Aviva saw record-high net flows into its wealth business in 2024, which rose by 23 per cent year-on-year, its annual results report has revealed.

During the year, Aviva’s wealth net flows increased from £8.3bn in 2023 to £10.3bn.

The firm stated that the positive result was driven by strong growth in its platform business, although this was partially offset by a short-term increase in outflows for its workplace business in the lead up to the Budget.

Aviva’s wealth business had almost £200bn of assets at the end of 2024, with its adviser platform reaching £50bn of assets.

Its wealth operating profit also increased during the year, from £100m to £129m, as growing revenue in its workplace and platform businesses “more than offset” higher investment in its direct wealth proposition.

The report stated that the firm expected its wealth business to continue to grow towards its target of £280m operating profit by 2027.

Commenting on the result report, Aviva CEO of insurance, wealth & retirement, Doug Brown, said: “Our business is going from strength to strength, 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.

“We saw record net flows of £10.3bn in our wealth business, with a significant increase in platform net flows driven by record inflows. In workplace we won a further 477 new schemes, while our direct wealth business also showed strong growth.

“Overall sales grew 33 per cent to £9.4bn in our retirement business, driven by record bulk purchase annuity (BPA) volumes and strong customer demand for individual annuities in the higher interest rate environment.

“We completed 61 BPA transactions last year, with three deals over £1bn including our largest transaction to date, a £1.7 bn buy-in with the National Grid pension scheme.

“We are delivering consistent year-on-year growth, and I am confident in our ambition to be the UK’s go-to customer brand for all their insurance, wealth and retirement needs.”

---