Strong Q1 22 results posted by Generali. Both Life and Non-life have disclosed strong performances top-line wise and in terms of profitability (although P&C was rather helped by the dividends from the Private Equity business and Banca Generali). Contrary to our expectations, the firm confirmed its CMD’s objectives (sketched out in December and well ahead of the fears surrounding the macro-economic context). Governance issues are now tempered; Generali has started its year well.