The insurer said sales in its retirement division came in at £1.8bn in the period, up 4%, driven by higher volumes in individual annuities and equity release revenues. 

It added that its equity release business was up over 40% after a new product launch, in a trading statement. 

UK and Ireland general insurance premiums lifted 12% to £2bn, with 8% growth in personal lines and 15% growth in commercial lines products, reflecting strong new business and the acquisition of Probitas. 

Aviva bought Lloyd’s market insurer Probitas for £242m last March. 

Aviva chief executive Amanda Blanc says: “We continue to be very positive about the outlook for 2025.  

“Our balance sheet is strong, we have a clear customer-focused strategy which we continue to deliver at pace and our market-leading businesses are growing well, especially in capital-light areas.  

“We are increasingly confident about Aviva’s prospects and meeting our financial targets.” 

The Competition and Markets Authority opened a probe of Aviva’s £3.6bn takeover of Direct Line yesterday, to assess whether the move, agreed in December, will lead to a “substantial lessening of competition” across the UK insurance market. 

However, Blanc adds: “The acquisition of Direct Line is firmly on track. Direct Line shareholders voted overwhelmingly in favour of the transaction and we expect to complete the deal in the middle of the year.” 

Last month, the Equity Release Council said later life sales lifted 32% to £665m in the first quarter of the year, which was the fourth successive quarter of growth in the sector.