The U.S. result was disappointing. We expect a bit lower stock price due to the lower U.S. result.
The positive surprise is insurance in Europe, which has performed quite well, including in the Netherlands.
Apart from the dividend, there are no positive surprises. The fact that we have no details on the figures doesn't help us get an overall picture.
The higher profit is only the effect of a strong decline of the tax rate.
This is quite conservative. More would have been a bonus.
The fourth quarter profit was below estimates, my estimate was 590m or 44 cents per share.
