In this report, we present our key assumptions regarding Generali’s model under the IFRS17/9 accounting standards. The transition from IFRS 4 to IFRS17/9 has no impact on Generali’s cash generation or on dividend payments. Following the publication of our new IFRS17 model, we raise our target price, from €22 to €23.3. This increase is primarily driven by the higher profit forecast, which elevates the embedded value and the P/E-based valuation, collectively accounting for 60% of our final target ....