Operating profit a 12% beat to consensus H1 results were a beat at almost every line versus company-compiled consensus. Operating profit was a 12% beat and the SII coverage ratio was very strong at 213% pro-forma, a 7pps beat. The better combined ratio at 94% vs 95.5% looks to be key driver of the profitability beat. The only small disappointment was DPS at 10.3p vs consensus at 10.4p, although company is saying that it expects to launch a fresh buyback with the FY22 results (we have modelled £300m). Undemanding multiples after underperformance The devil is no doubt in the detail, but, on first view, with shares trading on c.1x own funds and yielding close to 8%, having materially underperformed peers over 3 months, these results should be taken positively. Meeting at 8:45am. The size of the potential buyback is likely to be a key focus.