FBD Holdings - Good underwriting; investment lower but capital robust

Davy Research
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FBD’s trading update is in line with expectations, with good momentum on customer numbers and growth in Gross Written Premium (GWP). Investment returns are negatively contributing, but capital/solvency levels remain robust. We see the update as supportive of the investment case, with good business momentum, while the strong solvency position – materially above target – provides good insulation in volatile investment markets to FBD’s distribution policy.