Aviva, the UK’s largest insurance group, published its 2025 SFCR reporting a solvency capital ratio of 167%. The ratio is the lowest published by the group since Solvency II records began in 2016. Despite this decline, the ratio remains well above the 100% regulatory minimum requirement.
Rising SCR drives capital ratio compression
The drop in the capital ratio is driven primarily by an increase in the group’s Solvency Capital Requirement (SCR), rather than a decline in available capital resources.
Capital base shows modest growth against historical decline
Eligible own funds to meet the group SCR rose slightly to GBP 17,795 million, up from GBP 17,323 million in 2024.
However, this represents a substantial decline from historical levels. The group’s eligible capital has been on a downward trend since records began, having peaked in 2017 at GBP 29,618 million.
