Italy’s top insurer Generali said on Thursday it would not pay this year the second tranche of the dividend on 2019 results as requested by regulators despite its capital position proving resilient.

The company confirmed its dividend policy under a 3-year plan, saying it still targeted paying out 4.5-5 billion euros in the period from 2019 to 2021, it said in a statement.

Generali plans to seek shareholders’ approval to pay the second tranche of the 2019 dividend next year, subject to a green light from regulators.

The insurance group’s nine-month operating profit, most closely watched by market, beat market estimates, rising to 4 billion euros ($4.71 billion), up 2.3% from a year earlier.