TDK Corporation (TSE:6762) announces that it has won the “Best IR Award” at the IR Excellent Companies Conference 2025, at the 2025 IR Award, organized by the Japan Investor Relations Association (JIRA). This marks the first time TDK has received this award in 20 years, the previous award win took place in 2005.
The IR Award is designed to recognize companies which have been highly accredited in the investment community for their understanding and promotion of IR activities. This year marks the 30th year since the first IR Award. Of the JIRA member companies, 371 publicly-traded companies applied for the 2025 IR Award and a total of 13 companies were selected and received awards: the “IR Grand Prix” was given to two companies, the “Best IR Awards” to six, the “IR Special Awards” to three, and the “Best IR Awards for Encouragement” to two.
Major Reasons TDK was Selected for the Award
In recent years, the company has expanded opportunities for dialogue between management and investors and has strengthened its IR activities
The company has worked to deepen investors’ understanding in various ways through hosting events including factory tours combined with business strategy briefings and meetings with outside directors
The company demonstrates a strong consciousness of cost of capital and stock price. By disclosing business-segment ROIC and explaining management policies derived by backcasting from its long-term vision, the company makes it easier for investors to understand its business-portfolio optimization and medium- to long-term projections
Through its Integrated Report and “Pre-Financial Capital Briefings,” the company is actively explaining how human capital and corporate culture contribute to enhancing its corporate value
TDK continues to place importance on active information disclosure and mutual communication with stakeholders to enhance its corporate value.
More details about the awards can be found at the website below: Japan Investor Relations Association https://www.jira.or.jp/english/
About TDK Corporation
TDK Corporation (TSE:6762) is a global technology company and innovation leader in the electronics industry, based in Tokyo, Japan. With the tagline “In Everything, Better” TDK aims to realize a better future across all aspects of life, industry, and society. For over 90 years, TDK has shaped the world from within; from the pioneering ferrite cores to cassette tapes that defined an era, to powering the digital age with advanced components, sensors, and batteries, leading the way towards a more sustainable future. United by TDK Venture Spirit, a start-up mentality built on visions, courage and mutual trust, TDK’s passionate team members around the globe pursue better—for ourselves, customers, partners, and the world. Today, the state-of-the-art technologies of TDK are in everything, from industrial applications, energy systems, electric vehicles, to smartphones and gaming, at the core of modern life. TDK’s comprehensive, innovative-driven portfolio includes cutting-edge passive components, sensors and sensor systems, power supplies, lithium-ion and solid-state batteries, magnetic heads, AI and enterprise software solutions, and more—featuring numerous market-leading products. These are marketed under the product brands TDK, EPCOS, InvenSense, Micronas, Tronics, TDK-Lambda, TDK SensEI, and ATL. Positioning the AI ecosystem as a key strategic area, TDK leverages its global network across the automotive, information and communication technology, and industrial equipment sectors to expand its business in a wide range of fields. In fiscal 2025, TDK posted total sales of USD 14.4 billion and employed about 105,000 people worldwide.
A bitter battle over the future of a Chinese-owned chipmaker in the Netherlands that threatened to cripple the global car industry is a “wake-up call to Europe and the west”, the minister at the heart of the row has warned.
The six-week standoff between the EU and Beijing over Nexperia and its vital supplies of automotive semiconductors has served up a sobering lesson to world leaders over their dependency on China, says Vincent Karremans.
The Dutch economy minister says he has no regrets about the tussle and would not change his actions even with the benefit of hindsight. “There’s a lot of interest in exactly what happened,” he says. “It’s like an economic thriller.”
Detailing for the first time how the trade war unfolded, he recalls high-level exchanges with his German counterpart, the car industry and the US, as well as conversations with critical intelligence that he claims showed Nexperia was moving parts of its physical operations in Hamburg to China.
The dispute started on 30 September when the Netherlands took supervisory control of Nexperia, alleging risks to “European economic security”. The decision to invoke a never-used-before cold war law had been taken two days earlier at the highest level of the Dutch government and was enacted after detailed legal checks.
Karremans says it had nothing to do with a US move on 29 September to put Nexperia on a list of companies facing import controls. “We were absolutely not pushed or pressurised or whatever by the Americans to take action on this,” he says.
“What we heard from the Americans was they were going into [government] shutdown and they wanted to ensure Nexperia was on the list.”
Vincent Karremans: ‘If I had been in the same position, with the knowledge I know now, I would have done the same thing again.’ Photograph: Koen van Weel/EPA
The Dutch intervention triggered a furious reaction from Beijing, which for four days banned the export of Nexperia’s chips from China, most of which are finished. That in turn threw carmakers’ supply chains in to chaos, leading to production pauses in Mexico and warnings from EU manufacturers that they were “days away” from stoppages.
After the deal between Donald Trump and Chinese president, Xi Jinping, in South Korea at the end of last month cleared the way for Beijing to resume chip supplies to Europe, the crisis appears to be over. For now.
“Now, for the short term, there’s a solution … and we’re very grateful for the steps that the Chinese authorities have taken on this.” However, Karremans stresses: “If I had been in the same position, with the knowledge I know now, I would have done the same thing again.”
The Dutch chipmaker, once part of the Philips electronics group, was bought by China’s Wingtech in 2018. Concerns about its future ability to export to the US emerged in 2023 when the US notified the Dutch that they were considering putting Wingtech on an “affiliate list” of companies that could pose a threat to national security.
“These restrictions were immense, so it was in our best interests to work with the American and Chinese governments and the Nexperia Chinese shareholder to work out a solution.”
The Dutch then entered a dialogue with Zhang Xuezheng, the founder of Wingtech and chief executive of Nexperia in the Netherlands, to ensure the company’s independence. Demands included the establishment of an independent supervisory board and a requirement that Zhang no longer act as both CEO and head of human resources.
“I spoke to Mr Zhang about this in the ministry last summer,” says Karremans. “It was one of the first meetings I had as minister for economic affairs. He was telling me they were very much on board. We had a list of measures to be taken and then we would engage with the Americans and say this is a Dutch company.”
But in September, things took a dramatic turn.
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“I had people coming to my office saying: ‘Minister, we need to talk to you,’ and they told me what Zhang was doing. They said he was moving away intellectual property rights, they were firing people, and they were looking to relocate production from [Hamburg] to China.”
Asked who these people were, he says: “I can’t tell you who they were … but we have physical evidence that this [relocation] was happening.”
He argues that if Wingtech had moved its semiconductor wafer production to China, then “this interdependence that Europe had [with China] would have changed into a full dependency. That … would have been very dangerous for Europe.”
After the situation with the Chinese escalated in the aftermath of the Nexperia intervention, Karrenmans spoke to Germany’s economy minister, Katherina Reiche. “She supported our action. She was very concerned about what this meant, obviously, for the car industry.” Leaders in the EU, US, China, France and elsewhere around the world were also kept informed.
“We weren’t intending to go public on this. We wanted to solve this swiftly and silently,” Karremans says.
Beijing’s move to restore chip supplies at the weekend came after the US decided to pause sanctions for companies on its affiliate list. But the Dutch have yet to reverse out of Nexperia, with Karremans hinting nothing will happen until the first chips arrive on European shores.
“We are in direct touch with the German car industry and with other car manufacturers and clients of Nexperia. They will let us know when they receive the chips. And once the supply resumes and we are confident it will continue, then … we’ll take the appropriate steps that are needed by the Dutch government to resolve this issue.”
Karremans hopes this “will serve as a wake-up call” over the dangers of depending on one country for essential tech or raw materials. Although his VVD party finished third in last month’s general election, he will remain economy minister until a new government is formed, which could take a year.
When Wingtech was asked about the allegations that it was planning to move part of its physical production line in Hamburg to China, the company said it was pressing ahead with an investment rollout in Germany with 150 new jobs created, including 100 in R&D and 50 in production.
A spokesperson said: “Wingtech’s $200m investment plan for the Hamburg wafer fabrication facility, announced in 2024, is progressing steadily … As the new production lines start to ramp up, we were expecting to continue the expansion of our operational team, a development which has since been sidelined due to the Dutch government’s intervention.”
Air Liquide announced the successful start-up of the world’s first industrial-scale ammonia cracking pilot unit with a 30 tons per day ammonia to hydrogen conversion capacity at the Port of Antwerp-Bruges, Belgium. This groundbreaking innovation demonstrates a key missing technology brick to a viable pathway for converting ammonia into hydrogen, and unlocks challenges of transportation of hydrogen. This technology proven at the industrial scale for the development of world scale ammonia cracking plants enables access to low-carbon and renewable hydrogen for the decarbonization of industry and mobility.
The ability to efficiently transport hydrogen over long distances is a persistent challenge in developing a robust global hydrogen economy. Ammonia (NH3), formed by hydrogen and nitrogen molecules, emerges as a valuable hydrogen carrier. It can be cost-effectively produced in regions rich in renewable energy sources, such as solar, hydro, and wind or other low-carbon power. A well-established global infrastructure already exists for the large-scale production, transportation, and utilization of ammonia. This allows for the export of ammonia from energy-abundant regions to end-users worldwide, where it can then be “cracked” back into hydrogen, providing a crucial component for decarbonizing industry and mobility.
This new, proprietary ammonia cracking technologyexpands Air Liquide’s portfolio for low-carbon and renewable hydrogen production. As part of the successful development of this unit, key proprietary innovations were developed across critical areas including process safety, material testing, advanced catalysis for ammonia cracking, ammonia combustion, and efficient molecule separation. The project’s success showcases Air Liquide’s ability toscale up technologies from laboratory research to industrial applications and develop first-of-their-kind solutions for its clients.
Armelle Levieux, member of Air Liquide’s Executive Committee, notably supervising Innovation and Technology activities as well as Hydrogen Energy activities, stated:
“The commissioning of our ammonia cracking pilot unit in Antwerp is a key milestone. This is a world’s first which paves the way for new low-carbon hydrogen supply chains. By proving the viability of industrial-scale ammonia cracking, Air Liquide demonstrates its capacity to innovate and provide concrete solutions for its customers, and contributing to the Energy Transition. I am immensely proud of the work and commitment of all our teams who made this achievement possible.”
This industrial scale pilot plant has been supported by the Flemish Government through VLAIO (Flemish Agency for Innovation and Entrepreneurship).
World first: Air Liquide’s innovative technology converts Ammonia into Hydrogen at industrial scale, paving the way for new low-carbon supply chains
MANILA, Philippines — Asian shares traded mixed on Thursday after U.S. stocks drifted near their records.
U.S. futures edged higher, while oil prices declined.
Japan’s Nikkei 225 rose 0.2% to 51,139.48 as investors took heart as the U.S. government shutdown finally ended.
President Donald Trump signed a government funding bill Wednesday night, ending a record 43-day shutdown that caused financial stress for federal workers who went without paychecks, stranded scores of travelers at airports and generated long lines at some food banks.
“The shutdown had blocked not just spending, but also delayed a raft of federal economic data,” Stephen Innes of SPI Asset Management said in a commentary, adding that “for markets, the only line that matters is simple: the lights are coming back on.”
Hong Kong’s Hang Seng index fell 0.6% to 26,766.71, while the Shanghai Composite index edged up 0.4% to 4,016.24 as mainland stocks climbed ahead of updates on lending in China.
Australia’s S&P ASX 200 fell 1% to 8,715.00, falling for a third straight session as hopes for near-term interest rate cuts were quashed by strong jobs data that showed unemployment falling to 4.3% in October from 4.5% in September.
South Korea’s Kospi fluctuated between gains and losses, edging 0.1% higher to 4,154.03.
Taiwan’s Taiex index shed earlier gains, dropping 0.1%, while India’s BSE Sensex shed 0.2%.
On Wednesday, the S&P 500 added 0.1% to 6,850.92, near its all-time high set a couple weeks ago. The Dow Jones Industrial Average jumped 0.7% to set a record for the second straight day, closing at 48,254.82. The Nasdaq composite slipped 0.3% to 23,406.46.
Advanced Micro Devices led the market, gaining 9% after its CEO, Lisa Su, said the chip company expects better than 35% of annual compounded revenue growth over the next three to five years. She credited “accelerating AI momentum.”
Stocks benefiting from the artificial-intelligence frenzy have been shaky recently, as investors question whether how much more they can add to already spectacular gains.
They are one of the top reasons the U.S. market has hit records despite a slowing job market and high inflation. Their prices have shot so high, though, that critics say they’re reminiscent of the 2000 dot-com bubble, which ultimately burst and dragged the S&P 500 down by nearly half.
Nvidia came into the day with a 4.6% drop for the month so far, for example, after its stock price more than doubled in four of the last five years. The biggest player in AI chips swung between gains and losses throughout Wednesday. Palantir Technologies, another AI darling, fell 3.6% for one of the day’s larger losses in the S&P 500.
Similar questions about priciness are dogging the of the U.S. market, though not as pointedly as for Big Tech and AI superstars.
In other dealings early Thursday, U.S. benchmark crude oil fell 6 cents to $58.43 per barrel. Brent crude, the international standard, shed 3 cents to $62.68 per barrel.
The U.S. dollar rose to 154.83 Japanese yen from 154.70 yen. The euro slipped to $1.1589 from $1.1594.
___
AP Business Writers Stan Choe and Matt Ott contributed.
In Civil Aerospace, demand remains strong with significant large engine orders including those from IndiGo, Malaysia Airlines, and Avolon so far in the second half of the year. We are also seeing growing demand for the Trent XWB-97 powered Airbus A350F, notably from customers in Greater China and the Asia Pacific region including Air China Cargo and Korean Air. Large engine flying hours for the 10 months to 31 October 2025 grew by 8% year on year to 109% of 2019 levels. Our strong operational delivery was recognised by Airbus with a supplier award in the ‘Ramp up and Operational Excellence’ category, the first time that an engine maker has received this award. Our time on wing initiatives are also progressing to plan. The upgraded Trent 1000 HPT blade, which was certified in June and more than doubles time on wing for this engine, is now being fitted to both new and existing engines in the MRO network. Maturity testing has been completed on the next phase of durability improvements for the Trent 1000 and Trent 7000. These improvements remain on track to be certified by the end of 2025 and will increase time on wing of these engines by a further 30%. In business aviation, the first Pearl 700 powered Gulfstream G800 was delivered in August, with the engine operating seamlessly in service.
In Defence, demand for our products and services remains robust. In September, the Global Combat Air Programme (GCAP) consortium announced an expansion of the partnership to accelerate the development of power and propulsion systems. In addition, as part of the GCAP programme, we successfully tested a combustor developed with enhanced additive layer manufacturing techniques that will result in an improved design and higher performance. In October, the Republic of Türkiye and the UK signed an agreement to export 20 Eurofighter Typhoon aircraft to Türkiye, with an option for more in the future, which will be powered by our EJ200 engines. Rolls-Royce’s contribution to Project Pele, the US Government’s transportable microreactor project, is progressing to plan. Project Pele is part of our growing collaboration in the US on nuclear energy, where defence could be one of the first applications of advanced microreactors. In July, the sale of the naval propulsors business to Fairbanks Morse Defense completed, as noted at our Half Year results.
In Power Systems, continued strong order intake and revenue growth was led by power generation, driven by data centres, and governmental. The development and testing of our next generation engine is continuing to progress well, with multiple engines tested in parallel in the period. This engine will enter service in 2028 and primarily targets the data centre backup power generation market, offering higher power density, lower emissions, and improved fuel consumption compared to its peers. In October, we launched a new fast-start gas generator product that will be available to customers from 2026. This engine will offer prime power for data centre customers who are awaiting grid connection and can later be switched to backup power generation once the data centre is connected to the grid. In marine, we successfully tested the first 100% methanol high-speed marine engine in the period, a major milestone for our CO2 neutral propulsion system.
In August, Rolls-Royce SMR advanced to the final stage of the Swedish competition to select a nuclear technology partner, with Vattenfall moving ahead with small nuclear options only. In the UK, where Rolls-Royce SMR was selected in June as the preferred technology provider by Great British Energy-Nuclear (GBE-N), commercial terms remain on track to be finalised later this year. Rolls-Royce SMR also entered the US regulatory process, a critical step to paving the way for additional jobs and investment potential in the US.
We remain committed to driving efficiency and simplification across Rolls-Royce. As part of our Group Business Services (GBS) strategy, we opened a global capability and innovation centre in Bengaluru, India, that will support key global corporate functions across the Group.
We are continuing to strengthen our balance sheet, enabled by a growing cash delivery. Our efforts have been recognised by the credit rating agencies, who all hold us at investment grade, with an upgrade to BBB+ by S&P Global in August. As planned, we repaid a $1bn bond that matured in October.
We are making good progress with our £1bn share buyback, having completed £0.9bn at the end of October.
Our 2025 Full Year results will be announced on 26 February 2026.
On track to achieve 2026 Group targets one year early
Announcing raised ambitions with new three-year Group targets
Announcing upgraded cost synergies and quantifying capital synergies from Direct Line acquisition
New Group targets
Operating EPS
IFRS Return on Equity
Cash remittances
11%
>20%
>£7bn
2025-2028 CAGR
by 2028
2026-2028 cumulative
Direct Line synergies
Cost synergies
Capital synergies
£225m
>£0.5bn
run-rate savings achieved in 2028
delivery around end of 2026
Amanda Blanc, Group Chief Executive Officer, said:
“Over the last five years we have transformed Aviva, delivering again and again for our customers and shareholders. We continue to make excellent progress and now expect to achieve our financial targets in 2025, one year early. Crucially, we have achieved this significant milestone thanks to the consistently strong performance of Aviva, before any impacts of the Direct Line acquisition are included.
“The integration of Direct Line is well underway and we are increasingly confident of reaping the full benefits of this acquisition, contributing materially to Aviva’s future growth and shareholder returns. We now expect to achieve £225 million in cost synergies, nearly twice our original estimate; unlock at least £500 million of capital synergies, and we expect to resume share buybacks next year, at a higher level in response to the increased share count.
“Our third quarter numbers show that once again we are growing profitably right across the group. In general insurance, premiums are up 12% to £10 billion, and in Wealth, we secured net flows of £8.3 billion, and now have £224 billion of assets. We are accelerating our growth in capital-light areas, in line with our strategy, and now expect our business to be over 75% capital-light by the end of 2028. This is good news for shareholders, as we deliver stronger growth and better returns, using less capital.
“The outlook for Aviva has never been better. The advantages of our diversified business, 25 million strong customer base, and majority capital-light earnings, mean we expect to deliver more and more for our shareholders and customers. And so today we are also setting new financial targets, raising our ambitions yet again, and reflecting the strength of our confidence in the continuing growth potential of Aviva.”
On track to achieve 2026 Group targets one year early
Expecting to deliver £2bn operating profit and £1.8bn SII Operating Own Funds Generation targets one year early, driven by exceptional performance across the Group and before any Direct Line contribution. We expect full year 2025 Group operating profit to be ~£2.2bn, including ~£0.15bn from Direct Line.
Existing >£5.8bn cumulative cash remittances three-year target (2024-26) comfortably on track, with £3.0bn delivered within the first 18 months since setting the target.
Upgrading cost synergies and quantifying capital synergies from Direct Line acquisition
Direct Line’s £100m original cost reduction programme completed, three months ahead of plan.
Raising cost synergy ambition to £225m, incremental to the completed Direct Line £100m cost programme. We anticipate total costs to achieve of ~£350m.
Cost synergies run-rate savings expected to be fully achieved in 20281 with ~£40m expected to be achieved by year end 2025.
Announcing >£0.5bn of capital synergies which would improve the current solvency ratio position by >10pp, upon regulatory approval expected around the end of 2026, with implementation costs of ~£50m.
Expect to deliver >£50m run-rate reduction in cost of claims with investment cost of ~£50m.
Raising ambitions with new three-year Group targets, reflecting Aviva now and going forward
Operating earnings per share (EPS): 11% 2025-2028 CAGR.
IFRS Return on Equity (RoE): expecting to deliver ~17% in 2025 and targeting >20% by 2028.
Cash remittances: >£7bn cumulative between 2026 and 2028.
Another quarter of delivery
General Insurance premiums2 up 12%3 to £10.0bn (9M24: £9.1bn).
UK&I GI premiums up 17% to £6.7bn (9M24: £5.7bn) with 24% growth in Personal Lines, reflecting the acquisition of Direct Line as well as growth in partnerships, and 10% growth in Commercial Lines driven by Probitas and new business growth.
Canada GI premiums up 3% in constant currency to £3.3bn (9M24: £3.4bn) with Personal Lines up 7% supported by favourable pricing increases, and Commercial Lines 4% lower following the exit of some unprofitable accounts in H1.
Group undiscounted combined operating ratio (COR) of 94.4% (9M24: 96.8%), benefitting from strong price adequacy and improved weather-related losses, reflecting the severe weather in Q324 in Canada. Discounted COR of 90.4% (9M24: 92.8%).
Wealth net flows of £8.3bn (9M24: £7.7bn) represented 6% of opening Assets Under Management (‘AUM’)4 with strong growth in Platform and Workplace net flows.
Protection and Health sales2 of £384m were 5% lower (9M24: £403m) due to the consolidation of propositions following acquisition from AIG, while margins continue to improve. Health in-force premiums were up 14% driven by new business growth and pricing actions.
Retirement sales of £5.3bn (9M24: £7.3bn) were strong despite being lower than a particularly elevated prior year, with 9M25 BPA volumes of £3.9bn (9M24: £6.1bn). Individual Annuity and Equity Release sales were up 24% and 39% respectively.
Aviva Investors external net flows of £0.7bn were 18% higher than the prior year driven by strong net inflows into multi-asset funds and strong inflows on one large account. Total net flows improved materially to £(19)m (Q324: £(1,716)m).
Strong solvency and liquidity positions
Estimated Solvency II shareholder cover ratio of 177% (HY25: 206%), in-line with our previous guidance, following the completion of the Direct Line acquisition, and excludes >£0.5bn of capital synergies expected around the end of 2026.
We expect the FY25 Solvency II shareholder cover ratio to be broadly consistent with Q325, subject to market movements.
Solvency II debt leverage ratio of 31.4%, pro forma for the announced call of the €900m Tier 2 instrument in December 2025 (HY25 Solvency II debt leverage ratio of 32.3%).
Centre liquidity as at the end of October 2025 of £2.2bn (July 2025: £2.1bn).
Confident outlook
We expect full year 2025 Group operating profit to be ~£2.2bn, which includes six months of Direct Line operating profit of ~£0.15bn.
In General Insurance, we have observed areas of rate softening in the first nine months but remain focused on pricing appropriately to maintain strong pricing adequacy across the portfolio. We continue to monitor the market conditions and flex our trading approach to maintain profitability.
In Wealth, we expect strong growth momentum underpinned by our Workplace business which continues to see £1bn of inflows from regular member contributions each month. We remain on track to meet our ambition for £280m operating profit by 2027.
In our Health business, we anticipate further growth towards our 2026 ambition of £100m operating profit. In Protection we expect the sales decline observed in the first nine months to further moderate as the consolidation of propositions occurred in August 2024.
In BPA, we will continue to remain active but disciplined, and have written volumes of ~£4.5bn including preferred provider as of today, but do not expect this to increase materially before the end of the year. The pipeline remains robust into 2026.
Our guidance for shareholder distributions5 remains unchanged. We increased the 2025 interim dividend by 10% representing both our usual mid-single digit dividend increase as well as a further mid-single digit uplift following the completion of the Direct Line transaction. We expect the approach to the 2025 final dividend to be consistent with this.
From 2026 onwards, our guidance for mid-single digit growth in the cash cost of the dividend remains. We expect to reintroduce regular and sustainable returns of capital alongside our full year 2025 results in March 2026, increased to reflect the 14% higher share count following completion of the Direct Line acquisition.
Download our announcement – November 2025 PDF (139 KB)
Join our In focus event for analysts and investors
Watch our video with Group CEO, Amanda Blanc DBE, about Aviva’s growth, our new group financial targets and the Direct Line integration
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Transcript for video Watch our video with Group CEO, Amanda Blanc DBE, about Aviva’s growth, our new group financial targets and the Direct Line integration
Today we’re announcing three key things.
First, that we have delivered another strong set of results in Q3, growing across the group. From General Insurance in the UK, Canada and Ireland…right through to our leading Wealth business.
This means we’re on track to meet our current 2026 Group financial targets at the end of 2025, a full year ahead of schedule.
We are set to exceed £2bn of operating profit and £1.8bn of own funds generation this year.
And, to be clear, these targets will be achieved before any contribution from Direct Line – a huge testament to the strength of the underlying Aviva business. I am incredibly proud of the team for such a fantastic achievement.
Second, the integration of Direct Line is already well underway, reinforcing our belief in the full potential of this deal.
So, we’re raising our expectations on the benefits that we will realise, increasing cost synergies to £225m – and confirming significant capital benefits of at least £500m.
The acquisition also accelerates our capital-light earnings strategy and we’re set to surpass 75% by the end of 2028. This is highly attractive for our shareholders – because it means that we are delivering stronger growth and better returns, using less capital.
And finally, but perhaps most importantly, we are raising our ambitions yet again with new three-year targets:
• We have a new operating EPS target of 11% through 2028.
• We are aiming to deliver a return on equity of greater than 20% by 2028.
• And we’re refreshing cash remittances, now with bigger ambitions of over £7bn.
So, to sum up:
Over the past five years, we have transformed Aviva and we are in a stronger position than ever today.
We are the UK’s leading diversified insurer, delivering a clear strategy and consistently strong performance for our customers and shareholders.
We’ve achieved a huge amount but as we enter this new chapter, we know there’s still much more to come from Aviva.
Footnotes
1 Cost synergies to be fully embedded in 2029.
2 Sales for Insurance (Protection and Health) refers to Annual Premium Equivalent (APE). Sales for Retirement (Annuities and Equity Release) refers to Present Value of New Business Premiums (PVNBP). Premiums for General insurance refer to gross written premiums (GWP). The first instance of each reference has been footnoted. However, this footnote applies to all such references in this announcement. PVNBP, APE and GWP are Alternative Performance Measures (APMs) and further information can be found in the ‘Other information’ section of the Aviva plc Half Year Report 2025.
3 All GWP movements are quoted in constant currency unless otherwise stated.
4 All net flows as a percentage of opening assets under management are annualised.
5 The Board has not approved or made any decision to pay any dividend or initiate any buybacks in respect of any future period.
Enquiries
Investor contacts:
Greg Neilson +44(0) 7800 694 564
Joel von Sternberg +44(0) 7384 231 238
Michael O’Hara +44(0) 7387 234 388
Media contacts:
Andrew Reid +44 (0)7800 694 276
Sarah Swailes +44 (0)7800 694 859
Timings
Analyst conference call: 0900 hrs GMT
Notes to editors
Figures have been translated at average exchange rates applying for the year, with the exception of the capital position which is translated at the closing rates on 30 September 2025. The average rates employed in this announcement are 1 euro = £0.85 (9M24: 1 euro = £0.85) and CAD$1 = £0.54 (9M24: CAD$1 = £0.58). Where percentage movements are quoted on a constant currency basis, this is calculated by applying current year to date average exchange rates to prior year.
Percentage changes in this announcement have been provided in sterling terms unless stated otherwise. Percentages, including currency movements, are calculated on unrounded numbers so minor rounding differences may exist.
Throughout this Trading Update we use a range of financial metrics to measure our performance and financial strength. These metrics include Alternative Performance Measures (APMs), which are non-GAAP measures that are not bound by the requirements of IFRS and Solvency II. A complete list and further guidance in respect of the APMs used by the Group can be found in the ‘Other information’ section of the Half Year Report 2025.
We are the UK’s leading diversified insurer and we operate in the UK, Ireland and Canada. We also have international investments in India and China.
We help our 25.2 million customers make the most out of life, plan for the future, and have the confidence that if things go wrong we’ll be there to put it right.
We have been taking care of people for more than 325 years, in line with our purpose of being ‘with you today, for a better tomorrow’. In 2024, we paid £29.3 billion in claims and benefits to our customers.
In 2021, we announced our ambition to become Net Zero by 2040, the first major insurance company in the world to do so. While we are working towards our sustainability ambitions, we recognise that while we have control over Aviva’s operations and influence on our supply chain, when it comes to decarbonising the economy in which we operate and invest, Aviva is one part of a far larger global system. Nevertheless, we remain focused on the task and are committed to playing our part in the collective effort to enable the global transition. The scope of our Climate ambitions and the risks and opportunities associated with our Climate strategy are set out in our Transition Plan published in February 2025: www.aviva.com/sustainability/taking-climate-action. Find out more about our sustainability ambition and action at www.aviva.com/sustainability.
Aviva is a Living Wage, Living Pension and Living Hours employer and provides market-leading benefits for our people, including flexible working, paid carers leave and equal parental leave. Find out more at www.aviva.com/about-us/our-people
As at 30 June 2025, total Group assets under management at Aviva Group were £419 billion and our estimated Solvency II shareholder capital surplus as at 30 September 2025 was £7.0 billion. Our shares are listed on the London Stock Exchange and we are a member of the FTSE 100 index.
For more details on what we do, our business and how we help our customers, visit www.aviva.com/about-us
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The UK economy expanded by 0.1% in the quarter from July to September, despite a hit to manufacturing in the final month from a crippling cyber-attack on Jaguar Land Rover.
The latest official figures, issued as Rachel Reeves prepares for a crunch budget on 26 November, show GDP fell by 0.1% in September as car production was dragged down to a 73-year low by the fallout from the hack.
Markets had forecast a 0.2% expansion in the third quarter – down from 0.3% in the previous three months – and flatlining growth in September.
The Office for National Statistics data follows news that unemployment has risen to 5%, the highest rate for four years.
The chancellor is widely expected to raise taxes in her second budget later this month, to offset a forecast downgrade from the independent Office for Budget Responsibility.
Reeves said in a recent speech: “Each of us must do our bit for the security of our country and the brightness of its future.”
