Aviva PLC (LSE:AV.) has set ambitious targets for its wealth business, aiming to reach at least £250 billion in assets and at least £280 million in operating profit per annum within the next five years.
In an update ahead of an investor and analyst briefing hosted by CEO Amanda Blanc, the life and pensions group forecasts the UK wealth market will nearly triple to £4.3 trillion in the next decade, experiencing double-digit annual growth.
Already a market leader in wealth by assets and flows, Aviva is well positioned to seize this opportunity.
With a large and growing existing customer base of 5 million, which has expanded by nearly 1 million over the past three years, Aviva sees significant potential to deepen customer relationships.
It also aims to tap into its UK customer base of 15.5 million, 6 million of whom are mass-affluent, as well as the open market.