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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.