Sampo posted an annual profit before tax of €2,094m (-15.6% yoy). If we take into consideration the FY 17 non-recurring item of €706m, the pre-tax profit recorded a 17.9% increase. The insurer succeeded in offering a more balanced earnings structure, with a lower contribution from the If P&C arm. The dividend stream from Nordea and Topdanmark is estimated at €677m in 2019. We appreciate the insurer’s performance and our estimates will be revised up.