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The insurer and asset manager's operating profit rose in the first half, though it cut its full-year expectations for its health business.

Aviva PLC (LSE:AV.) reported a 24% increase in first-half operating profit to £1.33 billion as its General Insurance businesses strengthened and the integration of Direct Line progressed, prompting the insurer to lift its interim dividend by 7%.

JP Morgan has upgraded Aviva PLC (LSE:AV.) to 'overweight' and downgraded Legal & General Group PLC (LSE:LGEN) and M&G PLC (LSE:MNG) to 'underweight', arguing that relative value across the UK life insurance sector has shifted.