A positive set of H1 19 figures. The company performed well in both the Life and P&C businesses, which recorded respective pre-tax earnings of €137m and €440m. The performance of the Life branch needs to be seen within the context of a €197m exceptional in the H1 18 coming from the cooperation agreement with Danske Bank. We have recently adjusted our model to factor in a lower dividend stream from Nordea. No significant change is expected in our positive opinion.