The data available from satellite altimetry and Argo profiling buoys are combined into Inverse Finite Element Ocean model (IFEOM) for each of the years 1999 and 2008. The model solves for temperature and salinity fields that are close to measurements, respects stationary dynamical balances, and simultaneously produces estimates of the circulation. Several experiments have been performed to reconstruct the interannual variability. We show, that including altimetry improves the circulation picture. We estimate variability of transports and heat content as result of combined assimilation of Argo and altimetry.