Earnings on the rise. Margins expanding. Volumes poised to ratchet. Things are looking good over in Trieste, so what could possibly be holding you back? We''re willing to bet it''s risk, and specifically how much of it there is on the balance sheet. Or rather, was: In this granular and comprehensive view of all the moving parts, we show that Generali has turned a corner. Operating performance has been knocked into shape, the financials are trimmer than you might think, and an underappreciated and impressive campaign of derisking has rendered Generali''s business almost... boring. Well, not entirely: company-specific challenges do remain. But do you really need zero risk when the net cash generation yield is over 11%? Outperform.