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The Independent UK
The Independent UK
Business
Holly Williams

Insurance giant fined £10.6m for balance sheet errors before Aviva takeover

Aviva Direct Line PRA the Prudential Regulation Authority Insurance UKI
Direct Line’s main underwriter, UK Insurance Limited (UKI), miscalculated its balance sheet during 2023 and 2024 - (PA)

Direct Line’s main underwriting subsidiary has been hit with a £10.6 million fine by the Bank of England’s Prudential Regulation Authority (PRA) for wrongly calculating its financial strength over a two-year period.

The PRA revealed that UK Insurance Limited (UKI) misstated its balance sheet during 2023 and 2024.

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