Aviva is slowly reverting to our investment case scenario. AS expected, the firm is strongly capitalized following the disposal of its non-core businesses and will announce an extra round of distribution at FY 23. Beyond the capital story, it is largely UK-focused and bound to its domestic country’s health while crucially lacking scale in asset management. We reiterate our view that, in addition to distribution story, Aviva would be the perfect M&A target for predators seeking scalability.