China Pacific Insurance has reported a loss of 1.64 billion yuan ($351 million) for the third quarter as weak investment markets took a toll on the major life and general insurer.

It was a dismal third quarter for China Pacific compared to the same period last year when the company recorded a 1.93 billion ($413 million) profit.

Investment revenue for the quarter was just 1.5 billion yuan ($321 million), against 8.2 billion yuan ($1.8 billion) last year. That figure put a considerable drag on total third-quarter earnings given the 20% increase in year-on-year third-quarter gross revenue.

China Pacific reported 3.88 billion yuan ($831 million) in net profit for the year to date, 33% down on the prior January to September figure.