Aviva has reported a 39% increase in equity release sales over the first nine months of this year compared to the same period in 2024.

Despite this jump, and a 24% rise in annuity sales, the insurer says its overall retirement sales, which include pensions, were down from £7.3bn to £5.3bn year on year.

But it points out that 2024 was a “particularly elevated” year.

Protection and health sales were down by 5% from £403 million in the first nine months of last year to £384m in the corresponding period of this year.

The life company says this is due to the consolidation of propositions acquired from AIG, but that “margins continue to improve”.

Aviva’s general insurance premiums are up by 12% to £10bn from £9.1bn in the same point last year.

It says it is on course to deliver operating profits of £2.2bn for the full year.

Group chief executive Amanda Blanc says that over the last five years the business has been “transformed”.

She says: “We continue to make excellent progress and now expect to achieve our financial targets in 2025, one year early. 

“Crucially, we have achieved this significant milestone thanks to the consistently strong performance of Aviva, before any impacts of the Direct Line acquisition are included.

“The integration of Direct Line is well underway and we are increasingly confident of reaping the full benefits of this acquisition, contributing materially to Aviva’s future growth and shareholder returns.”

She adds: “And so today we are also setting new financial targets, raising our ambitions yet again, and reflecting the strength of our confidence in the continuing growth potential of Aviva.”