Aviva’s UK adviser platform reported a 56 per cent increase in assets under management in 2017, however, that business was included in a loss-making division of the group.
Overall, the Aviva group reported operating profit of £3.1bn in 2017, which was a 2 per cent increase on the previous year.
The results statement breaks that group figure down into regions and divisions, including life, general insurance and fund management.
The statement also details operating profit for “other operations” at a global level, which it says relates to non-insurance business and includes the UK platform business.
In 2017, “other operations” globally recorded a loss of £169m which was an increase on the £94m loss in 2016.
The results statement says the loss in that division reflects “increased investment in the development of the digital business, partly offset by income relating to insurance recoveries of £32m”.
An Aviva spokeswoman says the UK portion of “other operations”, which includes the platform, recorded a loss of £26m in 2017.
In the UK long-term savings business, Aviva almost doubled net fund flows to £5.6bn, which it attributes to its workplace savings business and an increase in net flows onto the adviser platform where assets under management increased by 56 per cent to £20bn.
So far this year, the Aviva adviser platform has been beset with problems since it launched its new FNZ-powered platform on 23 January.
This launch followed five-days of downtime but since then advisers have reported a range of problems, including difficulties running quotations, accessing valuations and getting the platform to accept new applications.
Operating profit from annuities and equity release grew 11 per cent to £725m and sales of bulk purchase annuities more than tripled to £2bn.
Aviva Investors saw fund management operating profit increase by 21 per cent to £168m from £139m in 2016.
Assets under management for that business grew to £353bn (2016: £345bn) and net inflows increased to £1.6bn (2016: £1bn).