Net flows for Aviva’s wealth division rose 16% year-on-year to £5.8bn for the first half of the year, despite a dip in flows during the first quarter.

The net flows represented 6% of opening assets under management.

Net flows for the division dropped 15% in the first quarter to £2.3bn due to the outflow of assets of a large workplace scheme which had switched to another provider.

Aviva attributed the turnaround in net flows to increase regular contributions to its workplace propositions and continued growth in its platform business.

Assets under management for the wealth division grew by 6% over the half to £209bn at the end of June (December 2024: £198bn).

In a quarterly trading update shared today, the provider said its wealth division continued to see strong growth towards its ambition for £280m of operating profit by 2027.

Amanda Blanc, group CEO of Aviva, said: “We are very well positioned to accelerate growth in the capital-light areas of wealth, health and general insurance, and deliver more and more for our shareholders.”

The results for the provider’s protection and retirement divisions were more muted.

Protection sales fell by 16% over the half, which Aviva attributed to the consolidation of propositions in the second half of 2024 following its acquisition from AIG.

Retirement sales fell 3% to £2.94bn which the provider said reflected “subdued market activity” in bulk purchase annuity schemes. However, individual annuity sales rose 29%. Around £1.3bn of assets from its annuities business and around 65% of workplace net flows went into Aviva Investors funds.

For the overall business group operating profit rose 22% to 1.07bn.