Sampo's Q4 result was a disappointment to the market as non-recurring items depressed the result and If’s result was soft. The Q4 report does not change the big picture, however. We revised our estimates upward slightly thanks to investment income that rose with interest levels but our view of the sum of the parts remains unchanged. The share still seems quite correctly priced and the expected return still relies mainly on dividends, which does not provide a sufficient risk/return ratio.