Munich Re, the world’s biggest reinsurer, said third-quarter profit slumped 29 percent on a decline in earnings from investments.

Net income declined to 520 million euros ($565 million) in the three months through September from 733 million euros a year earlier, the company said in a statement from Munich on Thursday. That missed the 676.3 million-euro average of eight estimates compiled by Bloomberg.

Reinsurers, which help primary insurers shoulder risks for events such as natural disasters, have seen earnings squeezed by record-low interest rates and declining prices.

“The capital market turbulences have left their mark on the investment result, with below-average realized gains on disposals, write-downs of equities and losses from derivative hedging instruments,” CFO Joerg Schneider said in the statement.

Expenses for major catastrophe losses, man-made and natural, rose to 386 million euros in the quarter from 257 million euros a year earlier, Munich Re said. The company expects costs of 175 million euros for the August chemical warehouse explosions in the Chinese city of Tianjin.

Swiss Re, Europe’s second-biggest reinsurer, last week reported a 13 percent increase in third-quarter profit, beating analysts forecasts after strong underwriting and investment results and a quiet period for natural catastrophes.

Munich Re’s shares have risen 8.9 percent this year, giving it a market value of 30.1 billion euros. The Bloomberg Europe 500 Insurance Index gained 13 percent over that period.

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