DAVY VIEW

FBD will report a strong FY 2023 outcome based on a favourable prior year development, providing further evidence of its conservative approach to claims. This increases the capital position further, providing greater distribution capacity given the already strong solvency position. In our view, this is unlikely to arise with FY 2023 results due to the dividend policy that emphasises sustainability; rather, we expect it will be assessed later in 2024 as part of any prospective special dividend.