Net flows at Aviva’s wealth arm climbed 23% in 2024, rising to £10.3bn from £8.3bn, as assets under management grew 17% to £198bn, from £170bn.

Retirement sales jumped by a third to £9.4bn, up from £7.1bn in 2023, the company said in its annual results published today.

Aviva said high retirement sales growth was driven by its highest year of bulk purchase annuity (BPA) sales at £7.8bn, up from £5.5bn the previous year.

Aviva said in a statement: “In BPA we expect to remain active, and we anticipate volumes to remain at similar levels to those achieved over the last three years, although given the exceptional market conditions in 2024 those volumes may not be repeated, with our primary focus remaining on margins and IRRs.”

When it comes to its wealth business, Aviva said: “In wealth we expect our strong growth momentum to continue towards our ambition for £280m operating profit by 2027.”

Group operating profit climbed a fifth, 20%, to £1.767bn from £1.467bn. Insurance, wealth and retirement sales were up 22% in the year to £43.5bn, compared to (2023’s £35.5bn.

Aviva said it now has more than 17m UK customers which it claims is more than any other UK insurer. It’s set to grow that number with the proposed acquisition of Direct Line.

Amanda Blanc, group chief executive, said: “We made clear strategic progress and delivered another set of very good numbers, with higher sales, higher operating profit and a higher dividend. Over the last four and a half years we have completely transformed Aviva, built a track record of consistently strong results, and returned £10bn to shareholders.”

She added: “The proposed acquisition of Direct Line is on track and is a clear opportunity to accelerate our capital-light growth.”

The company’s total dividend per share for the year increased 7% to 35.7p, up from 33.4p in 2023.