Aviva has reported a modest 6% increase in operating profit in 2019 from just over £3bn to £3.18bn.

The company is currently going through a major restructuring and cost cutting exercise which saw staff numbers reduced by 4% during the year.

The new UK Life and Investment, Savings and Retirement division appears to be showing positive signs, with net inflows of £7.5bn in 2019 compared to £6.8bn in 2018. However it suffered a drop in funds generated from £1.66bn to £1.31bn.

Aviva blamed a variety of factors for the drop in profits at its new UK Life and Investment, Savings and Retirement division including challenges in the protection market and a drop in profits at Aviva Investors.

At Aviva Investors operating profit fell from £147m to £96m although AUM grew from £331bn to £346bn.

The number of customers served by Aviva grew by 2% to 33.4m.

Maurice Tulloch, the new Aviva chief executive, said: "In 2019, we set out our priorities and financial targets, strengthened our leadership team and remained focused on helping our customers prepare for a better future.

"We’ve made good progress, but there is much more to do.”