Interim results were broadly in-line with expectations. GPW has stabilised and the reported combined ratio remained impressive at only 76.2%. The group has sensibly retrenched and is protecting the downside risk with more reinsurance. The book is still facing considerable competition and so it remains cautious, waiting for the upturn but investors are rewarded by a dividend that is close to 100% payout. We nudge back 2016E PBT (-3%) but the dividend is unchanged. We stay at Add with an unchan ....