Aviva Plc is on track to achieve its profitability targets for the year despite its exposure to wildfires in the UK and Canada, according to its chief executive officer.
The British insurer is in contact with customers impacted by the fires in Stourbridge, England to find alternate accommodation, Amanda Blanc said in a Bloomberg Television interview on Friday. Blanc said Aviva has also seen impacts across its customer portfolio in Canada, with the third quarter being the main season for wildfires in the country.
“So we will be seeing that,” Blanc said, adding that the company’s projection for profitability for the year is “safe.”
The London-based company’s operating profit rose 24% in the first six months of the year to £1.33 billion ($1.79 billion), according to the firm’s half-year results, beating analyst estimates compiled by Bloomberg. In general insurance, Aviva confirmed its 2026 guidance for a combined operating ratio in the UK and Ireland of less than 94% and “approaching” 94% in Canada.
Aviva’s wealth business saw net inflows of £7.6 billion in the first half, while the firm’s asset management arm, Aviva Investors, hauled in £200 million net from external investors in the period.
Since taking over the CEO role in 2020, Blanc has exited non-core businesses, built out Aviva’s wealth unit and boosted the company’s market share in UK motor insurance with last year’s acquisition of Direct Line.
Blanc said in Friday’s statement that Aviva has quickly improved Direct Line’s profitability and grown price comparison website sales.
Photograph: Avia’s headquarters in London; photo credit: Matthew Lloyd/Bloomberg
Topics Profit Loss Canada
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