Pensions and life insurance provider Aviva says its long term savings businesses have performed solidly in the first half of 2019 despite an uncertain market.
The first half year results published today report the group has maintained attractive net flows into workplace savings and adviser platform due to a solid pipeline of corporate pension scheme wins.
The results say the £2.4bn of net flows in the half of 2019 is consistent with the prior period last year and equated to 4 per cent of opening managed assets on an annualised basis.
Broken down pensions accounted for £800m while the platform business saw £1.6bn of inflows with platform assets under administration currently at £26.3bn.
Overall UK long-term savings managed assets increased to £129.2bn during the first half of 2019 from £115.7bn for the same period in 2018.
Aviva’s operating profit rose 1 per cent to £1,448m in the first half of 2019 compared to £1,438m in the first half of 2018.
These results come in the context of changes at the group such as separating management of the life and general insurance businesses in the UK.
It is also targeting a £300m per annum reduction in operating expenses by 2022 that will involve cutting hundreds of jobs.
Aviva’s chief executive Maurice Tulloch says: “Our financial position remains strong with a capital surplus of £11.8bn and £2.3bn of cash at group. Maintaining such a healthy capital surplus is important as we continue to reduce our debt levels and safely navigate uncertain market conditions. Aviva is ready and resilient.”