No surprises in terms of operations, with premium volume equivalent to last year - although after inflation, it decreases significantly - and a business mix still split between one third property-casualty insurance and two thirds life insurance.

The net result attributable to shareholders is €2.9 billion, compared to €2.8 billion in 2021. No surprise either at the level of solvency, in line with its major European peers such as Axa or Allianz.

The consolidated performance is driven upwards by an exceptional year in the life segment, with an operating profit up by 25% - a direct consequence of the beginning of a recovery in European long term rates - despite a decrease in new money.

The property-casualty segment recorded a sharp increase in premiums but a declining combined ratio - a measure of underwriting profitability. The contribution to consolidated earnings was equivalent to that of the previous year.

The asset management segment, which was affected by the turbulent financial markets in 2022, is feeling the pinch a little: inflows remain good via the Banca Generali network, but the loss of performance fees represents a shortfall of over €200 million.

The sum of these developments leads management to recommend a dividend of €1.16, compared to €1.07 last year. If this dividend is approved - and there is no reason why it should not be - the yield would reach 6.3% at the current price of €18.44 per share.

Generali's performance is comparable with that of other major European insurers. Like its peers, the Italian group has been trading for the last ten years in a perfectly bounded range between x6 and x10 earnings.

The current multiple has returned to these resistance levels, which optimists will justify by the expected rise in interest rates. Others, more skeptical, will probably prefer to wait for a pullback to the historical support levels.

It is also worth noting that Generali is following Axa's strategy and is also buying back shares: €500 million were spent on this in the second half of the year, at valuation multiples of between x6 and x8 earnings.