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Apr 4 2019, 07:30 IST/BST
We reiterate our ‘Outperform’ rating given that FBD is well placed to achieve its targeted return to premium growth, while our channel-checking suggests that the rural AXA threat is being more keenly felt by other insurers. Investment returns are protected by an increased allocation to risk assets within the investment book, facilitated by the strong solvency position. We update our price target to €12.00, which provides upside of 32% and we therefore view the stock as attractively priced.