilities
(2,155)
\u2014
(2,155)
\u2014
\u2014
\u2014
(2,155)
Total financial liabilities
(7,817)
\u2014
(7,817)
2,209
78
2,663
(2,867)
2024
Offset under IAS 32
Amounts under a master netting agreement
but not offset under IAS 32
Amounts subject to enforceable netting arrangements
Gross
amounts
Amounts
offset
Net amounts
reported in the
statement of
financial
position
Financial
instruments
Cash
collateral
Securities
collateral
received/
pledged
Net amount
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Derivative financial assets
2,295
\u2014
2,295
(1,623)
(85)
(25)
562
Loans to banks and repurchase arrangements
4,486
\u2014
4,486
\u2014
(300)
(3,850)
336
Total financial assets
6,781
\u2014
6,781
(1,623)
(385)
(3,875)
898
Derivative financial liabilities
(6,099)
\u2014
(6,099)
2,175
36
3,136
(752)
Other financial liabilities
(1,753)
\u2014
(1,753)
\u2014
\u2014
\u2014
(1,753)
Total financial liabilities
(7,852)
\u2014
(7,852)
2,175
36
3,136
(2,505)
Derivative assets are recognised as Derivative financial instruments in note 27(a), while fair value liabilities are recognised as
Derivative liabilities in note 46. \u00a31,063 million (2024 : \u00a31,040 million) of derivative assets and \u00a31,453 million (2024: \u00a32,172 million) of
derivative liabilities are not subject to master netting agreements and are therefore excluded from the table above.
Amounts receivable related to securities lending and reverse-repurchase arrangements totalling \u00a33,426 million
(2024:\u00a0\u00a34,486 million) are recognised within Loans to banks in note 24.
Other financial liabilities presented above represent liabilities related to repurchase arrangements recognised within Obligations
for repayment of cash collateral received in note 46.
(b) Collateral
In the tables above, the amounts of assets or liabilities presented in the consolidated statement of financial position are offset
first by financial instruments that have the right to offset under master netting or similar arrangements with any remaining amount
reduced by the amount of cash and securities collateral. The actual amount of collateral may be greater than amounts presented
in the tables above in the case of over-collateralisation.
The total amount of collateral received which the Group is permitted to sell or repledge in the absence of default, excluding
collateral related to balances recognised within Loans to banks disclosed in note 24, was \u00a36,141 million (2024:\u00a0\u00a35,648 million), all
of which other than \u00a3218 million (2024: \u00a3138 million) is related to securities lending arrangements. Collateral of \u00a3300 million (2024:
\u00a3459 million) has been received related to balances recognised within Loans to banks in note 24. \u00a389 million
(2024: \u00a385 million) included within cash and cash equivalents has been pledged as collateral in respect of the Group\u2019s UK pension
schemes. Under the agreements, cash is only transferred to the pension schemes to fund bulk annuity buy-in transactions with
Aviva Life & Pensions UK Limited or in the event of the Group defaulting on its pension obligations. The value of collateral that
was actually sold or repledged in the absence of default was \u00a3nil (2024: \u00a3nil).
The level of collateral held is monitored regularly, with further collateral obtained where this is considered necessary to manage
the Group\u2019s risk exposure. The fair values of collateral received approximate to their carrying amounts.", "dimensions": { "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-756": { "value": "
55 \u2013 RELATED PARTY TRANSACTIONS
This note gives details of the transactions between Group companies and related parties which comprises our joint ventures,
associates and staff pension schemes.
The Group undertakes transactions with related parties in the normal course of business. Loans to related parties are made
on\u00a0normal arm\u2019s-length commercial terms.
(a) Services provided to, and by related parties
2025
2024
Income
earned in
the year
Expenses
incurred in
the year
Payable
at year
end
Receivable
at year end
Income
earned in
the year
Expenses
incurred in
the year
Payable at
year end
Receivable
at year
end
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Associates
21
\u2014
\u2014
11
35
\u2014
\u2014
4
Joint ventures
43
\u2014
\u2014
1
24
\u2014
\u2014
\u2014
Employee pension schemes
4
\u2014
\u2014
2
9
\u2014
\u2014
1
Total services
68
\u2014
\u2014
14
68
\u2014
\u2014
5
Transactions with joint ventures in the UK relate to the property management undertakings, the most material of which are listed
in note 18(a)(ii). The Group has equity interests in these joint ventures, together with the provision of administration services and
financial management to many of them. Our fund management companies also charge fees to these joint ventures for
administration services and for arranging external finance.
Key management personnel of the Company may from time to time purchase insurance, savings, asset management or annuity
products marketed by group companies on equivalent terms to those available to all employees of the Group. In 2025, other
transactions with key management personnel were not deemed to be significant either by size or in the context of their individual
financial positions.
Our UK fund management companies manage most of the assets held by the Group\u2019s main UK staff pension scheme, for which
they charge fees based on the level of funds under management. The main UK scheme holds investments in Group-managed
funds and insurance policies with other group companies, as explained in note 44(i). As at 31 December 2025, the Friends
Provident Pension Scheme (FPPS), acquired in 2015 as part of the acquisition of the Friends Life business, held an insurance
policy of \u00a3372 million (2024: \u00a3384 million) issued by a group company, which eliminates on consolidation.\u00a0 As at 31 December
2025, the Direct Line Group Hybrid Scheme (DLHGS), acquired in 2025 as part of the acquisition of Direct Line Group, held an
insurance policy of \u00a346 million issued by a group company, which eliminates on consolidation.
The related parties\u2019 receivables are not secured and no guarantees were received in respect thereof. The receivables will be
settled in accordance with normal credit terms.
During the year, Aviva Group defined benefit staff pension schemes completed one bulk annuity buy-in transaction with Aviva
Life & Pensions Ireland Designated Activity Company (ALPI), a group company (2024: one transaction completed by Aviva Life &
Pensions UK Limited (AVLAP), a group company). A total premium of \u00a3121 million was paid by the scheme to ALPI (2024: \u00a31,323
million to AVLAP), with total transferable plan assets of \u00a3113 million (2024: \u00a31,018 million) being recognised, and the difference
being recognised as an actuarial loss through Other Comprehensive Income. No profit or loss was recognised by ALPI (2024: \u00a3nil
recognised by AVLAP) on initial recognition as a CSM liability equal and opposite to the fulfilment cash flows was recognised.
As at 31 December 2025, AVLAP recognised cumulative best estimate liabilities of \u00a34,003 million (2024: \u00a34,154 million) and ALPI
recognised \u00a3106 million (2024: \u00a3nil) in relation to buy-in transactions with Aviva Group defined benefit staff pension schemes
which have been included within the Group's insurance contract liabilities, and the defined benefit staff pension schemes held
transferable plan assets of \u00a34,020 million (2024: \u00a33,932 million) which do not eliminate on consolidation.
(b) Key management compensation
The total compensation to those employees classified as key management, being those having authority and responsibility for
planning, directing and controlling the activities of the Group, including the executive and non-executive directors is as follows:
2025
2024
\u00a3m
\u00a3m
Salary and other short-term benefits
13.0
12.6
Post-employment benefits
0.1
0.1
Equity compensation plans1
16.3
11.6
Termination benefits
1.4
\u2014
Total key management compensation
30.8
24.3
1. The 2024 comparative has been re-presented to align with the 2025 presentation. The LTIP amounts shown in last year's report in respect of the LTIPs awarded in 2022 were
calculated with an assumed vesting share price of 472.98 pence. The actual share price at vesting was 555.00 pence and the table has been updated to reflect this change.
Information concerning individual directors\u2019 emoluments, interests and transactions is given in the Directors\u2019 Remuneration Report.
56 \u2013 ORGANISATIONAL STRUCTURE
The following chart shows a simplified form of the organisational structure of the Group as at 31 December 2025 . Aviva plc is the
holding company of the Group.
Parent company
Aviva plc
Subsidiaries
The principal subsidiaries of the Company as at 31 December 2025 are listed below by country of incorporation.
A complete list of the Group\u2019s related undertakings. which comprises of subsidiaries, joint ventures and associates and other
significant holdings is contained within note 57 .
Aviva plc
Aviva \u2013 COFCO
Life Insurance Company Ltd 1
Aviva Group
Holdings Ltd 2
General
Accident Ltd 3*
Aviva Life
Holdings UK\u00a0Ltd2
Aviva Investors
Holdings Ltd2
Aviva Insurance Ltd 3
Aviva International
Insurance Ltd2
UK & Ireland IWR
subsidiaries
UK, Ireland & International
AI subsidiaries
UK & Ireland General Insurance
subsidiaries (Inc DLG)
Aviva Canada Inc.
&\u00a0subsidiaries
1. Incorporated in People's Republic of China
2. Incorporated in England and Wales
3. Incorporated in Scotland
* Re-registered as a limited company on 7 October 2025
Australia
Probitas\u00a01492\u00a0(Pacific)\u00a0Pty\u00a0Ltd
Barbados
Victoria\u00a0Reinsurance\u00a0Company\u00a0Ltd.
Belgium
Probitas\u00a01492\u00a0(Europe)\u00a0BV/SRL
Canada
Aviva General Insurance Company
Aviva Insurance Company of Canada
Aviva\u00a0Agency\u00a0Services\u00a0Inc.
Aviva\u00a0Investors\u00a0Canada\u00a0Inc.
Aviva\u00a0Partner\u00a0Insurance\u00a0Services\u00a0Inc.
Elite Insurance Company
O2\u00a0Insurance\u00a0Services\u00a0Inc.
OIS\u00a0Ontario\u00a0Insurance\u00a0Service\u00a0Limited
Optiom\u00a0Inc.
Pilot Insurance Company
Probitas\u00a01492\u00a0(Canada)\u00a0Inc.
Prolink\u00a0Insurance\u00a0Inc.
Scottish & York Insurance Co. Limited
S&Y Insurance Company
Traders General Insurance Company
Westmount West Services Inc.
Guernsey
Paragon\u00a0Insurance\u00a0Company\u00a0Guernsey\u00a0Limited
India
Aviva Life Insurance Company India Ltd
Ireland
Aviva Life & Pensions Ireland Designated Activity Company
Aviva Insurance Ireland Designated Activity Company
Aviva\u00a0Direct\u00a0Ireland\u00a0Limited
FPPE\u00a0Fund\u00a0Public\u00a0Limited\u00a0Company
Level\u00a0Health\u00a0Limited
Isle\u00a0of\u00a0Man
Friends\u00a0Provident\u00a0International\u00a0Limited
Jersey
Aviva\u00a0Investors\u00a0Jersey\u00a0Unit\u00a0Trusts\u00a0Management\u00a0Limited
Luxembourg
Aviva Investors Luxembourg
Singapore
Aviva\u00a0Investors\u00a0Asia\u00a0Pte.\u00a0Limited
United Kingdom
Aviva Administration Limited
Aviva Central Services UK Limited
Aviva\u00a0Credit\u00a0Services\u00a0UK\u00a0Limited
Aviva Employment Services Limited
Aviva Equity Release UK Limited
Aviva Health UK Limited
Aviva Investment Solutions UK Limited
Aviva Investors Global Services Limited
Aviva Investors UK Fund Services Limited
Aviva Life & Pensions UK Limited
Aviva Life Services UK Limited
Aviva Pension Trustees UK Limited
Aviva Protection UK Limited
Aviva UK Digital Limited
Aviva Wrap UK Limited
Bankhall\u00a0Support\u00a0Services\u00a0Limited
By\u00a0Miles\u00a0Ltd
Churchill\u00a0Insurance\u00a0Company\u00a0Limited
Commercial\u00a0Union\u00a0Corporate\u00a0Member\u00a0Limited
Cutter\u00a0&\u00a0Co\u00a0Financial\u00a0Planning\u00a0Limited
Direct\u00a0Line\u00a0Insurance\u00a0Group\u00a0Limited
DLG\u00a0Legal\u00a0Services\u00a0Limited
Flowers\u00a0McEwan\u00a0Limited
Gresham Insurance Company Limited
Law\u00a0Society\u00a0(NI)\u00a0Financial\u00a0Advice\u00a0Limited
Lee\u00a0Strathy\u00a0Limited
London\u00a0Wall\u00a0Partners\u00a0LLP
Navigator\u00a0Financial\u00a0Planning\u00a0Limited
Premier\u00a0Mortgage\u00a0Service\u00a0Limited
Probitas\u00a0Managing\u00a0Agency\u00a0Limited
Sesame Bankhall Group Limited
Sesame\u00a0Limited
Succession\u00a0Advisory\u00a0Services\u00a0Limited
Succession\u00a0Employee\u00a0Benefit\u00a0Solutions\u00a0Limited
Succession\u00a0Financial\u00a0Management\u00a0Limited
Succession\u00a0Group\u00a0Ltd
Succession\u00a0Wealth\u00a0Management\u00a0Limited
Tag\u00a0Financial\u00a0Planning\u00a0Limited
The Ocean Marine Insurance Company Limited
True\u00a0Wealth\u00a0Management\u00a0Limited
U\u00a0K\u00a0Insurance\u00a0Limited
Wealthify\u00a0Limited
Associates and Joint Ventures
The Group has ongoing interests in the following operations
that are classified as joint ventures or associates, as a
complete list of the Group\u2019s related undertakings comprising
of subsidiaries, joint ventures, associates and other significant
holdings is contained within note 57. Further details of those
operations that were most significant in 2025 are set out in
notes 18 and 19 to\u00a0the financial statements.
China
Aviva-COFCO Life Insurance Company Limited 50%
United Kingdom
The Group has interests in several property limited
partnerships. Further details are provided in notes 18,
19\u00a0and\u00a026 to the financial statements.
57 \u2013 RELATED UNDERTAKINGS
We are required to disclose certain information about the Group\u2019s related undertakings which is set out in this note.
The definition of a subsidiary undertaking in accordance with the Companies Act 2006 is different from the definition under IFRS.
As a result, the related undertakings included within the list below may not be the same as the undertakings consolidated in the
Group IFRS financial statements. See accounting policies (D) Consolidation principles for further detail on principles of
consolidation and definition of joint ventures.
This note contains certain fund entities that are beneficially owned by external parties and managed by Aviva Investors. Although
legally owned by the Group, Aviva plc may not have a beneficial interest in these entities. Also, where the Group does not own
equity in entities that are managed by Aviva Investors, a share class will be disclosed and ownership percentage will be 0%.
Where this note discloses Aviva's equity in the related undertaking, this reflects the total capital ownership of shares, or other
relevant interest, in the entity\u2019s capital.
The Group\u2019s related undertakings along with the country of incorporation, the registered address, the classes of shares held and
the effective percentage of total equity owned as at 31 December 2025 are disclosed below.
(a) Direct
The direct related undertakings of the Company as at 31 December 2025 are listed below:
Name of undertaking
Country of
incorporation
Registered address
Share class
held
% of
total
equity
Aviva-COFCO Life Insurance Co. Ltd
China
12/F & 15/F & 01, 06-09 Unit of 10F of Building No.20, 27/F
of Building No.24, Middle East Third Ring Road, Chaoyang
District, Beijing, 100022, China
Ordinary
50%
Aviva Group Holdings Limited
United\u00a0Kingdom
80\u00a0Fenchurch\u00a0Street,\u00a0London,\u00a0EC3M\u00a04AE,\u00a0United\u00a0Kingdom
Ordinary
100%
General Accident Limited*
United\u00a0Kingdom
Pitheavlis,\u00a0Perth,\u00a0PH2\u00a00NH,\u00a0United\u00a0Kingdom
Ordinary
100%
* Re-registered as a limited company on 7 October 2025
(b) Indirect
The indirect related undertakings of the Company as at 31 December 2025 are listed below:
Company name
Share Class held
% of
total
equity
Australia
c/o TMF\u00a0Corporate\u00a0Services\u00a0(Aust)\u00a0Pty\u00a0Limited,\u00a0Suite\u00a01\u00a0Level\u00a011,\u00a066\u00a0
Goulburn\u00a0Street,\u00a0Sydney\u00a0NSW\u00a02000,\u00a0Australia
Aviva Investors Pacific Pty Ltd
Ordinary
100%
Level 1, 44 Martin Place, Sydney, NSW, 2000, Australia
Probitas 1492 (Pacific) Pty Ltd
Ordinary
100%
Barbados
c/o USA\u00a0Risk\u00a0Group\u00a0(Barbados)\u00a0Limited,\u00a06th\u00a0Floor,\u00a0CGI\u00a0Tower,
\u00a0Warrens,\u00a0St.\u00a0Michael,\u00a0BB22026,\u00a0Barbados
Victoria Reinsurance Company Ltd.
Common
100%
Belgium
Rue Picard 7, Box 100, 1000 Brussels, Belgium
Probitas 1492 (Europe) BV/SRL
Ordinary
100%
Canada
10\u00a0Aviva\u00a0Way,\u00a0Suite\u00a0100,\u00a0Markham,\u00a0ON,\u00a0L6G\u00a00G1,\u00a0Canada
1000930077 Ontario Inc.
Common
100%
1000962293 Ontario Inc.
Common,
Preference
100%
2161605 Ontario Inc.
Common
100%
9543864 Canada Inc.
Common
100%
Automobiles Inter-Lux Inc.
Common
100%
Aviva Canada Inc.
Common
100%
Aviva Canada Services Inc. Services
D'Aviva Canada Inc.
Common
100%
Aviva General Insurance Company
Common
100%
Aviva Insurance Company of Canada
Common,
Redeemable
Preferred
100%
Aviva Warranty Services Inc.
Common
100%
Bamboo Premium Financing Inc.
Common
100%
Company name
Share Class held
% of
total
equity
Bay-Mill Specialty Insurance Adjusters Inc.
Common
100%
Elite Insurance Company
Common
100%
Insurance Agent Service Inc.
Common
100%
Nautimax Ltd.
Common
100%
O2 Insurance Services Inc.
Common
100%
OIS Ontario Insurance Service Limited
Common
100%
Optiom Holdings Inc.
Common
100%
Optiom Inc.
Common
100%
Pilot Insurance Company
Common
100%
S&Y Insurance Company
Common
100%
Scottish & York Insurance Co. Limited
Common,
Preference
100%
Solus (Canada) Limited
Common,
Preference
100%
Traders General Insurance Company
Common
100%
22 Adelaide St. W., Suite 3400, Toronto, Ontario, M5H 4E3, Canada
Probitas 1492 (Canada) Inc.
Common
100%
100\u00a0King\u00a0Street\u00a0West,\u00a0Floor\u00a049,\u00a0Toronto,\u00a0ON,\u00a0M5X\u00a02A2,\u00a0Canada
Aviva Investors Canada Inc.
Common
100%
Aviva Investors Short Term Private Debt
Fund GP Inc.
Common
100%
Aviva Investors Short Term Private Debt
Fund LP
Partnership
100%
150 King Street West, Suite #2401, P.O. Box 16, Toronto, ON, M5H
1J9, Canada
Prolink Insurance Inc.
A Common
34%
112\u00a04\u00a0Avenue\u00a0SW\u00a0Suite\u00a02100,\u00a0Calgary\u00a0AB\u00a0T2P\u00a00H3,\u00a0Canada
Aviva Partner Insurance Services Inc.
Common
100%
555 Chabanel Ouest, Bureau 900, Montreal, QC, H2N 2H8, Canada
Company name
Share Class held
% of
total
equity
Aviva Agency Services Inc.
Common
100%
Suite\u00a01600,\u00a0925\u00a0W\u00a0Georgia\u00a0St,\u00a0Vancouver,\u00a0BC,\u00a0V6C\u00a03L2,\u00a0Canada
Westmount West Services Inc.
B Ordinary
20%
China
Units 1805-1807, 18th Floor, Block H Office Building, Phoenix Land
Plaza, No. A5 Yard, Shuguangxili, Chaoyang District, Beijing, China
Aviva-COFCO Yi Li Asset Management Co.,
Ltd.
Ordinary
21%
Denmark
c/o TMF Denmark, H.C. Andersens Boulevard 38, 3. th, 1553,
Copenhagen V, Denmark
AICT EUR Real Estate (DS) GP ApS
Ordinary
100%
AICT EUR Real Estate (DS) LP K/S
Ordinary
100%
France
3, rue Saint Georges, 75009 Paris, France
AICT EUR Real Estate (Janze) SAS
Ordinary
100%
Aviva Investors Perpetual Ruby SAS
Partnership
16%
20 PL Vend\u00f4me, Paris 75001, France
AXA LBO Fund IV Feeder
Private Equity
Fund
39%
47 Rue du Faubourg Saint-Honor\u00e9, 75008, France
CGU Equilibre
FCP
99%
Germany
c/o
TMF\u00a0Deutschland\u00a0AG,\u00a0Wiesenh\u00fcttenstrasse\u00a011,\u00a060329,\u00a0Frankfurt\u00a0am\u00a0
Main,\u00a0Germany
Reschop Carr\u00e9 Hattingen GmbH
Ordinary
100%
c/o WSWP\u00a0Weinert\u00a0GmbH,\u00a0Theatinerstr.\u00a031,\u00a080333,\u00a0Munich, Germany
FPB Holdings GmbH
Ordinary
100%
Karl-Liebknecht-Stra\u00dfe\u00a029a,\u00a010178,\u00a0Berlin,\u00a0Germany
Amro Student Living GmbH
Ordinary
25%
Lyoner Strasse 13, 60528 Frankfurt am Main, Germany
Haspa TrendKonzept
SICAV
100%
Ferdinandstrasse 75, Hamburg, 20095, Germany
Warburg Multi-Asset Select Funds
OEIC
37%
Wiesenh\u00fcttenstra\u00dfe 11, 60329 Frankfurt am Main, Germany
AICT EUR Infra CIC GmbH
Ordinary
100%
Guernsey
PO Box 155 Mill Court, La Charroterie, St Peter Port, GY1 4ET,
Guernsey
Paragon Insurance Company Guernsey
Limited
Ordinary
49%
India
2nd\u00a0floor,\u00a0Prakash\u00a0Deep\u00a0Building,\u00a07\u00a0Tolstoy\u00a0Marg,\u00a0New\u00a0Delhi,\u00a0110001,
\u00a0India
Aviva Life Insurance Company India Limited
Ordinary
74%
A-47\u00a0(L.G.F),\u00a0Hauz\u00a0Khas,\u00a0New\u00a0Delhi,\u00a0Delhi,\u00a0India
Sesame Group India Private Limited
Ordinary
100%
Max\u00a0House,\u00a0Level\u00a05,\u00a0Okhla\u00a0Industrial\u00a0Estate,\u00a0Phase-
III,\u00a0New\u00a0Delhi,\u00a0110020,\u00a0India
DL Support Services India Private Limited
Ordinary
100%
Company name
Share Class held
% of
total
equity
Pune Office Addresses 103/P3, Pentagon, Magarpatta City,
Hadapsar, Pune - 411013, India
A.G.S. Customer Services (India) Private
Limited
Ordinary
100%
Ireland
13-18\u00a0City\u00a0Quay,\u00a0Dublin\u00a02,\u00a0Ireland
Atrium Nominees Limited
Ordinary
100%
35 Merrion Square, Dublin 2, Ireland
Fairstone Market 75 Fund
ICAV
100%
Fairstone Market 100 Fund
ICAV
88%
25 North Wall Quay, Dublin 1, D01 H104, Ireland
Aviva Investors Euro Liquidity Fund
Liquidity Fund
90%
Aviva Investors Sterling Government
Liquidity Fund
Liquidity Fund
94%
Aviva Investors Sterling Liquidity Fund
Liquidity Fund
61%
Aviva Investors Sterling Liquidity Plus Fund
Liquidity Fund
78%
Aviva Investors Sterling Standard Liquidity
Fund
Liquidity Fund
63%
Aviva Investors US Dollar Liquidity Fund
Liquidity Fund
85%
70 Sir John Rogerson's Quay, Dublin 2, D02 R296, Dublin, Ireland
Mercer Diversified Retirement Fund
OEIC
29%
Mercer Long Term Growth Fund
OEIC
46%
Mercer Multi Asset Growth Fund
OEIC
25%
MGI UK Equity
OEIC
54%
Building 12, Cherrywood Business Park, Loughlinstown, Co Dublin,
D18 W2P5, Ireland
Aviva Direct Ireland Limited
Ordinary
100%
Aviva Driving School Ireland Limited
Ordinary
100%
Aviva Group Protection Master Trust
Ireland Designated Activity Company
Ordinary
100%
Aviva Group Services Ireland Limited
Ordinary
100%
Aviva Insurance Ireland Designated Activity
Company
Ordinary
100%
Aviva Life & Pensions Ireland Designated
Activity Company
Ordinary
100%
Aviva Master Trust Ireland Designated
Activity Company
Ordinary
100%
Aviva Retail Master Trust Ireland
Designated Activity Company
Ordinary
100%
Aviva Trustee Company Ireland Designated
Activity Company
Ordinary
100%
Aviva Undershaft Six Designated Activity
Company
Ordinary
100%
Peak Re Designated Activity Company
Ordinary
100%
Georges\u00a0Court,\u00a054-62\u00a0Townsend\u00a0Street,\u00a0Dublin\u00a02, DO2 R156, Ireland
FPPE Fund Public Limited Company
Ordinary
100%
International House, 3 Habourmaster Place, Dublin 1, Ireland
Merrion Multi-Asset 30 Fund
Unit Trust
100%
Merrion Multi-Asset 50 Fund
Unit Trust
100%
Merrion Multi-Asset 70 Fund
Unit Trust
100%
Unit H6, Maynooth Business Campus, Straffan Road, Maynooth,
Kildare, W23 X2F4, Ireland
Company name
Share Class held
% of
total
equity
EZO Charging Holdings Limited
Ordinary
100%
Carcharger EV Limited
Ordinary
25%
Workways, Level Health, Block 5 High Street, Tallaght, Dublin 24,
D24 YK8N, Ireland
Level Health Limited
Ordinary
50%
Isle\u00a0of\u00a0Man
Royal\u00a0Court,\u00a0Castletown,\u00a0IM9\u00a01RA,\u00a0Isle\u00a0of\u00a0Man
Friends Provident International Limited
Ordinary
24%
Italy
Corse Vercelli, 40 - 20145, Milan, Italy
AICT EUR Infra Swift S.R.L.
Ordinary
100%
Piazza della Repubblica 32, Milan, 20124 Italy
Innovo Renewables S.p.A.
Ordinary
50%
Via\u00a0L.\u00a0Ariosto\u00a032,\u00a020145,\u00a0Milan,\u00a0Italy
Aviva Italia Holding S.p.A
Ordinary
100%
Jersey
11\u201315 Seaton Place, St Helier,\u00a0 JE4 0QH Jersey
101 Moorgate Unit Trust
Unit Trust
100%
1 Liverpool Street Unit Trust
Unit Trust
100%
22 Grenville Street, St Helier, JE4 8PX, Jersey
ASL Caravel LP
Partnership
100%
ASL Clipper LP
Partnership
100%
ASL Mainsail LP
Partnership
100%
ASL Topsail LP
Partnership
100%
ASL Schooner LP
Partnership
100%
ASL/SLAS Xebec LP
Partnership
100%
AXA Sun Life Private Equity (No1) LP
Partnership
100%
Lekker Bolt UT
Unit Trust
100%
28 Esplanade, St Helier, JE4 2QP, Jersey
Aviva Investors Infrastructure Income Unit
Trust
Unit Trust
100%
Aztec Group House, 11-15 Seaton Place, St Helier, JE4 0QH, Jersey
Midlands Regen I Unit Trust
Unit Trust
95%
Gasp\u00e9 House, 66-72 Esplanade, St Helier, E1 3PB, Jersey
1 Fitzroy Place Unit Trust
Unit Trust
50%
2 Fitzroy Place Jersey Unit Trust
Unit Trust
50%
10 Station Road Unit Trust
Unit Trust
50%
11-12 Hanover Square Unit Trust
Unit Trust
50%
20 Gracechurch Unit Trust
Unit Trust
25%
20 Station Road Unit Trust
Unit Trust
50%
30 Station Road Unit Trust
Unit Trust
50%
50-60 Station Road Unit Trust
Unit Trust
50%
130 Fenchurch Street Unit Trust
Unit Trust
100%
Aviva Investors Jersey Unit Trusts
Management Limited
Ordinary
100%
Bermondsey Yards Unit Trust
Unit Trust
100%
CCPF No.4 Unit Trust
Unit Trust
100%
Gracechurch Investment Unit Trust
Unit Trust
25%
Hams Hall Unit Trust
Unit Trust
100%
Company name
Share Class held
% of
total
equity
Lime Mayfair Unit Trust
Unit Trust
1%
Lime Property Fund Unit Trust
Unit Trust
1%
Longcross Jersey Unit Trust
Unit Trust
100%
New Broad Street House Unit Trust
Unit Trust
50%
Pegasus House and Nuffield House Unit
Trust
Unit Trust
50%
REALTAF Wixams Unit Trust
Unit Trust
100%
Southgate Property Unit Trust
Unit Trust
50%
The Designer Retail Outlet Centres
(Mansfield) Unit Trust
Unit Trust
100%
The Designer Retail Outlet Centres (York)
Unit Trust
Unit Trust
100%
The Designer Retail Outlet Centres Unit
Trust
Unit Trust
100%
IFC 5, St Helier, JF1 1ST, Jersey
Aviva Investors REaLM Social Housing Unit
Trust
Unit Trust
86%
Cannock Designer Outlet Unit Trust
Unit Trust
37%
PO Box 1075, 28 Esplanade, St Helier, JE4 2QP, Jersey
Aviva Investors REaLM Commercial Assets
Unit Trust
Unit Trust
100%
Aviva Investors REaLM Ground Rent Unit
Trust
Unit Trust
36%
Aviva Investors REaLM Multi-Sector Unit
Trust
Unit Trust
0%
Luxembourg
2 Rue du Fort Bourbon, L1249, Luxembourg
AICT EUR Infra Aquarius HoldCo 1 SARL
Ordinary
100%
AICT EUR Infra (Decarb) SARL
Ordinary
100%
AICT EUR Real Estate (Charlottenburg)
SARL
Ordinary
100%
AICT EUR Real Estate (DS) Sarl
Ordinary
100%
AICT EUR Real Estate (Foz) Sarl
Ordinary
100%
AICT EUR Real Estate (Pankow) SARL
Ordinary
100%
AICT EUR Real Estate Student Housing
SARL
Ordinary
100%
Aviva Investors Alternative Income
Solutions Investments S.A.
Ordinary
100%
Aviva Investors Alternative Income
Solutions SCSp
Fund
100%
Aviva Investors Global Aviva France Global
High Yield Fund
SICAV
0%
Aviva Investors Alternatives, FCP-RAIF
Fund
0%
Aviva Investors Alternatives S.A.
Ordinary
0%
Aviva Investors Carbon Removal EPRA
Holdco Sarl
Ordinary
100%
Aviva Investors Carbon Removal Fund
Fund
100%
Aviva Investors Carbon Removal Master
Holdco Sarl
Ordinary
100%
Aviva Investors Climate Transition EUR
Infra SARL
Ordinary
100%
Aviva Investors Climate Transition EUR
Infrastructure Fund
Fund
100%
Company name
Share Class held
% of
total
equity
Aviva Investors Climate Transition EUR Real
Estate Fund
Fund
100%
Aviva Investors Climate Transition EUR Real
Estate SARL
Ordinary
100%
Aviva Investors Climate Transition GBP
Infrastructure Fund
Fund
100%
Aviva Investors Climate Transition GBP Real
Estate Fund
Fund
100%
Aviva Investors Global Climate Credit Fund
SICAV
73%
Aviva Investors - Global Climate Equity
Fund
SICAV
99%
Aviva Investors E-RELI Danone Sarl
Ordinary
17%
Aviva Investors E-RELI Dublin Sarl
Ordinary
17%
Aviva Investors E-RELI Duisburg Sarl
Ordinary
17%
Aviva Investors E-RELI Holdings Sarl
Ordinary
17%
Aviva Investors E-RELI SCSp
Fund
17%
Aviva Investors E-RELI Stern Sarl
Ordinary
17%
Aviva Investors Emerging Markets Bond
Fund
SICAV
78%
Aviva Investors Emerging Markets
Corporate Bond Fund
SICAV
70%
Aviva Investors Emerging Markets Local
Currency Bond Fund
SICAV
95%
Aviva Investors European Infrastructure
Debt
Fund
100%
Aviva Investors Global Aviva Investors
Systematics Strategies Fund
SICAV
50%
Aviva Investors Global Eur Return Plus Fund
SICAV
84%
Aviva Investors Global Gbp Return Plus
Fund
SICAV
80%
Aviva Investors Global Emerging Markets
Core Fund
SICAV
100%
Aviva Investors Global Emerging Markets
Equity Unconstrained Fund
SICAV
62%
Aviva Investors Global Emerging Markets
Index Fund
SICAV
94%
Aviva Investors Global Equity Endurance
Fund
SICAV
99%
Aviva Investors Global Equity Income Fund
SICAV
78%
Aviva Investors Global High Yield Bond
Fund
SICAV
78%
Aviva Investors Global Investment Grade
Corporate Bond Fund
SICAV
97%
Aviva Investors Global Sovereign Bond
Fund
SICAV
86%
Aviva Investors Investment Solutions
Emerging Markets Debt Fund
SICAV
0%
Aviva Investors Luxembourg
Ordinary
100%
Aviva Investors Multi-Asset Alternative
Income Fund, SICAV-RAIF
Fund
100%
Aviva Investors Multi-Asset Alternative
Income S.A.
Ordinary
100%
Aviva Investors Multi Strategy Target
Return Fund
SICAV
64%
Aviva Investors - Natural Capital Global
Equity Fund
SICAV
24%
Company name
Share Class held
% of
total
equity
Aviva Investors Perpetual Acht 2 NL SARL
Ordinary
16%
Aviva Investors Perpetual Acht NL SARL
Ordinary
100%
Aviva Investors Perpetual Capital SCSP
SICAV RAIF
Fund
8%
Aviva Investors Perpetual E20 Sarl
Ordinary
16%
Aviva Investors Perpetual Holdings Sarl
Ordinary
16%
Aviva Investors Perpetual Hoxton Sarl
Ordinary
16%
Aviva Investors Perpetual Kitzingen Sarl
Ordinary
16%
Aviva Investors Perpetual Vondel 1 Sarl
Ordinary
16%
Aviva Investors Perpetual Vondel 2 Sarl
Ordinary
16%
Aviva Investors Perpetual Zuiderhof NL Sarl
Ordinary
16%
Aviva Investors Perpetual Zuiderhof PropCo
Sarl
Ordinary
16%
Aviva Investors Real Assets FCP-RAIF
Fund
100%
Aviva Investors RA LUX FCP-RAIF
Fund
100%
Aviva Investors - ReturnPlus Fund
SICAV
84%
Aviva Investors Short Duration Global High
Yield Bond Fund
SICAV
11%
Aviva Investors Sustainable Outcomes
SCSP SICAV-RAIF
Fund
100%
Aviva Investors UK Equity Unconstrained
Fund
SICAV
88%
Climate Transition Real Asset Fund - Lux
EUR
Fund
100%
E20 Phase 1 SARL
Ordinary
100%
Aviva Investors Multi-Asset Alternative
Income Fund, SICAV-RAIF Sub-Fund I
Fund
100%
Sub-Fund II Aviva Investors Multi-Asset
Alternative Income Fund, SICAV-RAIF Sub-
Fund II
Fund
0%
Aviva Investors Multi-Asset Alternative
Income Fund, SICAV-RAIF Sub-Fund III A
Fund
0%
Aviva Investors Multi-Asset Alternative
Income Fund, SICAV-RAIF Sub-Fund III B
Fund
0%
Aviva Investors Multi-Asset Alternative
Income Fund, SICAV-RAIF Sub-Fund III C
Fund
0%
Aviva Investors Multi-Asset Alternative
Income Fund, SICAV-RAIF Sub-Fund IV
Fund
0%
Aviva Investors Multi-Asset Alternative
Income Fund, SICAV-RAIF Sub-Fund V
Fund
0%
Aviva Investors Multi-Asset Alternative
Income Fund, SICAV-RAIF Sub-Fund VI
Fund
0%
Aviva Investors Multi-Asset Alternative
Income Fund, SICAV-RAIF Sub-Fund IX
Fund
0%
3, rue Gabriel Lippmann, L-5365 Munsbach, Luxembourg
Aviva Investors European Secondary
Infrastructure Credit SV S.A.
Ordinary
0%
Aviva Infrastructure Debt Europe I S.A.
Ordinary
100%
16\u00a0Avenue\u00a0de\u00a0la\u00a0Gare,\u00a0L-1610,\u00a0Luxembourg
Aviva Investors Alternative Income
Solutions General Partner S.\u00e0 r.l.
Ordinary
100%
Aviva Investors Carbon Removal (GP) SARL
Ordinary
100%
Aviva Investors E-RELI (GP) SARL
Ordinary
100%
Company name
Share Class held
% of
total
equity
Aviva Investors Luxembourg Services S.\u00e0
r.l.
Ordinary
100%
Aviva Investors Perpetual Capital (GP) SARL
Ordinary
100%
Victor Hugo 1 S.\u00e0 r.l.
Ordinary
100%
24-26, Avenue de la Liberte, L1930 Luxembourg
Greenman Open Fund
SICAV
62%
35A, Avenue\u00a0John\u00a0F\u00a0Kennedy, L-1855, Luxembourg
abrdn SICAV II Global Smaller Companies
Fund
SICAV
40%
37A, Avenue\u00a0John\u00a0F\u00a0Kennedy, L-1855, Luxembourg
Invesco Global Direct Property Fund
RAIF
34%
46a,\u00a0Avenue\u00a0John\u00a0F\u00a0Kennedy,\u00a0L-1855,\u00a0Luxembourg
Aviva Investors Polish Retail S.\u00e0 r.l.
Ordinary
100%
80, route d'Esch, L-1470, Luxembourg
Allspring (Lux) Worldwide Fund
SICAV
49%
Vertigo Building - Polaris, 2-4 rue Eugene Ruppert, L-2453
Luxembourg
Invesco Sustainable Global Systematic
Equity Fund
SICAV
59%
Mauritius
Les\u00a0Cascades,\u00a0Edith\u00a0Cavell\u00a0Street,\u00a0Port\u00a0Louis,\u00a0Mauritius
Actis China Investment Company Limited
Ordinary
50%
Mexico
Av. Insurgentes Sur 1898, Piso 1,\u00a0 Oficina 1418, Col. Florida, C.P.
01020, Alvaro Obregon, CDMX, Mexico
Probitas 1492 Services Mexico S.A. de C.V.
Ordinary
100%
Norway
c/o TMF Norway AS, Hagalokkveien 26, 1383 Asker, Norway
Aviva Investors E-RELI Norway Holding AS
Ordinary
17%
Kongsgard Alle 20 AS
Ordinary
100%
Poland
AI\u00a0Jana\u00a0Pawla\u00a0II\u00a025,\u00a000-854,\u00a0Warsaw,\u00a0Poland
Focus Mall Zielona Gora
Ordinary
100%
Focus Park Piotrk\u00f3w Trybunalski sp.z o.o.
Ordinary
100%
Inflancka\u00a04b,\u00a000-189,\u00a0Warsaw,\u00a0Poland
Aviva Services Sp\u00f3\u0142ka z ograniczon\u0105
odpowiedzialno\u015bci\u0105
Ordinary
100%
Singapore
1 Harbourfront Avenue, #14-08 Keppel Bay Tower, 098632,
Singapore
Aviva Asia Management Pte. Ltd.
Ordinary
100%
138\u00a0Market\u00a0Street,\u00a0#05-01\u00a0CapitaGreen,\u00a0048946,\u00a0Singapore
Aviva Investors Asia Pte. Limited
Ordinary
100%
Spain
1D, 13 Edificio Am\u00e9rica Av. de Bruselas, 28108, Alcobendas, Madrid,
Spain
E\u00f3lica Almatret S.L.
Ordinary
100%
Calle Mestre Nicolau, N\u00famero 19, 5\u00ba Barcelona 08021, Spain
Propia Operating Company, S.L.
Ordinary
30%
calle Pr\u00edncipe de Vergara 112, 28002 Madrid, Spain
Banbury Invest SL
Ordinary
66%
Company name
Share Class held
% of
total
equity
Browhead Invest SL
Ordinary
66%
Granthill SL
Ordinary
100%
Nightdale S.L.
Ordinary
100%
Propia Sants SLU
Ordinary
66%
Propia Terrassa SLU
Ordinary
66%
Propia Valdebebas, S.L.
Ordinary
66%
Sandhills Invest SL
Ordinary
100%
Swalinbar S.L.
Ordinary
66%
Willingden Spain SLU
Ordinary
66%
Sweden
c/o TMF Sweden AB, Vasagatan 38, 111 20, Stockholm, Sweden
AICT EUR Real Estate Holding AB
Ordinary
100%
Switzerland
Leutschenbachstrasse\u00a045,\u00a08050\u00a0Zurich,\u00a0Switzerland
Aviva Investors Schweiz GmbH
Ordinary
100%
United Kingdom
1 Filament Walk, Suite 203, London, SW18 4GQ, United Kingdom
Freetricity South East Limited
Ordinary
100%
1 More London Place, London, SE1 2AF, United Kingdom
IFA Services Holdings Company Limited
Ordinary
0%
1 Paddington Square, London, W2 1GL,\u00a0United Kingdom
Capital Group European Core Equity Fund
SICAV
22%
1st Floor, Avenue House, 42-44 Rosemary Street, Belfast, BT1 1QE,
United Kingdom
Destination Financial Planning Limited
Ordinary
100%
Navigator Financial Planning Limited
Ordinary
100%
Watson Laird Limited
Ordinary
100%
1st Floor Finlay House, 10-14 West Nile Street, Glasgow, G1 2PP,
United Kingdom
Spence and Spence (Scotland) Limited
Ordinary
100%
1-2 Morston Court, Blakeney Way, Cannock, WS11 8JB, United
Kingdom
New Homes Mortgage Services LLP
Partnership
29%
2 Communications Road, Greenham Business Park, Newbury, RG19
6AB, United Kingdom
Connected Kerb Limited
Ordinary
94%
2 Savoy Court, London, WC2R 0EZ, United Kingdom
Liontrust Sustainable Future Corporate
Bond Fund
OEIC
31%
Liontrust Sustainable Future European
Growth Fund
OEIC
55%
Liontrust Sustainable Future Global Growth
Fund
OEIC
23%
Liontrust Sustainable Future Managed Fund
OEIC
50%
Liontrust Sustainable Future Managed
Growth Fund
OEIC
26%
Liontrust Sustainable Future UK Growth
Fund
OEIC
31%
Liontrust UK Ethical Fund
OEIC
68%
2nd Floor, 110 Cannon Street, London, EC4N 6EU, United Kingdom
Biomass UK No. 3 Limited
Ordinary
100%
Company name
Share Class held
% of
total
equity
Biomass UK No.2 Limited
Ordinary
100%
3a Dublin Meuse, Edinburgh, EH3 6NW, United Kingdom
Par Forestry IV Holdco Limited
Ordinary
100%
PAR Forestry IV L.P.
Partnership
100%
3rd Floor, 19-20 Berners Street, London, W1T 3NW, United Kingdom
Anthemis Female Innovators Lab Fund
Venture Fund
32%
4th Floor, 95 Chancery Lane, London, WC2A 1DT, United Kingdom
Broadwood LLSCF Management Limited
Ordinary
25%
Broadwood LLSCF Lending 1 Limited
Ordinary
25%
Broadwood LLSCF Limited
Ordinary
25%
Broadwood Later Living Sustainable
Construction Finance LP
Partnership
100%
4th Floor, Millbank Tower, London, SW1P 4QP, United Kingdom
Friends SL Nominees Limited
Ordinary
0%
4th Floor, New London House, 6 London Street, London, EC3R 7LP,
United Kingdom
Polaris U.K. Limited
Ordinary
39%
4th Floor, Pountney Hill House, 6 Laurence Pountney Hill, London,
EC4R 0BL, United Kingdom
SVS AllianceBernstein Low Volatility Global
Equity Fund
OEIC
34%
5-11 Worship Street, 3rd Floor, London, EC2A 2BH, United Kingdom
Acre Platforms Limited
Preferred A2
37%
8 Surrey Street, Norwich, NR1 3NG, United Kingdom
Aviva Central Services UK Limited
Ordinary
100%
Aviva Credit Services UK Limited
Ordinary
100%
Aviva Health UK Limited
Ordinary
100%
Aviva Insurance UK Limited
Ordinary
100%
Aviva UK Digital Limited
Ordinary
100%
Aviva UKGI Investments Ltd
Ordinary
100%
Commercial Union Corporate Member
Limited
Ordinary
100%
Gresham Insurance Company Limited
Ordinary
100%
London and Edinburgh Insurance Company
Limited
Ordinary
100%
Solus (London) Limited
Ordinary
100%
The Ocean Marine Insurance Company
Limited
Ordinary
100%
10\u00a0Orange\u00a0Street,\u00a0London,\u00a0WC2H\u00a07DQ,\u00a0United\u00a0Kingdom
Healthcode Limited
Ordinary C, E
20%
12 Throgmorton Avenue, London, EC2N 2DL, United Kingdom
ACS Asia Pacific Ex Japan ESG Insights
Equity Fund
ACS
55%
ACS Europe ex UK ESG Insights Equity Fund
ACS
28%
ACS Japan ESG Insights Equity Fund
ACS
24%
ACS North America ESG Insights Equity
Fund
ACS
34%
ACS UK ESG Insights Equity Fund
ACS
57%
ACS World ESG Insights Equity Fund
ACS
71%
BlackRock Global Corporate ESG Insights
Bond Fund
Unit Trust
39%
BlackRock Growth Allocation Fund
ACS
100%
Company name
Share Class held
% of
total
equity
BlackRock Market Advantage Fund
Unit Trust
47%
BlackRock Retirement Allocation Fund
ACS
100%
14 Albany Street, Edinburgh, EH1 3QB, United Kingdom
Criterion Tec Holdings Ltd
Ordinary
24%
Criterion Tec Ltd
Ordinary
24%
22 Bishopsgate, London, EC2N 4BQ, United Kingdom
AXA Ethical Distribution Fund
OEIC
46%
AXA Framlington American Growth Fund
Unit Trust
21%
42-44 Rosemary Street, Belfast, BT1 1QE, United Kingdom
Law Society (NI) Financial Advice Limited
Ordinary
100%
50 Stratton Street, London, W1J 8LT, United Kingdom
Lazard Multicap UK Income Fund
OEIC
53%
57-59 St James\u2019s Street, London, SW1A 1LD, United Kingdom
Artemis UK Special Situations Fund
Unit Trust
28%
80 Fenchurch Street, London, EC3M 4AE, United Kingdom
1 Fitzroy Place Limited Partnership
Partnership
50%
2 Fitzroy Place Limited Partnership
Partnership
50%
2-10 Mortimer Street (GP No 1) Limited
Ordinary
50%
2-10 Mortimer Street GP Limited
Ordinary
50%
2-10 Mortimer Street Limited Partnership
Partnership
50%
6-10 Lowndes Square Management
Company Limited
Ordinary
0%
10 Station Road LP
Partnership
50%
10 Station Road Nominee 1 Limited
Ordinary
50%
10 Station Road Nominee 2 Limited
Ordinary
50%
10-11 GNS Limited
Ordinary
100%
20 Gracechurch (General Partner) Limited
Ordinary
50%
20 Gracechurch Limited Partnership
Partnership
25%
20 Station Road LP
Partnership
50%
20 Station Road Nominee 1 Limited
Ordinary
50%
20 Station Road Nominee 2 Limited
Ordinary
50%
30 Station Road LP
Partnership
50%
30 Station Road Nominee 1 Limited
Ordinary
50%
30 Station Road Nominee 2 Limited
Ordinary
50%
41-42 Lowndes Square Management
Company Limited
Ordinary
78%
43 Lowndes Square Management Company
Limited
Ordinary
0%
50-60 Station Road LP
Partnership
50%
50-60 Station Road Nominee 1 Limited
Ordinary
50%
50-60 Station Road Nominee 2 Limited
Ordinary
50%
130 Fenchurch Street General Partner
Limited
Ordinary
100%
130 Fenchurch Street LP
Partnership
100%
130 Fenchurch Street Nominee 1 Limited
Ordinary
100%
130 Fenchurch Street Nominee 2 Limited
Ordinary
100%
2015 Sunbeam Limited
Ordinary
100%
ACP Stories 1 Limited
Ordinary
98%
AI Special PFI SPV Limited
Ordinary
0%
Company name
Share Class held
% of
total
equity
ALPF Single Family Homes General Partner
Ltd
Ordinary
100%
ALPF Single Family Homes LP
Partnership
100%
AS REGEN LLP
Partnership
50%
Ascot Real Estate Investments GP LLP
Partnership
50%
Ascot Real Estate Investments LP
Partnership
50%
Atlas Park Management Company Limited
Company
Limited by
guarantee
100%
Aviva Brands Limited
Ordinary
100%
Aviva Capital Partners Limited
Ordinary
100%
Aviva Commercial Finance Limited
Ordinary
100%
Aviva Company Secretarial Services Limited
Ordinary
100%
Aviva Employment Services Limited
Ordinary
100%
Aviva Europe UK Societas
Ordinary
100%
Aviva International Holdings Limited
Ordinary
100%
Aviva International Insurance Limited
Ordinary
100%
Aviva Investors 30:70 Global Equity
(Currency Hedged) Index (Custom
Screened) Fund
TTF
100%
Aviva Investors 40 Spring Gardens (General
Partner) Limited
Ordinary
100%
Aviva Investors 40:60 Global Equity Index
Fund
TTF
100%
Aviva Investors 50:50 Global Equity Index
(Custom Screened) Fund
TTF
100%
Aviva Investors 60:40 Global Equity Index
(Custom Screened) Fund
TTF
100%
Aviva Investors Asia Pacific ex Japan Fund
TTF
100%
Aviva Investors Balanced Life Fund
TTF
100%
Aviva Investors Balanced Pension Fund
TTF
100%
Aviva Investors Cautious Pension Fund
TTF
100%
Aviva Investors Global Climate Aware
Equity Fund
OEIC
99%
Aviva Investors Climate Transition Real
Assets Fund
TTF
100%
Aviva Investors Climate Transition Real
Assets LTAF
Fund
100%
Aviva Investors Commercial Assets GP
Limited
Ordinary
100%
Aviva Investors Commercial Assets
Nominee Limited
Ordinary
100%
Aviva Investors Continental European
Equity Fund
OEIC
7%
Aviva Investors Continental European
Equity Index (Custom Screened) Fund
TTF
100%
Aviva Investors CTF Holdco1 Limited
Ordinary
100%
Aviva Investors CTF Infrastructure Midco 1
Limited
Ordinary
100%
Aviva Investors Developed Asia Pacific ex
Japan Equity Index (Custom Screened)
Fund
TTF
100%
Aviva Investors Developed European ex UK
Equity Index (Custom Screened) Fund
TTF
100%
Company name
Share Class held
% of
total
equity
Aviva Investors Developed Overseas
Government Bond (ex UK) Index Fund
TTF
100%
Aviva Investors Developed World ex UK
Equity Index (Custom Screened) Fund
TTF
100%
Aviva Investors Distribution Fund
OEIC
0%
Aviva Investors Distribution Life Fund
TTF
100%
Aviva Investors EBC GP Limited
Ordinary
100%
Aviva Investors EBC Limited Partnership
Partnership
100%
Aviva Investors Emerging Market Equity
Core Fund
TTF
61%
Aviva Investors Energy Centres No.1 GP
Limited
Ordinary
100%
Aviva Investors Energy Centres No.1
Limited Partnership
Partnership
100%
Aviva Investors Europe Equity ex UK Core
Fund
TTF
71%
Aviva Investors Europe Equity ex UK Fund
TTF
100%
Aviva Investors Global Equity Endurance
Fund
OEIC
99%
Aviva Investors Global Equity Fund
TTF
100%
Aviva Investors Global Equity Growth Fund
TTF
100%
Aviva Investors Global Equity Income Fund
OEIC
25%
Aviva Investors Global Services Limited
Ordinary
100%
Aviva Investors GR SPV1 Limited
Ordinary
100%
Aviva Investors GR SPV3 Limited
Ordinary
100%
Aviva Investors GR SPV 4 Limited
Ordinary
100%
Aviva Investors GR SPV 5 Limited
Ordinary
100%
Aviva Investors GR SPV 6 Limited
Ordinary
100%
Aviva Investors GR SPV 7 Limited
Ordinary
100%
Aviva Investors GR SPV 8 Limited
Ordinary
100%
Aviva Investors GR SPV 9 Limited
Ordinary
100%
Aviva Investors GR SPV 10 Limited
Ordinary
100%
Aviva Investors GR SPV 11 Limited
Ordinary
100%
Aviva Investors GR SPV 12 Limited
Ordinary
100%
Aviva Investors GR SPV 13 Limited
Ordinary
100%
Aviva Investors GR SPV 14 Limited
Ordinary
100%
Aviva Investors GR SPV 15 Limited
Ordinary
100%
Aviva Investors GR SPV16 Limited
Ordinary
100%
Aviva Investors GR SPV17 Limited
Ordinary
100%
Aviva Investors Ground Rent GP Limited
Ordinary
100%
Aviva Investors Ground Rent Holdco
Limited
Ordinary
100%
Aviva Investors Higher Income Plus Fund
OEIC
14%
Aviva Investors Holdings Limited
Ordinary
100%
Aviva Investors Index Linked Gilt Fund
TTF
100%
Aviva Investors Index-Linked Gilts Over 5
Years Index Fund
TTF
100%
Aviva Investors Infrastructure GP Limited
Ordinary
100%
Aviva Investors Infrastructure Income B
Limited
Ordinary
100%
Aviva Investors Infrastructure Income C
Limited
Ordinary
100%
Company name
Share Class held
% of
total
equity
Aviva Investors Infrastructure Income C
No.4E Limited
Ordinary
100%
Aviva Investors Infrastructure Income C
No.4F Limited
Ordinary
100%
Aviva Investors Infrastructure Income
Limited Partnership
Partnership
100%
Aviva Investors Infrastructure Income M
Limited
Ordinary
100%
Aviva Investors Infrastructure Income M
No.4C Limited
Ordinary
100%
Aviva Investors Infrastructure Income M
No.4D Limited
Ordinary
100%
Aviva Investors Infrastructure Income No.1
Limited
Ordinary
100%
Aviva Investors Infrastructure Income No.2
Limited
Ordinary
100%
Aviva Investors Infrastructure Income
No.2B Limited
Ordinary
100%
Aviva Investors Infrastructure Income No.3
Limited
Ordinary
100%
Aviva Investors Infrastructure Income
No.3B Limited
Ordinary
0%
Aviva Investors Infrastructure Income
No.4A Limited
Ordinary
100%
Aviva Investors Infrastructure Income
No.4B Limited
Ordinary
100%
Aviva Investors Infrastructure Income No.5
Limited
Ordinary
100%
Aviva Investors Infrastructure Income No.6
Limited
Ordinary
41%
Aviva Investors Infrastructure Income
No.6a1 Limited
Ordinary
62%
Aviva Investors Infrastructure Income
No.6B Limited
Ordinary
29%
Aviva Investors Infrastructure Income
No.6B1 Limited
Ordinary
40%
Aviva Investors Infrastructure Income
No.6c Limited
Ordinary
60%
Aviva Investors Infrastructure Income
No.6c1 Limited
Ordinary
35%
Aviva Investors Infrastructure Income
No.6D Limited
Ordinary
100%
Aviva Investors Infrastructure Income No.7
Limited
Ordinary
64%
Aviva Investors Infrastructure Income No.8
Limited
Ordinary
100%
Aviva Investors International Index
Tracking Fund
OEIC
82%
Aviva Investors Japan Equity Core Fund
TTF
67%
Aviva Investors Japan Equity Fund
TTF
100%
Aviva Investors Japan Equity Growth Fund
OEIC
100%
Aviva Investors Japanese Equity Index
(Custom Screened) Fund
TTF
100%
Aviva Investors Managed High Income Fund
OEIC
74%
Aviva Investors Money Market VNAV Fund
TTF
100%
Aviva Investors Monthly Income Plus Fund
OEIC
0%
Company name
Share Class held
% of
total
equity
Aviva Investors Multi-Asset (40-85%
Shares) Index Fund
TTF
100%
Aviva Investors Multi-Asset Core Fund I
OEIC
30%
Aviva Investors Multi-Asset Core Fund II
OEIC
36%
Aviva Investors Multi-Asset Core Fund III
OEIC
36%
Aviva Investors Multi-Asset Core Fund IV
OEIC
26%
Aviva Investors Multi-Asset Core Fund V
OEIC
21%
Aviva Investors Multi-Asset Income Fund
OEIC
0%
Aviva Investors Multi-asset Plus I Fund
OEIC
15%
Aviva Investors Multi-asset Plus II Fund
OEIC
24%
Aviva Investors Multi-asset Plus III Fund
OEIC
42%
Aviva Investors Multi-asset Plus IV Fund
OEIC
28%
Aviva Investors Multi-asset Plus V Fund
OEIC
28%
Aviva Investors Multi-asset Sustainable
Stewardship Fund I
OEIC
100%
Aviva Investors Multi-asset Sustainable
Stewardship Fund II
OEIC
95%
Aviva Investors Multi-asset Sustainable
Stewardship Fund III
OEIC
99%
Aviva Investors Multi-asset Sustainable
Stewardship Fund IV
OEIC
95%
Aviva Investors Multi-Manager 20-60%
Shares Fund
OEIC
81%
Aviva Investors Multi-Manager 40-85%
Shares Fund
OEIC
78%
Aviva Investors Multi-Manager Flexible
Fund
OEIC
89%
Aviva Investors Multi-Sector Private Debt
100%
Aviva Investors Multi-Strategy Target
Return Fund
OEIC
90%
Aviva Investors Non-Gilt Bond All Stocks
Index Fund
TTF
100%
Aviva Investors Non-Gilt Bond Over 15
Years Index Fund
TTF
100%
Aviva Investors Non-Gilt Bond Up To 5
Years Index Fund
TTF
98%
Aviva Investors North American Equity
Core Fund
TTF
68%
Aviva Investors North American Equity
Fund
TTF
100%
Aviva Investors North American Equity
Index (Custom Screened) Fund
TTF
100%
Aviva Investors Pacific Equity ex Japan
Core Fund
TTF
81%
Aviva Investors Pacific ex Japan Equity
Index Fund
TTF
100%
Aviva Investors Pensions Limited
Ordinary
100%
Aviva Investors PIP Solar PV (General
Partner) Limited
Ordinary
100%
Aviva Investors PIP Solar PV Limited
Partnership
Partnership
100%
Aviva Investors PIP Solar PV No.1 Limited
Ordinary
100%
Aviva Investors Polish EBC LP
Partnership
100%
Aviva Investors Polish Retail GP Limited
Ordinary
100%
Company name
Share Class held
% of
total
equity
Aviva Investors Polish Retail Limited
Partnership
Partnership
100%
Aviva Investors Pre-Annuity Fixed Interest
Fund
TTF
100%
Aviva Investors Property Fund Management
Limited
Ordinary
100%
Aviva Investors Real Estate Active LTAF
Fund
100%
Aviva Investors Real Estate Limited
Ordinary
100%
Aviva Investors REALM Commercial Assets
Limited Partnership
Partnership
100%
Aviva Investors REALM Ground Rent
Limited Partnership
Partnership
100%
Aviva Investors REALM Social Housing
Limited Partnership
Partnership
86%
Aviva Investors REALTAF Holdco Limited
Ordinary
100%
Aviva Investors Secure Income REIT
Limited
Ordinary
100%
Aviva Investors Social Housing GP Limited
Ordinary
100%
Aviva Investors Social Housing Limited
Company
Limited by
guarantee
100%
Aviva Investors Sterling Corporate Bond
Fund
TTF
100%
Aviva Investors Sterling Gilt Fund
TTF
100%
Aviva Investors Strategic Bond Fund
OEIC
87%
Aviva Investors Strategic Global Equity
Fund
TTF
100%
Aviva Investors Sustainable Stewardship
Fixed Interest Fund
TTF
100%
Aviva Investors Sustainable Stewardship
UK Equity Fund
TTF
100%
Aviva Investors Sustainable Stewardship
UK Equity Income Fund
TTF
100%
Aviva Investors Sustainable Stewardship
International Equity Fund
TTF
100%
Aviva Investors UK Commercial Real Estate
Senior Debt L.P.
Partnership
21%
Aviva Investors UK CRESD GP Limited
Ordinary
100%
Aviva Investors UK Equity (ex Aviva,
Investment Trusts) Index (Custom
Screened) Fund
TTF
100%
Aviva Investors UK Equity Alpha Fund
TTF
95%
Aviva Investors UK Equity Core Fund
TTF
100%
Aviva Investors UK Equity Dividend Fund
TTF
100%
Aviva Investors UK Equity Index (Custom
Screened) Fund
TTF
100%
Aviva Investors UK Fund Services Limited
Ordinary
100%
Aviva Investors UK Gilts All Stocks Index
Fund
TTF
100%
Aviva Investors UK Gilts Over 15 Years
Index Fund
TTF
100%
Aviva Investors UK Gilts Up To 5 Years
Index Fund
TTF
100%
Aviva Investors UK Index Tracking Fund
OEIC
80%
Aviva Investors UK Listed Equity ex
Tobacco Fund
TTF
100%
Company name
Share Class held
% of
total
equity
Aviva Investors UK Listed Equity Fund
TTF
100%
Aviva Investors UK Listed Equity High
Alphas Fund
OEIC
0%
Aviva Investors UK Listed Equity Income
Fund
OEIC
100%
Aviva Investors UK Listed Equity Income
Fund
TTF
100%
Aviva Investors UK Listed Equity
Unconstrained Fund\u00a0
OEIC
1%
Aviva Investors UK Listed Small and Mid-
Cap Fund
OEIC
9%
Aviva Investors UK Property Feeder Acc
Fund
OEIC
22%
Aviva Investors UK Property Feeder Inc
Fund
OEIC
8%
Aviva Investors UK Property Fund
OEIC
16%
Aviva Investors US Equity Income Fund I
OEIC
0%
Aviva Investors US Equity Index (Custom
Screened) Fund
TTF
100%
Aviva Investors US Large Cap Equity Fund
TTF
100%
Aviva Investors Venture & Growth Capital
LTAF
Fund
100%
Aviva Overseas Holdings Limited
Ordinary
100%
Aviva Public Private Finance Limited
Ordinary
100%
Aviva RELI 1 GP Limited
Ordinary
100%
Aviva RELI 1 LP
Partnership
100%
Aviva RELI 1 Nominee Limited
Ordinary
100%
Aviva RELI 1 Unit Trust
Unit Trust
100%
Aviva RELI 2 GP Limited
Ordinary
100%
Aviva RELI 3 GP Limited
Ordinary
100%
Aviva RELI 3 LP
Partnership
100%
Aviva RELI 3 Nominee A Limited
Ordinary
100%
Aviva RELI 3 Nominee B Limited
Ordinary
100%
Aviva RELI 4 GP Limited
Ordinary
100%
Aviva RELI 4 LP
Partnership
100%
Aviva RELI 4 Nominee A Limited
Ordinary
100%
Aviva RELI 4 Nominee B Limited
Ordinary
100%
Aviva Special PFI GP Limited
Ordinary
100%
Aviva Special PFI Limited Partnership
Partnership
50%
Aviva Staff Pension Trustee Limited
Ordinary
100%
Barwell Business Park Nominee Limited
Ordinary
100%
Bermondsey Yards General Partner Limited
Ordinary
100%
Bermondsey Yards Limited Partnership
Partnership
100%
Bermondsey Yards Nominee 1 Limited
Ordinary
100%
Bermondsey Yards Nominee 2 Limited
Ordinary
100%
Bersey Warehouse Nominee 1 Limited
Ordinary
8%
Bersey Warehouse Nominee 2 Limited
Ordinary
8%
Biomass UK No.1 LLP
Partnership
100%
Biomass UK No.4 Limited
Ordinary
100%
Building a Future (Newham Schools) Limited
Ordinary
100%
Bunns Lane Development Limited
Ordinary
98%
Company name
Share Class held
% of
total
equity
Cara Renewables Limited
Ordinary
100%
CCPF No.4 LP
Partnership
100%
CGU International Holdings B.V.
Ordinary
100%
Chesterford Park (General Partner) Limited
Ordinary
50%
Chesterford Park (Nominee) Limited
Ordinary
50%
Chesterford Park Limited Partnership
Partnership
50%
Commercial Union Life Assurance Company
Limited
Ordinary
100%
Digital Garage Nominee 1 Limited
Ordinary
8%
Digital Garage Nominee 2 Limited
Ordinary
8%
EES Operations 1 Limited
Ordinary
100%
Electric Avenue Ltd
Ordinary
100%
Elms Road Wokingham Ltd
Ordinary
100%
Fitzroy Place GP 2 Limited
Ordinary
50%
Fitzroy Place Management Co Limited
Ordinary
50%
Fitzroy Place Residential Limited
Ordinary
50%
Free Solar (Stage 2) Limited
Ordinary
100%
Gobafoss General Partner Limited
Ordinary
100%
Heritage FL Single Family Homes Limited
Ordinary
100%
Heritage FL Single Family Homes LP
Partnership
100%
Hooton Bio Power Limited
Ordinary
56%
Houlton Commercial Management
Company 2 Limited
Company
Limited by
guarantee
50%
Houlton Commercial Management
Company Limited
Company
Limited by
guarantee
50%
Houlton Community Management Company
Limited
Company
Limited by
guarantee
50%
Igloo Regeneration (General Partner)
Limited
Ordinary
50%
Igloo Regeneration (Nominee) Limited
Ordinary
50%
Igloo Regeneration Developments (General
Partner) Limited
Ordinary
50%
Igloo Regeneration Developments Limited
Partnership
Partnership
20%
Igloo Regeneration Partnership
Partnership
100%
Igloo Regeneration Property Unit Trust
Unit Trust
50%
Lime Property Fund (General Partner)
Limited
Ordinary
100%
Lime Property Fund (Nominee) Limited
Ordinary
100%
Lime Property Fund Limited Partnership
Partnership
1%
Lombard (London) 1 Limited
Ordinary
100%
Lombard (London) 2 Limited
Ordinary
100%
Longcross General Partner Limited
Ordinary
100%
Longcross Limited Partnership
Partnership
100%
Longcross Nominee 1 Limited
Ordinary
100%
Longcross Nominee 2 Limited
Ordinary
100%
Milla Park GP Limited
Ordinary
100%
Milla Park Limited Partnership
Partnership
100%
Milla Park Nominee 1 Limited
Ordinary
100%
Company name
Share Class held
% of
total
equity
Milla Park Nominee 2 Limited
Ordinary
100%
Milla Park Unit Trust
Unit Trust
100%
Mortimer Street Associated Co 1 Limited
Ordinary
50%
Mortimer Street Associated Co 2 Limited
Ordinary
50%
Mortimer Street Nominee 1 Limited
Ordinary
50%
Mortimer Street Nominee 2 Limited
Ordinary
50%
Mortimer Street Nominee 3 Limited
Ordinary
50%
New Broad Street House LP
Partnership
50%
New Broad Street House Nominee 1 Limited
Ordinary
50%
New Broad Street House Nominee 2 Limited
Ordinary
50%
Norwich Union (Shareholder GP) Limited
Ordinary
100%
Norwich Union Public Private Partnership
Fund
Partnership
100%
NU 3PS Limited
Ordinary
100%
NU Developments (Brighton) Limited
Ordinary
100%
NU Library For Brighton Limited
Ordinary
100%
NU Local Care Centres (Bradford) Limited
Ordinary
100%
NU Local Care Centres (Chichester No. 1)
Limited
Ordinary
100%
NU Local Care Centres (Chichester No. 2)
Limited
Ordinary
100%
NU Local Care Centres (Chichester No. 3)
Limited
Ordinary
100%
NU Local Care Centres (Chichester No. 4)
Limited
Ordinary
100%
NU Local Care Centres (Chichester No. 5)
Limited
Ordinary
100%
NU Local Care Centres (Chichester No. 6)
Limited
Ordinary
100%
NU Local Care Centres (Farnham) Limited
Ordinary
100%
NU Offices for Redcar Limited
Ordinary
100%
NU Schools for Redbridge Limited
Ordinary
100%
NU Technology and Learning Centres
(Hackney) Limited
Ordinary
100%
NUPPP (Care Technology and Learning
Centres) Limited
Ordinary
100%
NUPPP (GP) Limited
Ordinary
100%
NUPPP Nominees Limited
Ordinary
100%
Pegasus House and Nuffield House LP
Partnership
50%
Pegasus House and Nuffield House
Nominee 1 Limited
Ordinary
50%
Pegasus House and Nuffield House
Nominee 2 Limited
Ordinary
50%
Porth Teigr Management Company Limited
Ordinary
50%
Project Farm 1 GP Ltd
Ordinary
100%
Project Farm 1 LP
Partnership
100%
Project Farm 1 Nominee A Ltd
Ordinary
100%
Project Farm 1 Nominee B Ltd
Ordinary
100%
Quarryvale One Limited
Ordinary
100%
REALTAF Cambridge GP Limited
Ordinary
100%
REALTAF Cambridge LP
Partnership
100%
REALTAF Ebbsfleet GP Limited
Ordinary
100%
Company name
Share Class held
% of
total
equity
REALTAF Ebbsfleet LP
Partnership
100%
REALTAF Whitehouse GP Limited
Ordinary
100%
REALTAF Whitehouse LP
Partnership
100%
REALTAF Wixams GP Limited
Ordinary
100%
REALTAF Wixams LP
Partnership
100%
Renewable Clean Energy 3 Limited
Ordinary
100%
Renewable Clean Energy Limited
Ordinary
100%
Riley Factory Nominee 1 Limited
Ordinary
8%
Riley Factory Nominee 2 Limited
Ordinary
8%
Rugby Radio Station (General Partner)
Limited
Ordinary
50%
Rugby Radio Station (Nominee) Limited
Ordinary
50%
Rugby Radio Station Limited Partnership
Partnership
50%
SHR Bordon Limited
Ordinary
100%
SHR Coventry Limited
Ordinary
100%
SHR Ipswich Limited
Ordinary
100%
SHR Ipswich OpCo Limited
Ordinary
100%
SHR Linmere Limited
Ordinary
100%
SHR Swindon Limited
Ordinary
100%
SHR Telford Limited
Ordinary
100%
SHR Telford OpCO Limited
Ordinary
100%
Solar Clean Energy Limited
Ordinary
100%
Southgate General Partner Limited
Ordinary
50%
Southgate LP (Nominee 1) Limited
Ordinary
50%
Southgate LP (Nominee 2) Limited
Ordinary
50%
Spire Energy Ltd
Ordinary
100%
Station Road Cambridge LP
Partnership
50%
Station Road General Partner LLP
Partnership
50%
Station Road GP Limited
Ordinary
100%
Stonebridge Cross Management Limited
Company
Limited by
guarantee
100%
Stoney Wood Property Developments
Limited
Ordinary
100%
SUE Developments LP
Partnership
50%
SUE GP LLP
Partnership
50%
SUE GP Nominee Limited
Ordinary
50%
Sustainable Housing Holdco Limited
Ordinary
100%
Sustainable Housing Topco Limited
Ordinary
100%
Sustainable Storage HoldCo Limited
Ordinary
100%
Sustainable Storage Portfolio SPV Limited
Ordinary
100%
Sustainable Storage Topco Limited
Ordinary
100%
Swan Valley Management Limited
Ordinary
0%
The Designer Retail Outlet Centres
(Mansfield) General Partner Limited
Ordinary
100%
The Designer Retail Outlet Centres
(Mansfield) Limited Partnership
Partnership
97%
The Designer Retail Outlet Centres (York)
General Partner Limited
Ordinary
100%
The Designer Retail Outlet Centres (York)
Limited Partnership
Partnership
97%
Company name
Share Class held
% of
total
equity
The Rutherford Nominee 1 Limited
Ordinary
8%
The Rutherford Nominee 2 Limited
Ordinary
8%
The Square Brighton Limited
Ordinary
100%
The Southgate Limited Partnership
Partnership
50%
Truespeed Communications Group Limited
Ordinary
45%
Truespeed Holdings Limited
Ordinary
41%
New Broad Street House GP Limited
Ordinary
100%
Tyne Assets (No 2) Limited
Ordinary
100%
Tyne Assets Limited
Ordinary
100%
Undershaft Limited
Ordinary
100%
WBS Growth Partnership LLP
Partnership
33%
Welsh Insurance Corporation Limited
Ordinary
100%
Westcountry Solar Solutions Limited
Ordinary
100%
Yorkshire Insurance Company Limited
Ordinary
100%
88 Leadenhall Street, London, EC3A 3BP, United Kingdom
AdA Risk Holding Co Limited
Ordinary
25%
AdA Underwriters Limited
Ordinary
25%
Probitas 1492 Services Limited
Ordinary
100%
Probitas Corporate Capital Limited
Ordinary
100%
Probitas Holdings (UK) Limited
Ordinary
100%
Probitas Managing Agency Limited
Ordinary
100%
180 Great Portland Street, London, W1W 5QZ, United Kingdom
Quantum Property Partnership (General
Partner) Limited
Ordinary
50%
Quantum Property Partnership (Nominee)
Limited
Ordinary
50%
6600 Cinnabar Court Daresbury Park, Daresbury, Warrington, WA4
4GE, United Kingdom
BNET Ultra Limited
Ordinary
30%
ITS (Holdco) Limited
Ordinary
30%
ITS (Midco) Limited
Ordinary
30%
ITS Hammersmith & Fulham Limited
Ordinary
30%
ITS Nottingham Limited
Ordinary
30%
ITS Technology Group Limited
Ordinary
30%
ITS Telecom Solutions Limited
Ordinary
30%
Liverpool City Region Digital Limited
Ordinary
8%
NextGenAccess Limited
Ordinary
30%
Building 1063, Cornforth Drive, Kent Science Park, Sittingbourne,
ME9 8PX, United Kingdom
Digital Greenwich Connect Ltd
Ordinary
15%
c/o Interpath Ltd 4th Floor, Tailor's Corner, Thirsk Row, Leeds, LS1
4DP, United Kingdom
Tenet Financial Services Limited
Ordinary
49%
Tenet Mortgage Solutions Limited
Ordinary
49%
c/o Interpath Ltd, 10 Fleet Place, London, EC4M 7RB, United Kingdom
Tenet Group Limited
Ordinary
49%
Tenet Limited
Ordinary
49%
TenetConnect Limited
Ordinary
49%
TenetConnect Services Limited
Ordinary
49%
Company name
Share Class held
% of
total
equity
c/o Wilmington Trust SP Services (London) Limited, Third Floor, 1
King\u2019s Arms Yard, London, EC2R 7AF, United Kingdom
Equity Release Funding (No.1) plc
Ordinary
0%
Equity Release Funding (No.2) plc
Ordinary
0%
Equity Release Funding (No.3) plc
Ordinary
0%
Equity Release Funding (No.4) plc
Ordinary
0%
Equity Release Funding (No.5) plc
Ordinary
0%
ERF Trustee (No. 4) Limited
Ordinary
0%
ERF Trustee (No. 5) Limited
Ordinary
0%
Brook House Manor Drive, Clyst St. Mary, Exeter, EX5 1GD
DFP Health & Wealth Management Limited
Ordinary
100%
DFP Wealth Management Ltd
Ordinary
100%
G & E Wealth Management Limited
Ordinary
100%
HKA (F S) Limited
Ordinary
100%
The Oxford Advisory Partnership Limited
Ordinary
100%
Calton Square, 1 Greenside Row, Edinburgh, EH1 3AN, United
Kingdom
Baillie Gifford International Fund
OEIC
31%
Baillie Gifford UK Equity Core Fund
OEIC
25%
Capital\u00a0Tower,\u00a091\u00a0Waterloo\u00a0Road,\u00a0London,\u00a0SE1\u00a08RT, United\u00a0Kingdom
Rock Road Devco Limited
Ordinary
49%
Exchange House, Primrose Street, London, EC2A 2HS, United
Kingdom
CT (Lux) Diversified Growth Fund
SICAV
98%
CT (Lux) European Growth & Income Fund
SICAV
68%
CT Global Total Return Bond Fund
OEIC
26%
Churchill\u00a0Court,\u00a0Westmoreland\u00a0Road,\u00a0Bromley,\u00a0Kent,\u00a0BR1\u00a01DP, United
Kingdom
Brolly UK Technology Limited
Ordinary,
Preference
100%
By Miles Group Ltd
Ordinary
100%
By Miles Ltd
Ordinary
100%
By Miles Technology Services Ltd
Ordinary
100%
Churchill Insurance Company Limited
Ordinary
100%
Direct Line Group Limited
Ordinary
100%
Direct Line Insurance Group Limited*
Ordinary
100%
Direct Line Insurance Limited
Ordinary
100%
DL Insurance Services Limited
Ordinary
100%
DLG Pension Trustee Limited
Ordinary
100%
Farmweb Limited
Ordinary
100%
Finsure Premium Finance Limited
Ordinary
100%
Green Flag Holdings Limited
Ordinary
100%
Inter Group Insurance Services Limited
Ordinary
100%
Intergroup Assistance Services Limited
Ordinary
100%
National Breakdown Recovery Club Limited
Ordinary
100%
Nationwide Breakdown Recovery Services
Limited
Ordinary
100%
The National Insurance and Guarantee
Corporation Limited
Ordinary
100%
U K Insurance Business Solutions Limited
Ordinary
100%
Company name
Share Class held
% of
total
equity
UK Assistance Accident Repair Centres
Limited
Ordinary
100%
UK Assistance Limited
Ordinary
100%
UKI Life Assurance Services Limited
Ordinary
100%
Exchange Tower, 19 Canning Street, Edinburgh, EH3 8EH, United
Kingdom
Hoxton Campus LP
Partnership
8%
Hoxton General Partner LLP
Partnership
8%
Forum 4, Solent Business Park, Parkway South, Whitley, Fareham,
PO15 7AD, United Kingdom
1 Liverpool Street GP Limited
Ordinary
50%
1 Liverpool Street Limited Partnership
Partnership
30%
1 Liverpool Street Nominee 1 Limited
Ordinary
50%
1 Liverpool Street Nominee 2 Limited
Ordinary
50%
101 Moorgate GP Limited
Ordinary
50%
101 Moorgate Limited Partnership
Partnership
30%
101 Moorgate Nominee 1 Limited
Ordinary
50%
101 Moorgate Nominee 2 Limited
Ordinary
50%
Midlands Regen I GP Limited
Ordinary
95%
Midlands Regen I Limited Partnership
Partnership
95%
Midlands Regen I Nominee Limited
Ordinary
95%
Founders\u00a0Factory\u00a0(Level\u00a07)\u00a0Arundel\u00a0Street\u00a0Building,\u00a0180\u00a0Strand,\u00a0
2\u00a0Arundel\u00a0Street,\u00a0London,\u00a0WC2R\u00a03DA,\u00a0United\u00a0Kingdom
FF AV JV Limited
Preference
20%
Grant Thornton Uk Advisory & Tax Llp 11th Floor Landmark St Peters
Square, 1 Oxford Street, Manchester, M1 4PB
Opus Park Management Limited
Company
Limited by
guarantee
100%
Grant\u00a0Thornton\u00a0UK\u00a0LLP,\u00a030\u00a0Finsbury\u00a0Square,\u00a0London,\u00a0EC2P\u00a02YU,\u00a0
United\u00a0Kingdom
Defined Returns Limited
Ordinary
29%
NDF Administration Limited
Ordinary
33%
Legal & General (Unit Trust Managers) Limited, PO Box 6080,
Wolverhampton, WV1 9RB, United Kingdom
L&G Multi-Index Eur III-NEA
OEIC
85%
L&G Multi-Index Eur IV-NEA
OEIC
100%
L&G Multi-Index Eur V-NEA
OEIC
100%
Level 16, 5 Aldermanbury Square, London, EC2V 7HR, United
Kingdom
Houghton Regis Management Company
Limited
Ordinary
33%
Nations\u00a0House,\u00a03rd\u00a0Floor,\u00a0103\u00a0Wigmore\u00a0Street,\u00a0London,\u00a0W1U\u00a01QS,\u00a0
United\u00a0Kingdom
Cannock Consortium Holdings Limited
Ordinary
43%
Cannock Consortium LLP
Partnership
43%
Cannock Designer Outlet (GP Holdings)
Limited
Ordinary
43%
Cannock Designer Outlet (GP) Limited
Ordinary
43%
Cannock Designer Outlet (Nominee 1)
Limited
Ordinary
43%
Cannock Designer Outlet (Nominee 2)
Limited
Ordinary
43%
Company name
Share Class held
% of
total
equity
Cannock Designer Outlet Limited
Partnership
Partnership
37%
Old Bourchiers Hall, New Road, Aldham, Colchester, C06 3QU,
United Kingdom
County Broadband Holdings Limited
Ordinary
62%
County Broadband Ltd
Ordinary
45%
One Coleman Street, London, EC2R 5AA, United Kingdom
L&G Diversified Fund
Unit Trust
86%
Pembroke\u00a0House,\u00a015\u00a0Pembroke\u00a0Road,\u00a0Clifton,\u00a0Bristol,\u00a0BS8\u00a03BA,\u00a0
United\u00a0Kingdom
Bristol Business Park Management Limited
Ordinary
0%
Pennine Place, 2a Charing Cross Road, London, WC2H 0HF, United
Kingdom
Clean Growth Fund
Partnership
10%
Perpetual Park, Perpetual Park Drive, Henley-on-Thames, RG9 1HH,
United Kingdom
Invesco Summit Responsible 2 Fund (UK)
OEIC
38%
Invesco Summit Responsible 5 Fund (UK)
OEIC
30%
Pinesgate West, Lower Bristol Road, Bath, BA2 3DP, United Kingdom
Truespeed Communications Ltd
Ordinary
45%
Pitheavlis,\u00a0Perth,\u00a0PH2\u00a00NH,\u00a0United\u00a0Kingdom
AICT GBP Real Estate (Curtain House)
General Partner Limited
Ordinary
100%
AICT GBP Real Estate (Curtain House)
Limited Partnership
Partnership
100%
Aviva (Peak No.1) UK Limited
Ordinary
100%
Aviva Insurance Limited
Ordinary
100%
Aviva Investors (FP) Limited
Ordinary
100%
Aviva Investors (FP) LP
Partnership
100%
Aviva Investors (GP) Scotland Limited
Ordinary
100%
Aviva Investors Climate Transition GBP Real
Estate General Partner Limited
Ordinary
100%
Aviva Investors Climate Transition GBP Real
Estate Limited Partnership
Partnership
100%
Aviva Investors Private Equity Programme
2008 Partnership
Partnership
40%
Riverbank House 2 Swan Lane, London, EC4R 3AD, United Kingdom
Man Balanced Managed Fund
OEIC
22%
Salisbury House, London Wall, London, EC2M 5QQ, United Kingdom
London Wall Partners LLP
Partnership
100%
Tec\u00a0Marina\u00a0Terra\u00a0Nova\u00a0Way,\u00a0Penarth,\u00a0Cardiff,\u00a0CF64\u00a01SA,\u00a0
United\u00a0Kingdom
Wealthify Group Limited
Ordinary
100%
Wealthify Limited
Ordinary
100%
The Apex, Brest Road, Derriford Business Park, Derriford, Plymouth,
PL6 5FL, United Kingdom
Cutter & Co Financial Planning Limited
Ordinary
100%
Flowers McEwan Limited
Ordinary
100%
Lee Strathy Limited
Ordinary
100%
Succession Advisory Services Limited
Ordinary
100%
Succession Employee Benefit Solutions
Limited
Ordinary
100%
Company name
Share Class held
% of
total
equity
Succession Financial Management Limited
Ordinary
100%
Succession Group Ltd
Ordinary
100%
Succession Holdings Ltd
Ordinary
100%
Succession Wealth Management Limited
Ordinary
100%
Tag Financial Planning Limited
Ordinary
100%
True Financial Partnerships Limited
Ordinary
100%
True Wealth Management Limited
Ordinary
100%
True Wealth Planning Solutions Limited
Ordinary
100%
Veracity Asset Transformation Service
Limited
Ordinary
100%
The\u00a0Green,\u00a0Easter\u00a0Park,\u00a0Benyon\u00a0Road,\u00a0Reading,\u00a0RG7\u00a02PQ,\u00a0
United\u00a0Kingdom
Anesco Mid Devon Limited
Ordinary
100%
Anesco South West Limited
Ordinary
100%
Free Solar (Stage 1) Limited
Ordinary
100%
Homesun 2 Limited
Ordinary
100%
Homesun 3 Limited
Ordinary
100%
Homesun 4 Limited
Ordinary
100%
Homesun 5 Limited
Ordinary
100%
Homesun Limited
Ordinary
100%
New Energy Residential Solar Limited
Ordinary
100%
Norton Energy SLS Limited
Ordinary
100%
TGHC Limited
Ordinary
100%
The\u00a0Wharf,\u00a0Neville\u00a0Street,\u00a0Leeds,\u00a0LS1\u00a04AZ, United Kingdom
DLG Legal Services Limited
Ordinary
100%
Green Flag Group Limited
Ordinary,
Deferred,
Preference
100%
Green Flag Limited
Ordinary,
Deferred,
Preference
100%
U K Insurance Limited
Ordinary
100%
Third Floor, Queensberry House, 3 Old Burlington Street, London,
W1S 3AE, United Kingdom
Manse Opus Management Company
Limited
Company
Limited by
Guarantee
20%
Waverley\u00a0House,\u00a09\u00a0Noel\u00a0Street,\u00a0London,\u00a0W1F\u00a08GQ,\u00a0United\u00a0Kingdom
Colby River Limited
Ordinary
30%
Wellington\u00a0Row,\u00a0York,\u00a0YO90\u00a01WR,\u00a0United\u00a0Kingdom
Aviva (Peak No.2) UK Limited
Ordinary
100%
Aviva Administration Limited
Ordinary
100%
Aviva Client Nominees UK Limited
Ordinary
100%
Aviva Equity Release UK Limited
Ordinary
100%
Aviva ERFA 15 UK Limited
Ordinary
100%
Aviva Investment Solutions UK Limited
Ordinary
100%
Aviva Life & Pensions UK Limited
Ordinary
100%
Aviva Life Holdings UK Limited
Ordinary
100%
Aviva Life Investments International
(General Partner) Limited
Ordinary
100%
Aviva Life Investments International
(Recovery) Limited
Ordinary
100%
Company name
Share Class held
% of
total
equity
Aviva Life Investments International L.P.
Partnership
100%
Aviva Life Services UK Limited
Ordinary
100%
Aviva Master Trust Trustees UK Limited
Ordinary
100%
Aviva Management Services UK Limited
Ordinary
100%
Aviva Pension Trustees UK Limited
Ordinary
100%
Aviva Protection UK Limited
Ordinary
100%
Aviva Savings Limited
Ordinary
100%
Aviva Trustees UK Limited
Ordinary
100%
Aviva UKLAP De-risking Limited
Ordinary
100%
Aviva Wealth Holdings UK Limited
Ordinary
100%
Aviva Wrap UK Limited
Ordinary
100%
Bankhall Support Services Limited
Ordinary
100%
CGNU Life Assurance Limited
Ordinary
100%
Friends AEL Trustees Limited
Ordinary
100%
Friends AELLAS Limited
Ordinary
100%
Friends Life and Pensions Limited
Ordinary
100%
Friends Life Assurance Society Limited
Ordinary
100%
Friends Life Company Limited
Ordinary
100%
Friends Life FPLMA Limited
Ordinary
100%
Friends Life Limited
Ordinary
100%
Friends Life WL Limited
Ordinary
100%
Friends Provident Investment Holdings
Limited
Ordinary
100%
Friends Provident Life Assurance Limited
Ordinary
100%
Friends' Provident Life Office
Company
Limited by
guarantee
0%
Friends' Provident Managed Pension Funds
Limited
Ordinary
100%
Friends Provident Pension Scheme
Trustees Limited
Ordinary
100%
Friends SLUA Limited
Ordinary
100%
Gateway Specialist Advice Services Limited
Ordinary
100%
Group Risk Services Limited
Ordinary
100%
Heritage friends life institutional (SLPM)
Ordinary
100%
The Lancashire and Yorkshire Reversionary
Interest Company Limited
Ordinary
100%
London and Manchester Group Limited
Ordinary
100%
Premier Mortgage Service Limited
Ordinary
100%
Sesame Bankhall Group Limited
Ordinary
100%
Sesame Bankhall Valuation Services Limited
Ordinary
75%
Sesame General Insurance Services Limited
Ordinary
100%
Sesame Limited
Ordinary
100%
Sesame Services Limited
Ordinary
100%
Suntrust Limited
Ordinary
100%
Undershaft (NULLA) Limited
Ordinary
100%
Undershaft FAL Limited
Ordinary
100%
Undershaft FPLLA Limited
Ordinary
100%
Undershaft SLPM Limited
Ordinary
100%
Voyager Park South Management Company
Limited
Ordinary
52%
Company name
Share Class held
% of
total
equity
Wealth Limited
Ordinary
100%
United\u00a0States
100 Wilshire Boulevard, Santa Monica, California Suite 2060, 90401,
United States
Fifth Wall Accelerate (Late-Stage), L.P.
Partnership
4%
225\u00a0West\u00a0Wacker\u00a0Drive,\u00a0Suite\u00a02250,\u00a0Chicago\u00a0IL\u00a060606,\u00a0United\u00a0States
Aviva Investors North America Holdings,
Inc
Common
100%
1209\u00a0Orange\u00a0Street,\u00a0Wilmington,\u00a0DE,\u00a019801,\u00a0United\u00a0States
Aviva Investors Americas LLC
Sole Member
100%
251\u00a0Little\u00a0Falls\u00a0Drive,\u00a0Wilmington,\u00a0DE,\u00a019808,\u00a0United\u00a0States
UKP Holdings Inc.
Common
100%
Cogency\u00a0Global\u00a0Inc.,\u00a0850\u00a0New\u00a0Burton\u00a0Road,\u00a0Suite\u00a0201,\u00a0Dover,\u00a0
Delaware,\u00a0Kent\u00a0County,\u00a019904,\u00a0United\u00a0States
Exeter Properties Inc.
Common
95%
Winslade Investments Inc.
Common
100%
*99.99999574489%, the balance of which is held by a sanctioned shareholder and which
Aviva will acquire upon such shareholder ceasing to be sanctioned or upon clearance by
the Office of Financial Sanctions Implementation.
Definitions
Authorised Contractual Scheme ('ACS')
Fond common de Placement ('FCP')
Irish Collective Asset-management Vehicle ('ICAV')
Open Ended Investment Companies ('OEIC')
Soci\u00e9t\u00e9 d'Investment \u00e0 Capital Variable ('SICAV')
Tax Transparent Fund ('TTF')
Audit exemptions
The subsidiary undertakings of the Company, listed below, are
exempt from the requirement to have their financial
statements audited for the year ended 31 December 2025
under s479A of the Companies Act 2006 (the \"Act\") relating to
subsidiary companies and subsidiary LLPs (as applied to LLPs
by the Limited Liability Partnerships (Accounts and Audit)
(Application of Companies Act 2006) Regulations 2008). Aviva
plc will issue a guarantee pursuant to s479C of the Act in
respect of these subsidiaries.
Aviva Life Investments International L.P. (Company Number:
LP019749) is to take advantage of the exemption from the
requirements to prepare and file annual accounts under
Regulation 7 of the Partnership (Accounts) Regulations 2008.
Company / partnership name
Company /
partnership number
130 Fenchurch Street General Partner Limited
11914662
ACP Stories 1 Limited
16422702
AICT GBP Real Estate (Curtain House)
General Partner Limited
SC707169
ALPF Single Family Homes General Partner
Ltd
14476516
Aviva ERFA 15 UK Limited
6518135
Aviva Europe UK Societas
SE000031
Aviva Investors (GP) Scotland Limited
SC336262
Aviva Investors 40 Spring Gardens (General
Partner) Limited
9988845
Aviva Investors Climate Transition GBP Real
Estate General Partner Limited
SC707168
Aviva Investors Commercial Assets GP
Limited
7680828
Aviva Investors EBC GP Limited
7401608
Aviva Investors Energy Centres No.1 GP
Limited
8322963
Aviva Investors Ground Rent GP Limited
7584928
Aviva Investors Infrastructure GP Limited
7739651
Aviva Investors PIP Solar PV (General
Partner) Limited
9401121
Aviva Investors Social Housing GP Limited
7584936
Aviva Investors UK CRESD GP Limited
8424756
Aviva Life Investments International (General
Partner) Limited
7019488
Aviva Management Services UK Limited
983330
Aviva RELI 1 GP Limited
14607635
Aviva RELI 2 GP Limited
15595027
Aviva RELI 3 GP Limited
15897909
Aviva RELI 4 GP Limited
15897819
Aviva Savings Limited
4384512
Aviva Special PFI GP Limited
8080716
Aviva UKLAP De-Risking Limited
3491273
Aviva Wealth Holdings UK Limited
6861305
Bunns Lane Development Limited
15399360
Cutter & Co Financial Planning Limited
11281160
Destination Financial Planning Limited
NI631014
Direct Line Group Limited
2811437
ERF Trustee (No.4) Limited
5095784
ERF Trustee (No.5) Limited
5492514
Company / partnership name
Company /
partnership number
Finsure Premium Finance Limited
1670887
Flowers McEwan Limited
4237360
Green Flag Holdings Limited
3577191
Group Risk Services Limited
6744393
Heritage FL Single Family Homes Limited
15073749
Law Society (NI) Financial Advice Limited
NI023143
Lee Strathy Limited
8583095
Lime Property Fund (General Partner) Limited
5118252
London Wall Partners LLP
OC375373
Longcross General Partner Limited
13106500
Midlands Regen I GP Limited
14885856
Navigator Financial Planning Limited
NI048574
New Broad Street House GP Limited
16350435
Norwich Union (Shareholder GP) Limited
3783750
NUPPP (GP) Limited
4330905
REALTAF Cambridge GP Limited
15506358
REALTAF Ebbsfleet GP Limited
15506368
REALTAF Whitehouse GP Limited
15506313
REALTAF Wixams GP Limited
16143281
Stoney Wood Property
Developments\u00a0Limited
13161720
Succession Employee Benefit
Solutions\u00a0Limited
8146349
Succession Financial Management Limited
4454027
Succession Holdings Limited
8148663
Suntrust Limited
1460956
Tag Financial Planning Limited
10846528
The Lancashire and Yorkshire Reversionary
Interest Company Limited
19770
True Financial Partnerships Limited
10271716
True Wealth Management Limited
7702656
True Wealth Planning Solutions Limited
10012883
Undershaft Limited
4075935
Veracity Asset Transformation Service
Limited
7468932
Watson Laird Limited
NI611950
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-759": { "value": "In writing: Susan Adams, Chief Corporate Governance Officer, 80\u00a0Fenchurch Street, London, EC3M 4AE", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fn-8": { "value": "Repayment of borrowings includes the redemption of \u00a3787 million (2024 : \u00a31,095 million) subordinated debt and senior notes", "dimensions": { "concept": "xbrl:note", "noteId": "fn-8", "language": "en" } }, "fn-1": { "value": "
1. IFRS Shareholders' equity of \u00a39,694 million (2024: \u00a37,609 million) is equity attributable to shareholders of Aviva plc and includes ordinary share capital, capital reserves, treasury
shares, other reserves and retained earnings
", "dimensions": { "concept": "xbrl:note", "noteId": "fn-1", "language": "en" } }, "fn-6": { "value": "Cash flows from operating activities include interest received of \u00a36,269\u00a0million (2024: \u00a35,420\u00a0million) and dividends received of \u00a32,734 million (2024: \u00a32,829 million) ", "dimensions": { "concept": "xbrl:note", "noteId": "fn-6", "language": "en" } }, "fn-5": { "value": "IFRS Shareholders' equity of \u00a37,609 million (1 January 2024: \u00a38,586 million) is equity attributable to shareholders of Aviva plc and includes ordinary share capital, capital reserves,
treasury shares, other reserves and retained earnings
", "dimensions": { "concept": "xbrl:note", "noteId": "fn-5", "language": "en" } }, "fn-2": { "value": "
2. Includes Direct Line's Tier 1 notes classified within non-controlling interests at the date of acquisition. See note 2(a) for further detail.
", "dimensions": { "concept": "xbrl:note", "noteId": "fn-2", "language": "en" } }, "fn-9": { "value": "On 31 March 2025, Aviva plc issues \u00a3500\u00a0million of 7.750% fixed rate reset perpetual Restricted Tier 1 contingent convertible notes", "dimensions": { "concept": "xbrl:note", "noteId": "fn-9", "language": "en" } }, "fn-7": { "value": "Following the outcome of a tender offer and cancellation process launched on 11 March 2025 by the Group in relation to its \u00a3450\u00a0million preference share capital, cancellation of the
preference shares reducing the number of Aviva plc and GA plc preference shares in issue to nil was approved by court orders on 13 May 2025 and 5 June 2025 respectively. The
cancellation resulted in a \u00a3200\u00a0million reduction in the Group's preference share capital attributable to Aviva plc and \u00a3252\u00a0million reduction in the Group's non-controlling interest
attributable to GA plc.\u00a0 Further this resulted in a \u00a394\u00a0million reduction in retained earnings and \u00a3109\u00a0million reduction in non-controlling interests arising from special dividends paid
to preferences shareholders of both entities upon cancellation.
", "dimensions": { "concept": "xbrl:note", "noteId": "fn-7", "language": "en" } }, "fn-4": { "value": "
4. On 31 March 2025, Aviva plc issued \u00a3500\u00a0million of 7.750% fixed rate reset perpetual Restricted Tier 1 contingent convertible notes
", "dimensions": { "concept": "xbrl:note", "noteId": "fn-4", "language": "en" } }, "fn-3": { "value": "
3. Following the outcome of a tender offer and cancellation process launched on 11 March 2025 and the subsequent approval by court orders, the Group's \u00a3450\u00a0million preference
share capital was reduced to nil. See Notes 34 and 38 for further detail on the Aviva plc and General Accident (GA) plc preference shares respectively.
", "dimensions": { "concept": "xbrl:note", "noteId": "fn-3", "language": "en" } } } }