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• New mathematical approach for solving delay differential equations. • Multiple solutions - periodic and stable - found. • Numerical investigation of global and local stability. • Numerical investigation of multiple solutions. • Difference equation derived for diagnostic of the solution type. A two-dimensional system of differential equations with delay modelling the glucose-insulin interaction processes in the human body is considered. Sufficient conditions are derived for the unique positive equilibrium in the system to be globally asymptotically stable. They are given in terms of the global attractivity of the fixed point in a limiting interval map. The existence of slowly oscillating periodic solutions is shown in the case when the equilibrium is unstable. The mathematical results are supported by extensive numerical simulations. It is deduced that typical behaviour in the system is the convergence to either a stable periodic solution or to the unique stable equilibrium. The coexistence of several periodic solutions together with the stable equilibrium is demonstrated as a possibility. [ABSTRACT FROM AUTHOR]