Aviva (AV) Investor update summary

Strategic opportunity and position

• UK wealth assets of £2.7tn in 2025 are forecast to reach £7.5tn by 2035, with a projected profit pool of ~£10bn.

• Wealth AUM was £261bn at H1 2026; nearly £30bn of organic flows were generated over three years, and the business ranked number one in UK Wealth by assets.

• A 21.8m UK customer base, £1.6tn of customer investible assets and a trusted brand support the growth platform.

• MyAviva provides a single customer view; more than 85% of Wealth customers have access, and 10m customers are reachable through marketing permissions and terms of business.

Growth and profitability

• Wealth operating profit has doubled since 2019; targets are £280m by 2027 and more than £500m by 2032, led by Workplace and Adviser Platform.

• Workplace profit grew at a 22% CAGR from 2022–25; Adviser Platform profit grew at a 28% CAGR over the same period.

• Profit margin has risen nearly 2 bps since 2023; the target is 9–10 bps by end-2027, with efficiency and scale offsetting 1–2 bps of annual revenue-margin pressure.

• Further organic growth is targeted through Direct Wealth, LLM distribution, Targeted Support, low-cost advice and regulatory developments.

Workplace

• Workplace had 5.1m customers at H1 2026; 2025 AUM was £153bn, net flows £7.1bn and operating profit £128m.

• Workplace adds ~200,000 net new customers annually, with a 70% new-business win rate and 99% asset retention.

• Contract business holds 26% market share; Master Trust AUM grew at a 30% CAGR from 2022–25, with £8bn of Mercer Master Trust AUM transferring in 2026–27.

• Workplace assets are 30% above the nearest competitor; the market is expected to reach ~£2tn by 2035 and £4tn in the following decade.

• Growth priorities include Master Trust partnerships, directing customers to Direct Wealth and Advice, retaining assets into retirement and cross-selling the wider offering.