FBD Holdings

Earnings to normalise but boost to solvency

  • Sectors : Insurance
  • Companies : FBD Holdings

Ratings and price correct at time of issue.

  • FBD Holdings

    Closing Price: 940c

  • RATING 01/09/17

  • PREVIOUS RATING 29/02/16

    NEUTRAL

DAVY VIEW

Post H1 results, we increase our 2019 earnings and solvency but leave 2020/2021 earnings unchanged as we assume a more normalised outturn. Underlying underwriting discipline remains strong and we do not model for further reserve releases. While competition and lower investment returns are a headwind, we retain an ‘Outperform’ rating with an unchanged price target of €12.

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Aug 6 2019, 07:35 IST/BST

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