Aviva's total fund management operations posted an operating profit of £10m (€14m) for the first half of the year, more than triple the £3m profit for the first half of 2002, despite continued volatility in worldwide investment markets.

Aviva's total assets under management grew to £229bn, up 11% from £208bn at the end of 2002. Aviva said this reflects the impact of new business flows and improved investment performance.