Generali’s Q1 23 results were strong. The higher rates environment still temporarily weighed on Life but P&C recorded an outstanding performance. Today’s release confirms our point: Life should hold on, despite being under pressure and P&C is the strong performer. However, the release also confirmed our argument on IFRS 17. Despite the massive improvement in earnings, the firm did not raise its objectives. We believe this is due to uncertainties and caution with respect to the new accounting ....