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Aviva’s wealth division has reported a 9% drop in internet flows (year-on-year) for the primary three quarters of the yr.
The division’s internet flows of £6.4bn represented 6% of opening belongings underneath administration.
Aviva attributed the drop in flows to the influence of “difficult market volatility” on its platform enterprise.
Safety and well being gross sales rose 23% to £330m with sturdy development in particular person safety and better company new enterprise.
Retirement enterprise gross sales rose 2% to £4.4bn as a consequence of increased annuity volumes.
Amanda Blanc, group CEO, stated: “Aviva has delivered 9 months of sturdy development. We’ve clear buying and selling momentum, pushed by our uniquely diversified enterprise, in addition to our main positions in rising markets.
“We’ve continued to broaden our capital-light companies, which now make up over half of our portfolio. We see vital alternatives to generate additional increased return, capital-light development sooner or later as we prioritise these segments.
“Basic Insurance coverage premiums grew 13%, reflecting the power of our operations within the UK, Canada, and Eire, throughout each industrial and private traces. Our office pensions enterprise continues to shine, with flows up 26% on the again of over 350 new company prospects, and better auto enrolment contributions as a consequence of wage inflation. Well being gross sales are additionally buoyant, up 56%.”
Aviva stated its steerage forecast for 5-7% development in working revenue over the yr remained unchanged.
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