Swiss Re's net income for the third quarter has slipped 5% to CHF1.5 billion ($1.4 billion) from the same period last year.

The reinsurer's general insurance and life arms performed strongly but were affected by a 13% loss in its financial services arm that it attributed to turbulent financial markets.

Income was up 23% to CHF4 billion ($3.75 billion) for the year to date.

Swiss Re returned a total investment result of CHF1.7 billion ($1.6 billion). Its property and casualty business achieved a 12% increase in operating income to CHF1.5 billion ($1.4 billion), while its life and health business was up 7% to CHF1.4 billion ($1.3 billion).

In contrast, the reinsurer's financial services arm reported an operating loss of CHF113 million ($105.8 million), 13% down on the previous year.