Aviva adviser platform flows down 9%

Aviva adviser platform flows down 9%

Aviva has reported a fall of 9 per cent in the net flows for its adviser platform in the first half of 2022 to £2.4bn.

In its interim results published today (Aug 10), Aviva said its assets under management fell by 8 per cent to £140bn during the first six months of the year due to “adverse market movements”.

The company's platform net flows were down from £2.7bn in the first half of 2021, and AUM was down from £152bn from the first half of 2021.

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Aviva has attributed the slow down to a combination of lower new business flows, reflecting current market volatility which  “dampened investment activity”, and a strong first half in 2021 which saw the benefit from pent up demand from savings accumulated in 2020.

Overall, the FTSE 100 company reported a 14 per cent increase in profits with £829mn for the first half of 2022, up from £725mn for the same period last year. 

The company's outlook remained confident despite the challenging market backdrop, according to chief executive Amanda Blanc.

"Sales are up, operating profit is higher, our financial position is stronger. This has been an excellent six months for Aviva.

“Delivering for our shareholders is at the core of our strategy. Our liquidity and capital position is extremely healthy and we are declaring an interim dividend of 10.3p, in line with our full year 2022 dividend guidance of c.31.0p.” she said.

Meanwhile, in today’s update the company also reported its annuities and equity release sales were up 12 per cent to £2.7bn. 

It also said its wealth division showed “resilience in challenging conditions” with net flows of £5bn overall (this was down from £5.2bn for the same period last year).

Additionally, its workplace added 150,000 new customers in the period. 

Its protection and health division saw strong performance up 5 per cent to £100mn for H1 2022 while its UK and Ireland general insurance GWP was up 5 per cent to £2.8bn. 

The company also said it expected to complete the acquisition of Succession Wealth in the second half of the year.