Aviva has seen strong growth in both its workplace, retirement and health and protection business over the last quarter according to its latest trading statement.
Despite it total assets under management being 15 per cent lower, when compared to Q1 2022, it said its workplace net flows were up 25 per cent to £1.8bn.
The insurer has also seen growth in its retirement business with annuity (including equity release) sales up 17 per cent. Aviva said this was driven by strong bulk purchase annuity sales, alongside individual annuity purchases. Year to date BPA volumes now stand at £2.4bn. Aviva says it has completed some significant BPA deals to date this year, including ones for the Arcadia Group Pension Schemes and Thomas Cook.
Aviva also report 11% growth in its health and protection business. As a result of this growth Aviva confirms it is nearing is share buyback programme for investors.
Commenting on these upbeat trading results, Aviva CEO, UK & Ireland Life, Doug Brown says: “We have also seen strong growth in new business sales in workplace pensions and this momentum has continued into the second quarter. Overall wealth net flows however are lower due to subdued investment activity in our platform business.
“We have had a strong overall trading performance in our UK Life business in the first quarter, showing the benefit of the diversified nature of our business across Wealth, Retirement and Insurance. I am pleased that we continue to be resilient to the market conditions and are growing our UK Life business, and I am confident about the outlook for this year.”