In-line 2Q17, lens on their way 1H17: Significant turnaround helped by lower costs, impairment 1H17 – Earnings growth driven by investment gains 1H17 – Largely in-line, dragged by weak IB fees and brokerage 1H17 – Excellent results with strong VNB and P&C improvements 1H17 misses on reduced one-offs 1H17 – Largely in-line and lacks catalysts; downgrade to Hold Rich cash generator looking for potential acquisition; Buy Growth acceleration driven by acquisition and organic growth Maintain Sell for vague sales and profits growth outlook