Aviva was given an `accumulate' recommendation by analysts at Commerzbank who set a price target of 513p a share.
It was trading at 444p this morning.
The group appears to have reassured analysts that it is unlikely to suffer from catastrophe losses; Commerzbank reports that it renewed its reinsurance protection, with a retention of £200m for any single catastrophe, on better terms last April than had been achieved the year before.
The note reported that general insurance was seen as a "junior partner" to the life business by many but had a vital role in generating cash flow.
It added, however: "It does appear that Norwich Union is close to the top of the cycle but the general insurance cash generation ought to remain high even in the downturn."
