MILAN (Reuters) – Italy’s top insurer Assicurazioni Generali (BIT:) said on Thursday it posted a smaller-than-expected drop in Q1 net profit after impairments on its Russian investments for 136 million euros ($142.75 million).

Net profit fell 9.3% from a year ago to 727 million euro, which was higher than an analyst consensus of 651 millions.

Generali reported that its operating profit grew by 1.1% to 1.63 Billion Euros, exceeding the average analyst estimate of 1.55 Billion.

($1 = 0.9527 euros)