Aviva posted a good and improved IFRS profit of £1,646m, better than expected. Compared to our estimates, the difference came from General insurance & Health which recorded a 16% drop in operating profits to £700m, with a combined operating ratio that increased by 2.4% to 96.6%. The Solvency II capital surplus is £12.2bn and the coverage ratio stood at 198%. The total 2017 dividend is 27.4p. We keep our positive opinion on the insurer.
