Aviva PLC (AVVIY) Q4 2025 Earnings Call Transcript

Today, we are announcing that Aviva has delivered another outstanding set of results in 2025. Group operating profit rose. IFRS return on equity increased. And capital and cash generation are growing. Our final dividend is up 10% year on year. And we're resuming the share buyback now at a higher level of £350 million. Every business contributed to these results. In general insurance, premiums are up 18%. In wealth, we are extending our number one position with over £230 billion of assets. In retirement, both individual annuity and equity-release sales were up double digits. We have now achieved our Group 2026 targets a year early and have raised our ambitions with new targets. This is just the next step in our journey. There is more long-term potential beyond this three-year horizon and today I will talk about three of these opportunities. First, in general insurance, there is plenty of room to grow, unlocking value from direct line, expanding partnerships, scaling SME in Canada and building our Lloyds presence. Secondly, in wealth, where we have leading workplace and advisor platform businesses and we are expanding fast in advice with succession wealth and scaling indirect wealth we are on track for our 280 million pounds profit ambition in 2027 and wealth will soon account for almost 10 percent of group earnings and finally artificial intelligence where we have a greater opportunity than most with millions of customers ability to deploy and reuse at scale capacity to invest and most importantly proprietary customer and claims data we are well positioned for this shift we have developed ai capabilities from claim summarization and call wrap to medical underwriting our focus now is on bigger end-to-end opportunities where ai can transform areas like customer service underwriting and operations so aviva is in a stronger position than ever and we are uniquely placed for longer-term success. We are the UK's national champion and the only diversified insurer. We are accelerating capital light. We have an outstanding customer franchise of more than 25 million customers globally and the UK's most trusted insurance brand. We have proprietary data at scale, driving better customer outcomes. All of this fuels our superior returns for shareholders with strong and sustainable earnings growth, an attractive dividend and regular share buyback. These strengths and many more give me deep confidence that we will unlock the full potential of Aviva in the years ahead.