Swiss Re has reported third-quarter net income of $US1.18 billion ($1.54 billion), down from $US1.4 billion ($1.83 billion) in the corresponding period last year.

Net investment income for the quarter was $US916 million ($1.19 billion) and the combined operating ratio deteriorated to 88.9% from 79.7%.

Property and casualty net income fell 32% to $US678 million ($884 million) after a series of agricultural losses in Europe, and amid softening market conditions.

Life and health net income dropped almost 20% to $US218 million ($284 million).

Group CFO David Cole says strong earnings were delivered “despite continuous market pressures”, with investment income and solid underwriting the drivers.

“This shows how our differentiation – driven by our very strong capitalisation and excellent client relationships – contributes to our profitability and value creation,” he said.

“Even in this difficult environment, we continue to invest in our business and our research and development.”