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 fourth quarter profit was below estimates, my estimate was €590m or 44 cents per share. |
The higher profit is only the effect of a strong decline of the tax rate. |
The positive surprise is insurance in Europe, which has performed quite well, including in the Netherlands. |
The U.S. result was disappointing. |
The U.S. result was disappointing. We expect a bit lower stock price due to the lower U.S. result. |
This is quite conservative. More would have been a bonus. |