Aviva PLC (NYSE:AV) is up about 85% since management first laid out a comprehensive restructuring plan in July of 2012. While that sounds like an impressive return, it's not quite as remarkable when compared to the 70%-plus gains for Prudential PLC (NYSE:PUK) and Legal & General (OTCPK:LGGNY), and the 50%-plus gains for Allianz (OTCQX:AZSEY) and AXA (OTCQX:AXAHY). Aviva management has done a good job of turning over its senior management and progressing with cost-cutting, shedding non-core businesses, and reducing leverage. Evaluating Aviva's fair value is a little more challenging, but even with the challenges presented by a change in the key U.K. annuities market, Aviva looks about 10% undervalued today....
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