Insurance giant Aviva has recorded strong growth across its businesses in the first half of the year.
The group’s wealth, retirement, protection and health, and general insurance businesses all made gains as net flows and sales surged.
The wealth arm of the business reported net flows of £2.7bn, up 15% from last year. This represents 6% of opening assets under management (AuM).
Aviva said in a trading update today (23 May) that the net flows were on the back of consistent growth in its workplace pension investments and a strong performance in adviser platform.
Aviva’s Workplace, which offers pension schemes for some of the UK’s best-known companies, accrued net flows of £2bn, up 13%.
The business also won 136 new schemes and saw strong increments from the impact of wage inflation on employee contributions.
Platform net flows were up 24% to £0.8bn (Q1 23: £0.7bn).
It also saw record quarter gross inflows on the Adviser Platform, as well as growth in Direct Wealth following the relaunch of the proposition.
Aviva said retirement sales were up 13% to £1.7bn, driven by higher BPA volumes. The group said it maintained strong volumes in individual annuities, where it has seen sustained customer demand.
However, equity release sales were lower than expected, reflecting contraction of the market.
Similar picture emerged in the protection and insurance arm of the business. Aviva said group protection sales were up 15% to £38m while individual protection sales were £37m.
It added that there is continued momentum in its health offering, with double-digit growth in in-force premiums versus the prior year.
Group chief executive Amanda Blanc said: “This is another set of excellent results, extending our track record of consistently strong trading. Our diversified business model is continuing to deliver and we are growing right across the group.
“Aviva is in great health. We are financially strong, we are trading well and our investments in new products and customer service are paying off.
“We have clear competitive advantages – in our brand, our scale and our diverse business – which are driving consistently strong performance and giving us real optimism about 2024.”
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