Net flows rose 49% to £3.3bn (Q125: £2.3bn) for Aviva’s wealth business in the first quarter of the year, representing 6% of opening assets.
Platform and workplace net flows were particularly strong, with workplace pensions net flows increase 71%. The direct wealth business and adviser platform also saw a strong tax-year end, according to a trading update from the provider.
The provider said it continues to expect strong growth for its wealth business, which is on track to meet its ambition for £280m operating profit by 2027.
In other lines of business, Aviva saw a 2% drop in protection sales to £88m (Q125: £89m), with growth in group protection offerings offset by lower individual protection sales.
Retirement sales also fell to £1.1bn (Q125: £1.8bn), despite individual annuities sales rising 10% and equity release sales rising by 8%.
Aviva Investors saw a return to positive flows, with net flows of £0.1bn (Q1254: £(0.9)bn) for the quarter. Internal net flows remained steady at £1.1bn, with £1.5bn of wealth net inflows offset by lower annuity new business.
Amanda Blanc, CEO of Aviva, said: “We have made an excellent start to 2026. Our continued strong trading performance, high quality balance sheet, and diverse set of leading businesses, gives us confidence that we are well placed to meet our group targets, and deliver even more for our customers and shareholders this year.”
During the first quarter, the Prudential Regulation Authority (PRA) imposed a fine of £10,625,000 on Aviva-owned UK Insurance Limited due to its miscalculation of the firm's Solvency II balance sheet during 2023 and 2023.
The miscalculation resulted in UK Insurance overstating its solvency to the PRA and to the market.
The is the first time the Early Account Scheme has been used for the PRA.
UK Insurance is a subsidiary, and principal underwriter of Direct Line Group. Direct Line is now part of Aviva following its acquisition last year. The events all pre-date Aviva’s acquisition.