Aviva’s AI driven pension tracing service, Fabric saw a 50 per cent increase in transfer-in flows.
The provider also reported being the number one provider of workplace pensions recording £6.9bn of net flows boosted by gaining 477 new schemes during the year.
In its full year results for 2023, Aviva said group operating profit was up 9 per cent to £1.4bn.
It also said its platform business saw positive net flows at £2.1bn and is in a position to benefit when market conditions improve.
Aviva’s insurance, wealth and retirement arm operating value was also up 13 per cent to £1,8bn.
According to the firm there was strong demand for health insurance growing by 41 per cent while individual protection sales rose by 13 per cent as a result of ‘strong growth in IFA and direct channels’.
Aviva said it is running the business ‘more efficiently’ now and has exceeded its £750mn cost reduction target, reaching £757mn of savings by the end of 2023.
Amanda Blanc, group chief executive said: “We are building a clear track record of strong and consistent performance. In each of the last three years we have grown sales, operating profit and our dividend.
“This momentum gives us increased confidence for Aviva’s future, and so today we are announcing a new £300mn share buyback programme, upgrading our dividend guidance to mid-single digit cash cost growth, and
upgrading our group financial targets.”
alina.khan@ft.com
