Aviva's 1H Shows Resilient U.K. Long-Term Margins, Canada Dragging; Shares Undervalued
Aviva reported a clean operating profit of GBP 1.4 billion for the first half, ahead of our expectations. However, the solvency ratio at half-end was a little low at 187%, and operating capital generation was down GBP 200 million at GBP 0.9 billion. Cash remittances were higher at a total GBP 1.49 billion, including a GBP 500 million special U.K. insurance remittance. While there are some poorer headlines, we still believe in Aviva’s ability to drive the business forward, and we are maintaining ...
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