Aviva (LSE:AV.), via an investor and analyst briefing on Friday, is setting out ambitions for its Wealth division, confirming it remains on track for £280m of Wealth operating profit by 2027 and now targets more than £500m by 2032.
The London-listed insurer calls itself the UK's largest wealth manager by assets, with £261bn under management and close to six million Wealth customers drawn from a wider customer base of 21.8m.
Aviva said the briefing, its first dedicated Wealth update since 2023, is hosted by group chief executive Amanda Blanc, alongside Doug Brown, chief executive of Insurance, Wealth & Retirement, and Michele Golunska, managing director of Wealth.
Management frames the UK wealth market as a structural growth opportunity, citing expectations that the market will expand by more than 10% a year and that the asset pool will reach £7.5 trillion by 2035, generating an associated profit pool of around £10bn.
The AUM figure cited today sits above the £233bn reported for the Wealth business at Aviva's first-quarter update, when net flows rose 49% year-on-year to £3.3bn, driven by a 71% jump in workplace flows and a 24% rise in platform flows.
At its interim results in August, Aviva reported group-wide Wealth net flows of £7.6bn for the six months to 30 June, up 32% year-on-year, alongside operating profit of £1,326m for the group as a whole, up 24% on the prior year.
Aviva said Wealth operating profit has doubled since 2019, crediting the scale of its Workplace and Adviser Platform propositions, and pointed to further organic growth potential through its Direct Wealth, Advice and Targeted Support offerings.
Management attributed the opportunity partly to regulatory change, citing the Pension Schemes Act 2026 and the introduction of Targeted Support, alongside new technology including artificial intelligence, as drivers of a changing UK wealth landscape.
The company pointed to its scale, trusted brand, proprietary customer data and broad UK customer base as competitive advantages in capturing that growth.