Aviva PLC's (LSE:AV.) first-quarter results were broadly in line with expectations, analysts said, though some metrics were higher than expected.
From a glance, analysts at KBW said the solvency ratio was "fractionally higher", the combined ratio "in line (maybe tougher in UK; reassuring in Canada)" and most volumes and rate commentary were "in line".
"Reassuringly, volumes are less hampered by negatives in platform and equity release than a year ago. We expect all of this to confirm the consensus outlook broadly," said.
Aviva's shares have outperformed the wider EuroStoxx 600 quite consistently since the end of February, KBW noted.
"Perhaps this disclosure offers comfort about that move. We doubt it materially changes the outlook otherwise. Longer term, this seems another quarter that Aviva is reassuring about its new world of sustainable and balanced performance."
Meanwhile, UBS said Aviva's trading update was broadly in line with its expectations, though the solvency ratio was lower than its 207% estimate, "with negative impacts from deleveraging and the AIG acquisition still to come".
Life new business metrics were 5% ahead on some measures but in line with others.
General insurance premiums were 4% ahead of UBS expectations with a combined ratio of 95.8% in line.
Liquidity was £2.1 billion ahead of the target of at least £1 billion, the Swiss bank noted, adding that the FY dividend and debt redemption are still to come, "which should be offset by remittances in the second quarter".
"Standout" for UBS is the growth in UK Property and Casualty insurance division, which was up 27% yoy, with volume growth roughly half of this and rating actions representing the remainder.