While maintaining its 'weighted in line' recommendation on Aviva, Barclays is raising its target price from £4.8 to £5, ahead of the British insurance company's first-quarter trading update.

It expects 'continued positive momentum in general insurance gross written premiums, with the benefit of mild weather in Canada slightly offset by winter storms in the UK on the combined operating ratio'.

In the absence of any mass annuity agreements announced since the beginning of the year, we expect life insurance sales and earnings to be similar to those of the first quarter of 2023. Shareholders' equity should remain robust', he adds.

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