In its full year results published today (March 2), Aviva said its adviser platform saw assets under management increase by 25 per cent to £43.1bn.
The firm’s net flows were up from £3.4bn in 2020, and Aum was up from £34.4bn.
The FTSE100 firm said its adviser platform business was in the top two across the business.
This follows on from Aviva's half year results last August where it saw record sales for the platform with net flows growing by 49 per cent to £2.7bn.
Meanwhile, in today's update it also reported ‘record' net flows of £10bn in savings and retirement, up 17 per cent from £8.5bn in 2020.
Aviva said it was benefiting from strong inflows in both workplace and platform.
Sales also grew 33 per cent for this part of the business and Aum hit £152bn, up from £128bn last year due to a combination of strong net flows and positive market movements.
Doug Brown, chief executive officer of UK & Ireland Life at Aviva, said: “Our UK Life and Health business built up momentum throughout 2021, delivering a very strong final quarter with record savings and retirement sales and a strong performance for bulk purchase annuities.
“We have achieved net flows in excess of £10bn in savings & retirement, for the first time.
“I’m delighted to see further strong growth in our investment platforms business as we help more people save and plan for retirement. Following a record-breaking tax year end, our adviser platform business has continued to go from strength to strength.”
Overall, Aviva's UK and Ireland business saw net flows increase to £6bn, up from £5.2bn which it said was driven by the flows into savings and retirement and strong growth in group pensions and platform new business.
However, the firm said this was offset by higher outflows from its heritage arm.
Aviva reported a lower operating profit of £2,265mn, down from £3,161mn, which it said largely reflected lower operating profit from discontinued operations.
Operating profit from continuing operations was also down 10 per cent to £1,634mn.
Aviva said total outflows increased, reflecting the larger asset base and lower level of outflows seen during the initial stages of the Covid-19 pandemic.
Brown added: “New scheme wins boosted sales for our workplace pensions business, while we have grown our bulk purchase annuity business which in turn helps us to support our social purpose by investing in sustainable projects in the UK.
“It’s also very encouraging to see good growth across our equity release, individual annuity, health and individual protection portfolios as we continue to support customers across a wide range of financial needs.”
Amanda Blanc, group CEO, added: "2021 was a year of significant strategic progress, right across Aviva. We successfully completed the sale of eight non-core businesses, generating excellent value for our shareholders. Our financial position is strengthened and Aviva is now a much simpler, leaner business, focused on our core markets in the UK, Ireland and Canada.
“Today we are announcing a total capital return to shareholders of £4.75bn, including the existing £1bn share buyback, delivering on our promise to shareholders by returning more than £4bn.”
In a separate announcement, Aviva also announced it had purchased Succession Wealth for a sum of £385mn.
Blanc said: “We are confident in the future and are setting out plans for further investment to enhance our capabilities and accelerate growth, starting with the acquisition of Succession Wealth, a leading national financial advice firm, which we have announced today.
“Our people are central to our success, and it's only right that they share in the value they've helped create. So we are giving each of our 22,000 employees £1,000 in Aviva shares, to say thank you.
“Aviva has the foundations in place to deliver its promise. We've achieved a lot in the last year but we're only just getting started. There is so much more Aviva can and will deliver for our customers and our shareholders."
sonia.rach@ft.com
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