DAVY VIEW

FBD’s trading update points to an underwriting performance ahead of our expectations, particularly on Gross Written Premium (GWP). This evidences the ongoing success of its strategy to focus on retention levels and average policy counts across core sectors. This will support profitability growth from a growing top line and higher investment returns. Ongoing capital accretion results in FBD remaining significantly above solvency target, with attractive underlying cash dividends and excess capital also underpinning the investment case.