LONDON, March 11 (Reuters) - Britain's banking stability watchdog fined U K Insurance Ltd, now part of Aviva, 10.6 million pounds ($14.21 million) over a miscalculation in its Solvency II balance
UK watchdog fines Aviva unit $14 million over solvency miscalculation
Details of the Aviva Unit Fine
Background of the Fine
LONDON, March 11 (Reuters) - 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.
Role of the Prudential Regulation Authority
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's Response and Actions
Statement from 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.
Exchange Rate Information
($1 = 0.7459 pounds)
Reporting Credits
(Reporting by Sarah Young and Iain Withers. Writing by Catarina Demony. Editing by Mark Potter)
