Swiss Re has reported a dramatic decrease in its life and health insurance business, its nine month figures for 2014 have revealed.
Net income fell from £420m in the first nine months of 2013 to £272m in first nine months of 2014.
The reinsurer said the decrease in net income "resulted mainly from realised losses during the period under review."
These were partially offset by lower interest expenses and higher operating income.
Premiums earned and fee income were 16% higher at $8.4 billion ($7.3 billion, 2013). The operating margin was 8.8% (vs. 8.2% in the same period last year).
Swiss Re also said throughout 2014, the life and health business "has shown that it is well-placed to write new large deals."
For example, Swiss Re said, the US medical team signed a sizeable deal in the third quarter demonstrating Swiss Re's ability to respond to clients' needs in the $3trn healthcare industry.
In Asia, Swiss Re recently increased its share in a health contract for coverage of hospital cash business.
The nine month figure was a slight increase on the reinsurer's 2013 result of $3.2bn.
Michel Liès, group CEO of Swiss Re said: "Swiss Re's net income over the first nine months of 2014 is a successful result. We've again made good progress towards our financial targets and we've closed significant deals that show we can provide our clients with smart risk transfer solutions."
Swiss Re is on track to meet its financial targets for 2011 to 2015, the reinsurer said.
New multi-year targets starting from 2016 will be announced alongside the 2014 full year results in February 2015.
Liès added: "We understand that there is uncertainty in the market and challenges undoubtedly do exist. As a result, rigorous cycle management, portfolio steering and underwriting discipline will remain our main tools to be able to generate success going forward. We will remain firmly focused on profitable growth, while making sure we support our clients so they can pursue profitable opportunities."
The reinsurer also announced its board is proposing Philip Ryan and Trevor Manuel as new members for election at the annual general meeting on 21 April 2015.
