Matt Britzman, senior equity analyst, Hargreaves Lansdown:
“Aviva has delivered an impressive first half, with profit, cash generation and underwriting all ahead of expectations. General Insurance is growing while margins improve, which is the combination investors want to see, and Direct Line is already adding scale and profitability. Wealth was another standout, with strong flows into workplace pensions and the adviser investment platform. Even lower bulk annuity volumes look deliberate rather than concerning, with Aviva prioritising attractive returns over market share.
The Direct Line integration is moving quickly, with savings building and the business showing early signs of improvement. Softer pricing in commercial insurance and weaker demand for health insurance are worth watching, but Aviva’s broad mix of businesses means not everything needs to be firing at once. These were positive numbers and should be well received, with Aviva making clear headway towards its medium-term targets. There are certainly attractions for a set it and forget it type of investor, but for the more tactical cohort, we think the group’s broader strengths are fairly well understood and largely reflected in the valuation."
Notes to Editors
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