The bank said it doesn’t agree with the recent selloff in the share price, which is down around 12% since the end of May.

"We are more constructive as we see favourable underlying motor trends (UK Motor claims picture continuing to improve), significant contribution from non-motor which means that Motor NIM does not have to reach 13% to hit the group target and more confidence in restructuring given the extent of people change," it said.

Citi said it was increasing its 2026 earnings per share estimate by 12% and is around 14% ahead of 2026 consensus pre-tax profit forecasts.

At 1040 BST, the shares were up 1.5% at 189.40p.