Aviva posted a declining H1 18 IFRS profit of £376m, lower than expected. Compared to our estimates, the difference came from General insurance & Health which recorded a 28% drop in operating profits to £302m, with an increasing combined operating ratio by 290bp to 97.4%. The Solvency II capital surplus reduced to £11bn and the coverage ratio stood at 187% after debt repurchases. The interim dividend is 9.28p, up 10% yoy. We keep our positive opinion on the insurer.
