The evolution of the large-scale magnetic field in a turbulent flow of conducting fluid is considered in the framework of a multiscale alpha2-dynamo model, which includes the poloidal and the toroidal components for the large-scale magnetic field and a shell model for the small-scale magnetohydrodynamical turbulence. The conjugation of the mean-field description for the large-scale field and the shell formalism for the small-scale turbulence is based on strict conformity to the conservation laws. The model displays a substantial magnetic contribution to the alpha effect. It was shown that a large-scale magnetic field can be generated by current helicity even solely. The alpha quenching and the role of the magnetic Prandtl number (Pm) are studied. We have determined the dynamic nature of the saturation mechanism of dynamo action. Any simultaneous cross correlation of alpha and large-scale magnetic field energy EB is negligible, whereas coupling between alpha and EB becomes substantial for moderate time lags. An unexpected result is the behavior of the large-scale magnetic energy with variation of the magnetic Prandtl number. Diminishing of Pm does not have an inevitable ill effect on the magnetic field generation. The most efficient large-scale dynamo operates under relatively low Prandtl numbers--then the small-scale dynamo is suppressed and the decrease of Pm can lead even to superequipartition of the large-scale magnetic field (i.e., EB>Eu). In contrast, the growth of Pm does not promote the large-scale magnetic field generation. A growing counteraction of the magnetic alpha effect reduces the level of mean large-scale magnetic energy at the saturated state.