Compelo Insurance is using cookies

We use them to give you the best experience. If you continue using our website, we'll assume that you are happy to receive all cookies on this website.

ContinueLearn More

ACE Q3 operating income decreases by 8% to $688m

Property and casualty insurer ACE Limited has reported net income for the quarter ended on 30 September 2012, of $688m or $1.86 per share, compared with a net loss of $751m or $0.11 per share for the same quarter last year.

Commenting on the results, ACE chairman and chief executive officer Evan Greenberg said that as a total the company delivered outstanding underwriting results as demonstrated by a P&C combined ratio of 92% and produced an operating ROE of 11.5%.

For the quarter ended on 30 September 2012, total company net premiums written increased by 8.6% and 11.1% on a constant-dollar basis, while P&C net premiums written increased by 9.6% and 12.3%.

Insurance-North American net premiums written increased by 14.9% and excluding the company’s agriculture business, which includes crop insurance, it increased by 20.3%, while the combined ratio was 97.8% compared with 94.2% last year.

Its insurance-overseas general net premiums written decreased by 1.0% and on a constant-dollar basis, it increased by 5.5%.

Net premiums written by the global reinsurance segment increased by 22.2%, while on a constant-dollar basis it increased 7.3% and 8.0% when adjusted for a one-time transaction.

Operating income for the life segment was $87m compared with $80m last year.