Switzerland-based reinsurer Swiss Re’s net profit rose by 2 percent to $802 million in Q2 of 2014.
The figure fell short of a consensus forecast by analysts polled by Swiss financial newswire AWP, who had tipped the group to make an average of $894 million.
Premiums rose by 11 percent to $7.5 billion, according to a Swiss Re statement.
Its combined ratio was 93.5 percent, compared with 101.1 percent in Q2 of 2013.
A combined ratio of less than 100 percent indicates that an insurer is in profitable territory.
Swiss Re chief executive Michel Lies said: "We see the insurance market generally softening."
"Thanks to our leading position we continue to take advantage of opportunities as they arise—for example in high growth markets—and actively manage our overall portfolio. I am confident that Swiss Re will remain successful at every stage of the cycle."
