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JP Morgan upgrades Aviva, downgrades Legal & General and M&G on UK life insurance cash flow outlook

Market News
13 Aug 2026
Proactive Investors
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Neutral
JP Morgan upgrades Aviva, downgrades Legal & General and M&G on UK life insurance cash flow outlook

JP Morgan has upgraded Aviva to 'overweight' while downgrading Legal & General and M&G to 'underweight', citing a shift in relative value in the UK life insurance sector. Aviva has lagged peers but now shows better free cash flow yields and potential for capital returns compared to its competitors. Rising competition in pension risk transfer markets pressures Legal & General, while stabilizing pricing in UK retail general insurance supports Aviva's outlook. This shift highlights Aviva's improved investment appeal amid sector changes.

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