Aviva has set an ambition to generate more than £500m in annual operating profit from its Wealth business by 2032, as it seeks to capitalise on growth in the UK savings and investment market.

At its Wealth ‘In Focus’ investor and analyst briefing, the insurer said it remained on track to achieve its existing target of £280m in wealth operating profit by 2027, with profits having doubled since 2019, driven by its workplace pensions and adviser platform businesses. It also presented forecasts that the UK wealth market will grow by more than 10% annually, reaching £7.5tn in assets by 2035, with an associated profit pool of around £10bn.

Aviva said it was already the UK's largest wealth provider by assets, managing £261bn and serving nearly six million Wealth customers. Its wider group customer base of 21.8 million provides opportunities to expand its integrated insurance, wealth and retirement offering.

The company said technological advances, including AI, and regulatory developments, such as the Pension Schemes Act 2026 and targeted support reforms, were creating further growth opportunities. It also identified potential to expand its direct wealth, advice and targeted support propositions beyond its existing workplace and adviser platform operations.

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