Assets on Aviva's platform grew in the first six months of 2018 despite the IT problems caused by replatforming.
According to Aviva's interim report, the adviser platform saw positive net fund flows of £2.2bn and increased funds under management, despite the major IT migration project carried out earlier this year.
The platform was unavailable for six days after it moved to tech company FNZ, and there were issues with the new client reporting function and technical issues which affected payments for people in drawdown, while advisers reported they were not getting their payments through the platform.
But inflows were down by £800m as platform assets reached £22.7bn.
At the end of the first half of 2018, assets under management in the provider’s long-term savings business were up 11 per cent to £121bn.
The results also revealed Aviva had seen operating profits from its long-term savings business jump 19 per cent to £106m at the end of June.
The increased profits came from higher assets under management and continued stability in net profit margin from the in-force business.
Net fund inflows increased to £2.5bn from £2.1bn due to the growth in workplace pensions.
Aviva’s operating profit from annuities and equity release rose 4 per cent in the first six months to £322m.
The provider’s new business volumes in this segment increased 83 per cent to £2.6bn, due to a five-fold increase in bulk purchase annuities sales.
But Aviva said this was not fully reflected in operating profit, with the new business contribution steady at £108m.
In life protection, the competitive environment and claims trends was "challenging" in the first half of 2018, the provider said, with operating profit falling 19 per cent to £108m.
Aviva said it had maintained a disciplined approach to underwriting, as it sought to improve operating profit margins for new and existing business.
"This caused a contraction in volumes from individual protection that was only partially offset by higher volumes in group protection," it added.
Overall, Aviva’s operating profit declined 2 per cent to £1.4bn, due to weak results in Canadian motor insurance, adverse weather and business divestments.
The provider expected these factors to abate or reverse in the second half, and was confident of meeting its ambition of greater than 5 per cent growth in operating earnings per share, which increased 4 per cent to 26.8 pence.
Mark Wilson, Aviva’s chief executive, said: "During these choppy market conditions, it is reassuring that Aviva’s results are consistent, dependable and growing.
"Aviva remains financially strong with a capital surplus of £11bn. In the first half of 2018, we started a £600m share buy-back and paid off €500m (£444m) of expensive debt.
"We remain on track to achieve our financial targets."
maria.espadinha@ft.com
