Strong growth in its wealth and retirement division have helped Aviva deliver profits of £1.77bn last year, a figures that was ahead of analysts’ expectations.
Publishing its full-year results this morning, Aviva said that its pre-tax profits were up 20 per cent on last year.
Within its workplace business, Aviva announced that it won 477 new schemes over the past 12 months. It has also seen sales grow by a third in its retirement business to £9.4bn, driven by record bulk purchase annuity (BPA) volumes, and increased customer demand for individual annuities as a result of the higher interest rate environment.
In total Aviva completed 61 BPA transactions, with three deals valued at over £1bn and a £1.7bn buy-in with National Grid pension scheme.
Aviva said that sales have also growth in the company’s insurance business, with protection sales up 42 per cent following the completion of the AIG Life acquisition last April. Health in-force premium showed double-digit growth and Aviva said it anticipates further growth over the coming years.
Aviva’s CEO of insurance wealth & retirement Doug Brown says: “We are delivering consistent year-on-year growth, with a fantastic set of results for 2024. We continued to grow across Insurance, Wealth and Retirement and I was delighted to see our strategy gain even more momentum over the course of the year.”
