Aviva Investors’ external net flows for the first half of the year have remained flat at £200m compared to the same period last year, which the firm says is reflective of the “tough market backdrop”.
The financial services firm’s wealth division booked net flows of £4.3bn, down from £5bn in the first half of last year.
Strong growth in its workplace offering’s net flows was offset by significantly lower flows into its platform, which halved from £2.4bn a year ago to £1.2bn.
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The company anticipates continued momentum for the division in the second half as a growing number of pension schemes look to de-risk. The workplace business will “continue to offer strong growth opportunities” while market conditions present a “near-term challenge” for its adviser platform.
Aviva Investors’ total assets under management were £37.4bn at the end of the half, down from £40.4bn a year ago. Its revenue was £167m, down from £190m in the first half of 2022.
Parent company Aviva reported robust performance, with operating profits up 8% to £715m in the first half of the year.
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Shares in Aviva reacted well to the update, rising 2.3% to 388p in morning trading on Wednesday (16 August).
Amanda Blanc, group chief executive, said: “Aviva is delivering consistently strong and profitable growth. In the first half of 2023 we grew sales, operating profit and dividends for our shareholders.”
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