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Evening Standard
Evening Standard
Business
Holly Williams

Aviva’s Direct Line Group fined £10.6m for balance sheet reporting errors

Aviva Direct Line PRA the Prudential Regulation Authority Insurance Bank of England UKI
Aviva’s Direct Line business wrongly calculated the balance sheet strength of its underwriting subsidiary for two years (PA) -

Aviva’s Direct Line business has been fined £10.6 million by the Bank of England’s banking stability watchdog after wrongly calculating the balance sheet strength of its underwriting subsidiary over two years.

The Prudential Regulation Authority (PRA) said Direct Line’s main underwriter, UK Insurance Limited (UKI), miscalculated its balance sheet during 2023 and 2024 due to “ineffective preventative and detective controls and resourcing issues” across its finance and actuarial operations.

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