H1 2017 PBT was impacted by FX losses as expected; underlying PBT rose YoY. Retail is the profit engine and the main growth story in these markets as its strategy of balancing out its revenue streams is now really delivering. We raise 2017E PBT by 4% and nudge up the TP to 1210p but flag the earnings drag from further investment in the business. This impacts the P/TNAV and ROE but is crucial for long term value creation. We stay at Neutral, Add on weakness for now. This could change if Hiscox ....