First-half profit at Swiss Life slipped to SFr253 million ($156 million) as capital gains on investment portfolios fell because of poor stock market performance.
The 2001 figure was down from SFr372 million for the same period last year, although the numbers are not directly comparable since 2001 earnings were based on newly adopted accounting procedures.
The company, which includes sizeable banking and asset management operations, said investment earnings - current earnings plus capital gains - were SFr3.1 billion or 30 per cent of the comparable full-year figure for 2000.
Swiss Life is Switzerland's biggest life insurer.
swissinfo with agencies