Britain’s banking stability watchdog has fined U K Insurance Ltd., now part of Aviva, 10.6 million pounds ($14.2 million) over a miscalculation in its Solvency II balance sheet for 2023 and 2024.
The Prudential Regulation Authority (PRA), part of the Bank of England, said on Wednesday that U K Insurance is a subsidiary and principal underwriter of Direct Line Group (DLG), which is now part of Aviva.
Aviva said in a statement that the miscalculation happened before its acquisition of DLG in July 2025, adding that it had taken extensive action to enhance financial reporting controls in the part of the business identified.
($1 = 0.7459 pounds)
(Reporting by Sarah Young and Iain Withers; writing by Catarina Demony; editing by Mark Potter)
Photograph: Aviva headquarters in London; photo credit: Aviva
