STB delivered an EPS beat in Q1, but this was primarily driven by a lower effective tax rate while operational results came in below expectations. Part of this was due negative fx-effects on AUM in the quarter, but it nonetheless has a negative effect on our estimates for the savings segment which come down 2-3%. We also lower our FY25 estimate for the insurance segment after the miss in Q1, but we increase it by 2%/4% for 26/27 as premium growth remains strong with STB benefitting both from rep ....
