The chief executive of Switzerland's biggest insurer, Zurich Insurance, has resigned, the company said Tuesday, a month after it announced sharply reduced profits linked to an industrial disaster in China.

Martin Benn's decision to step down was taken in agreement with Zurich's board of directors, the company said in a statement, adding he would leave at the end of the year.

"After 10 very intense years with Zurich, I have decided to retire and make way for new management," Senn said in the statement.

Zurich chairman Tom de Swaan will take over from Benn in the interim period.

In September, Zurich had warned that it faced significant losses after massive explosions at a hazardous goods storage firm in Tianjin, in northeastern China on Aug. 12 killed 161 people.

Last month Zurich reported after-tax profits of $207 million, down from $966 million over the same period last year, a plunge also linked to poor performance in its general insurance unit.