Insurance Giant Fined £10.6m for Balance Sheet Errors Before Takeover

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

Bosses at the insurance firm notified the Prudential Regulation Authority about the mistakes

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

The Prudential Regulation Authority said the firm’s main underwriter, UK Insurance Limited, miscalculated its balance sheet during 2023 and 2024. 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 L…

£10.6m fine for Direct Line underwriter has ‘no impact’ on Aviva integration, firm says

A £10.6m fine imposed on U K Insurance, the subsidiary and principal underwriter of Direct Line, is a “historical issue” and will not impact the insurer’s integration with Aviva. The post £10.6m fine for Direct Line underwriter has ‘no impact’ on Aviva integration, firm says appeared first on Mortgage Solutions.