Assicurazioni Generali SpA is exploring strategic options for its Swiss insurance operations, according to people familiar with the matter.

The Italian company is working with advisers to study alternatives including a potential sale of part or all of the business, the people said, asking not to be identified because the information is private.

Generali Switzerland makes about 194 million Swiss francs ($205 million) of net income, according to its website. It has about 1 million customers and 2 billion Swiss francs in booked premiums.

The business, which employs about 1,800 people, operates in 53 locations in the country offering life, property and legal insurance, as well as pension products. Deliberations are at an early stage, and Generali could decide to keep the business, the people said.

A representative for Generali declined to comment.

Generali has been exiting some markets to free up capital for deployment in more promising areas. Over the last three years, it has raised $2.3 billion selling businesses in countries including Belgium, the Netherlands and Panama, according to data compiled by Bloomberg.

A review of its operations in Switzerland comes as Generali moves ahead with the disposal of a French life insurance portfolio. It has picked financial services specialist Fenchurch Advisory to help with the potential sale, which could involve between 1 billion and 2 billion euros ($2.3 billion) of assets, people familiar with the matter said in May.

Photograph: The Assicurazioni Generali logo is displayed in a window of a Generali office in Rome on Friday, Jan. 27, 2017. Photo credit: Alessia Pierdomenico/Bloomberg.