Aviva private credit team originates £2bn in H1 2025
Aviva today reported that its private credit and real assets platform originated £1.3bn of assets for the annuities business in the first half of 2025, with broader wealth and workplace flows reinforcing Aviva Investors’ role as a core growth engine for the Group. The figures sit alongside higher wealth net flows and stronger group profitability, with Aviva also reporting a Solvency II shareholder cover ratio of 206% and centre liquidity of £2.1bn.
Investment and origination flows
Workplace distribution continued to channel flows towards Aviva Investors strategies, with approximately 65% of Workplace net flows directed into Aviva Investors funds in the first half. Aviva reported that wealth net flows reached £5.8bn over the same period, up from £5.0bn a year earlier, equivalent to 6% of opening assets under management.
As at 30 June, total Group assets under management at Aviva stood at £419bn, providing the asset base from which both internal balance sheet mandates and external client strategies are run.
Group profitability and capital-light mix
Aviva reported group operating profit of £1,068m for the first half, an increase from £875m in the first half of 2024. The Group said that 66% of operating profit now comes from capital-light businesses, indicating a continued tilt towards fee-based and lower-capital-intensity activities alongside its insurance franchises.
On a Solvency II basis, operating own funds generation rose to £909m from £758m, a 20% increase year-on-year. Solvency II operating capital generation increased to £957m from £722m, representing growth of 33% over the same period.
Aviva’s Solvency II return on equity was 16.7% in the first half, compared with 12.4% a year earlier, reflecting the combined impact of earnings growth and capital generation. On an IFRS basis, profit for the period was £819m, up from £654m in the first half of 2024.
Capital, solvency and leverage
Aviva reported an estimated Solvency II shareholder cover ratio of 206% at 30 June, compared with 203% at year-end 2024. The Group’s estimated Solvency II shareholder surplus at the same date was £8.1bn, providing the capital buffer backing its insurance and asset management activities.
Solvency II operating own funds generation of £909m and operating capital generation of £957m contributed to this capital position, with both metrics showing double-digit percentage growth versus the prior year period. Aviva’s Solvency II debt leverage ratio was 32.3% at 30 June, up from 28.9% at 31 December 2024, indicating a higher proportion of debt within the capital structure.
Centre liquidity stood at £2.1bn in July, compared with £1.7bn in January, giving Aviva additional financial flexibility at holding company level. The interim dividend per share for the period was 13.1p, up from 11.9p a year earlier, an increase of 10%.
Forward context
--- Sources: https://www.aviva.com/investors https://www.aviva.com/newsroom/news-releases/2025/08/HY2025-results-announcement/ https://static.aviva.io/content/dam/aviva-corporate/documents/investors/pdfs/results/2025/aviva-plc-half-year-report-2025.pdf
