Aviva’s year-on-year bulk annuity sales rise by 15% in H1

Aviva’s bulk purchase annuity sales increased by 15 per cent year-on-year in the first half of 2022, from £1.6bn to £1.9bn, its half-year report has revealed.

This increase, alongside improved margins, drove a 31 per cent increase in the insurer’s annuities and equity release operating profit, which rose from £265m to £346m over the same period.

Notable bulk annuity deals completed by Aviva in H1 include its double buy-in with the Northern Bank Pension Scheme for £257m, and its buy-in with the Church Workers Pension Fund for £160m.

Aviva’s report also showed that it had 150,000 new workplace pensions customers in the first half of 2022, while assets under management were 8 per cent lower at £88.5m, “reflecting impact of lower equities”.

Aviva chief executive officer, Amanda Blanc, described the first six months of 2022 as “excellent” for the firm.

“Our scale and diversification give us resilience and opportunity, enabling Aviva to withstand the challenging economic climate,” she stated.

“Trading has been encouraging across all our major businesses in insurance, wealth and retirement.

“Even so, we are very conscious of the pressures currently facing many of our customers, especially the more vulnerable.

“Delivering for our shareholders is at the core of our strategy. Our liquidity and capital position is extremely healthy and we are declaring an interim dividend of 10.3p, in line with our full year 2022 dividend guidance of c.31.0p.

“We are increasingly confident in Aviva's prospects and anticipate commencing additional returns of capital to shareholders with our 2022 full year results.”

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