5th Jan 2026 16:09
(Alliance News) - Aviva PLC on Monday noted that the UK's Prudential Regulation Authority approved its request to revoke Direct Line's solvency II partial internal model covering UK Insurance Ltd and Churchill Insurance Co Ltd.
The London-based insurer said that from December 31, DL's solo entity capital requirements can now be calculated using the solvency II standard formula, and DL can be included in Aviva's group solvency capital requirement using the standard formula with adjustment.
Aviva added that removing DL's partial internal model supports its plans to move DL's business onto Aviva's internal model "in due course," subject to PRA approval.
Aviva said: "We remain on track to achieve this and to realise greater than GBP500 million of total capital synergies by around the end of 2026, as outlined at our in focus event in November 2025."
Aviva shares were 0.7% higher at 688.20 pence each on Monday afternoon in London.
By Tom Budszus, Alliance News slot editor
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