The CEO of Italy's biggest insurer, Generali, told CNBC that the worst was over for the company in Russia, as it reported a 12.5 percent fall in net profit due to one-off charges.
"We cannot be hit any more...by what happens to the ruble or what happens in Russia. We have de-risked our balance sheet from Russia completely," CEO Mario Greco told CNBC.
It comes as Generali said its 2014 net profit fell to 1.67 billion euros ($1.76 billion), below a Thomson Reuters SmartEstimate of 1.98 billion euros.
Adjusted for charges of around 400 million euros linked to the sale of Swiss private banking unit BSI and an impairment on its stake in Russian insurer Ingosstrakh, Generali said its net profit for the year was 2.1 billion euros.
However, the insurer said it would lift its dividend to 0.6 euros per share, up from 0.45 euros a share the previous year.