Aviva’s platform business was said to have maintained “healthy net fund flows” in a challenging climate.

The firm’s 2019 interim results said of its platform arm: “Despite subdued sentiment weighing on investor activity levels, Aviva’s modern savings businesses continued to generate healthy net fund flows2.

“Together with higher equity and bond market values, this contributed to increases in assets under management and administration2 during HY19.

“In UK long-term savings, we have maintained attractive net flows2 into workplace savings and advisor platform as a result of a solid pipeline of corporate pension scheme wins.

“The £2.4 bn of net flows in HY19 is consistent with the prior period and equated to 4% of opening managed assets on an annualised basis.

“In Europe, we achieved net flows of £2.4bn, also an annualised rate of 4% of opening managed assets.”

Overall operating profits rose 1% from 1.438bn in HY18 to 1.448bn.

Elsewhere profits fell in life insurance and asset management.

Maurice Tulloch, chief executive, said: “Aviva has strong foundations to build upon but there is much to do to improve our performance.

“Our performance is mixed, with operating earnings per share up 2%.

“We have delivered strong general insurance results with a combined ratio of 95.9%.

“In life insurance and asset management, operating profits declined due to challenging market conditions and the absence of a longevity reserve release.

“In June we announced a plan to improve Aviva’s performance and deliver an excellent experience for our customers.

“We have made a quick start; separating management of our life and general insurance businesses in the UK and bringing together UK Digital and
UK General Insurance.

“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.

“In line with our progressive dividend policy, the board of directors has increased the interim dividend by 3% to 9.50 pence per share.”

He added: “I am confident that our combination of excellent insurance skills, a strong balance sheet and world class distribution and partners provide a strong foundation for Aviva’s future success.”