DAVY VIEW

We expect FBD’s strategy, focusing on core areas of its franchise, to continue to deliver in H1 2024, with good growth in gross written premium (GWP). Profits will be lower as results normalise following a period of prior year releases; however, given its strong capital position, we continue to expect a further €1 per share special dividend in H2 2024. FBD trades on 12.4x 2024 Davy earnings (2025: 10/6x) for an ordinary dividend yield of 7.7% (special yield also of 7.7%).