Reference table · compiled from Aviva plc results announcements

The investment variance ledger

Seven half-years of the line item that splits Aviva's "operating profit" story from its IFRS profit — 2023 to date.

Every half, Aviva reports two profit figures: an adjusted operating profit (management's preferred, steadily-growing metric) and a statutory IFRS profit that swings much more. The gap between them is mostly this one line — investment variances and economic assumption changes — driven by hedging and interest-rate effects. Below is that line, period by period, with the two full-year figures split into implied halves by subtraction.

Tailwind — adds to profit Headwind — subtracts from profit
Period Basis £m Magnitude
HY23 reported (165)
H2 23 derived +487
HY24 reported (206)
H2 24 derived (460)
HY25 reported +251
H2 25 derived (368)
HY26 reported (490)
Net, HY23–HY265 of 7 halves negative (951)

Reported figures come directly from the stated half-year or full-year announcement. Derived figures are the second half implied by subtracting the reported first half from the reported full year, so they inherit any rounding in the source figures.

Sources: Aviva plc Half Year Results Announcement 2026 (14 Aug 2026); Half Year Report 2024; Results Announcement 2024; Results Announcement 2023.