Italy’s biggest insurance company Generali has some bad news and good news for investors. First off, the company has announced that it will not be paying the second tranche of the dividend on 2019 results – which regulators have asked for – even though the firm’s performance has shown it to be resilient.

However, Generali did confirm its dividend policy in a three-year plan and said in a statement that it plans to pay between €4.5-5 billion total from 2019 to 2021. The company also said that it will seek shareholder approval to pay out that second tranche in 2021, if regulators approve.

The good news? Generali’s operating profit for the past nine months has topped market estimates, coming in at €4 billion euros (US$4.71 billion), which is a 2.3% jump from the previous year.