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ACE Q2 2013 net income rose to $891m

Global multiline property and casualty insurer ACE Group has reported a net income of $891m, or $2.59 per share for the second quarter of 2013, compared to $328m, $0.96 per share during the same period last fiscal.

For the quarter ended on 30 June 2013, its operating income stood at $790m, $2.29 per share against to $743m, or 2.17 per share during the year ago quarter.

Total company net premiums written increased by 6.3%, or 7.6% on a constant-dollar basis, whereas total pre-tax and after-tax catastrophe losses, including reinstatement premiums were $81m (2.3 % points of the combined ratio) and $66m, respectively.

Commenting on the result, ACE chairman and CEO Evan Greenberg said, "ACE had record earnings in the quarter that were driven, in particular, by excellent current accident year underwriting results and strong investment income."

"Our underwriting performance in the quarter, illustrated by a P&C combined ratio of 87.9%, benefited from margin improvement and premium growth globally."

Net investment income stood at $534m versus $537m during the corresponding period last year as lower reinvestment rates were offset by higher private equity and other distributions.

P&C underwriting income was $434m, compared to $374m in 2012, while P&C net premiums written increased by 7.1%, or 8.6% on a constant-dollar basis.

Trading in 53 nations, ACE caters commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance services.