Generali’s results were in line. The P&C figures were expected to be weak following the warning on its Nat Cat budget. Nonetheless, the Life business provided positive signals as outflows slowed down, and the CSM results surpassed expectations. We believe the market has placed undue emphasis on the Solvency II figure, which fell below expectations. However, this deviation can be attributed to operating variances, known for their historical unpredictability. Otherwise, this number would still ha ....