JONATHAN JACKSON | KILLIK & CO
The Aviva story is one of longer-term normalisation of earnings and returns, through improved profitability, capital discipline and cash generation. .Aviva is not going to be high growth in the short term, it is cheap on a price to earnings basis and has a high dividend yield which is well covered. Buy.
KEVIN RYAN | INVESTEC
Aviva's fortunes are inextricably linked with the Eurozone. This currently adds volatility to regulatory surplus capital, a disadvantage when the coverage ratio is relatively thin. The catalyst for the stock will be the discovery of a lasting solution to the Eurozone debt problems. Buy, target price of 517p.
MARCUS BARNARD | ORIEL
A better than expected set of results, with plenty for the bulls and something for the bears. Bulls should focus on the operational cash generation of £2.1bn. Bears of the stock will focus on the growth in the dividend per share which is up just two per cent. Buy, target price of 640p.