Aviva has reported that wealth net flows rose to £7.7bn in the third quarter of the year as demand for its adviser platform grows.
Platform net flows were up 76% to £3.1bn, reflecting strong growth in its financial adviser platform business, including Succession Wealth and Direct Wealth.
Aviva said in a trading update today (14 November) that it has achieved another quarter of “strong delivery and profitable growth” across all areas the business.
Protection sales increased by 44% following the completion of the AIG UK protection acquisition in April. The group’s general insurance premiums also rose by 15% to £9.1bn.
Retirement sales are up 67% to £6.1bn, driven by higher demand in the bulk purchase annuity market.
Amanda Blanc, group chief executive, said: “Quarter after quarter, we are delivering consistently superior results and growing Aviva, particularly in the capital-light businesses. General insurance premiums are up 15%, and wealth net flows of £7.7bn are 21% higher, reflecting continued growth in workplace pensions and strong demand from our financial adviser platform business.
“Aviva’s large and growing customer base is a major advantage, contributing to our excellent performance. Over the last four years we have increased customer numbers by 1.2m to 19.6m. We now have five million UK customers with more than one policy and, as the UK’s leading diversified insurer, the potential to grow this further is huge.
“Aviva is financially strong, trading well each quarter, and has significant opportunities for further growth. We are confident about the outlook for the rest of 2024 and beyond, growing the dividend and achieving the Group’s financial targets.”
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