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BofA points out that the sector currently trades at 22x trailing free cash flow and 15 times enterprise value to trailing Ebitda. While bulls might argue that the stocks look cheap after falling 24% from peak valuations set a year ago, BofA cautions that these multiples have merely returned to pre-pandemic levels. Furthermore, BofA asserts that insurance distribution firms frequently utilize liberal earnings “adjustments”—such as excluding integration costs from their steady stream of acquisitions—that tend to significantly flatter their true earnings power.

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Dr Duncan Precious is a clinical psychologist who served in that role in both the British and Australian armed forces, from 2013 to 2020. He's now the clinical director and resilience consultant for defence consultancy, CDS Defence & Security.