KEVIN RYAN | INVESTEC
The big attraction in a UK context is its composite business model. Cash from the non-life business essentially covers shareholders’ dividend and this places it in a very good position. The only note of caution is that it is winning significant new business in UK motor where premiums rose 60 per cent year-on-year.
BARRIE CORNES | PANMURE GORDON
The non-life operation was the star performer. Whilst the life operation continues to deliver, the non-life can make a significant difference to its valuation over the next few years. It is a strength that is missing amongst its UK peer group. Aviva remains on track and its valuation remains very attractive.
EAMONN FLANAGAN | SHORE CAPITAL
Aviva reported a mixed bag: life new business was down 14 per cent, albeit with improved margins, with double digit falls in France, Poland and Spain all due to tough market conditions. General insurance was more consistently positive, with the UK the main driver. We view the shares as undervalued.