Aviva Share Price: Time to Buy?

Aviva share price has been among the best performers in the European stock market, as well as the FTSE 100 index, this week. The AV stock has jumped more than 24% from its lowest point in October. The company’s shares have risen by 3.57% in the past week.

Aviva?

Aviva Plc is a British multinational insurance company headquartered in London, England. The company engages in the provision of long-term insurance and savings, and general and health insurance. The firm operates through its core markets in the United Kingdom, Ireland, and Canada. Aviva is the largest general insurer and pension provider in the UK. It is also the second-largest general insurer in Canada.

In its full-year 2022 general insurance update on Wednesday, the British insurance company stated that its businesses have continued to trade positively over the closing months of 2022. For the full year 2022, the company estimates a Group combined operating ratio in line with last year’s guidance.

Aviva has maintained its Group’s dividend guidance and outlook for capital returns. The insurer had to pay out £50 million due to the UK cold snap late last year. Even so, the firm has shrugged off the financial hit and vowed to maintain its dividend at current levels as pressure from activist investors continues weighing on the firm.

In its announcement, the company said;

“We continue to price appropriately for the high inflation environment, in particular in UK Personal Lines, responding at pace to emerging data and trends.”

Aviva Share Price Forecast

Aviva share price ended its previous trading session 3.26% higher at 455.7p, adding to its weekly gains. On the daily chart, the stock has moved slightly above the 25-day and 50-day moving averages. It has also moved above the 50-day and 200-day exponential moving averages (EMA). Its Relative Strength Index (RSI) has edged higher into the neutral zone. I expect the Aviva stock price to continue rising as buyers target August’s high at 475p.

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