Would it be wise for me to buy Aviva shares today and hold them for ten years?

Aviva (LSE: AV.) shares have been on a roll lately. They are up 14.5% over the past six months, 11.3% year to date, and a staggering 25.2% over the past 12 months. That doesn't include its dividend yield, which I'll touch on later.

They are more successful than others FTSE 100 in all three times. While buying index trackers is a smart way to invest, picking individual stocks has its advantages.

With that in mind, could Aviva make a smart purchase today? I am looking for the next addition to my portfolio and Aviva is high on my watch list.

I ask myself this question every time I think about investing in a business, could I see myself holding its shares for the next decade?

Temporary risks?

With Aviva, I can say I do. But before I explain why, I want to address the dangers I see. One of the main factors is competition. The insurance industry is very competitive and especially with the growth of insurtechs, Aviva will have to avoid many threats in the coming years.

In addition, high interest rates are bad news for business. A delay in the downgrade may cause a problem.

Long term benefits?

But if I see a business with a lot of growth potential on a strong trajectory, I'm happy to ride the short-term peaks. With Aviva, I do.

I say that mainly because of its recent changes. A few years ago, Aviva was a powerful business that spread slowly across many markets and regions. CEO Amanda Blanc has made good progress in organizing the business.

In recent years Aviva has divested underperforming units and focused more on the more profitable ones. For example, in Q1 the business exited a Singapore joint venture for a consideration of over £900m.

At the same time, it ended the acquisition of AIGUK defense business for £453m. It puts a lot of emphasis on the UK market so that move makes sense.

Net income

I've talked loudly about the revenue potential with Aviva for its meat yield. That's another reason I saw the stock as a smart addition to my portfolio in the coming years.

As I write, it is yielding 6.9%. That's more than the FTSE 100 average of 3.6% and there are only eight stocks that offer a higher payout. One of those is Vodafonewhich is halving its payment from next year. So in theory, there will only be seven.

I think we may see an increase in its premium in the coming times. Last year, it increased its total dividend by 8% to 33.4p per share. Its yield this year is 7.1%. By 2026, that is predicted to rise to 8.4%.

While that is only a prediction, it would place it as the sixth highest yielder in the FTSE 100 as things stand. It's not bad. Along with increasing the dividend last year, the company announced a £300m share buyback plan.

So management's desire to reward shareholders is clearly there, which is always good to see.

A smart purchase?

I think Aviva would be a smart buy for me today in the next decade as it continues its mission of simplification. I am serious about stock picking.