Zurich-based Swiss Re, noting "a challenging financial market environment" reported second-quarter net income fell 50 percent to CHF 600 million ($569 million).
The latest results compared with net income of CHF 1.2 billion ($997 million) for the period last year.
Jacques Aigrain, Swiss Re chief executive officer, said in a statement that the difficult market environment had created "new opportunities" and the company announced it was buying Barclays Life Assurance Company Ltd. for ?753 million ($1.47 billion).
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