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ACE Q4 net income rises

ACE Limited has reported net income of $1bn, or $2.92 per share for the fourth quarter ended December 31, 2010, compared to $0.95bn, or $2.81 per share for the same quarter last year.

Net premiums written were $3.42bn for the fourth quarter of 2010, compared to $3.3bn in the last year period. Net premiums earned were $3.57bn for the fourth quarter of 2010, compared to $3.38bn in the same quarter last year.

Net income for the year 2010 was $3.1bn, or $9.11 per share, compared to $2.54bn, or $7.55 per share for the year 2009.
ACE chairman and CEO Evan Greenberg said that the after-tax operating income for the year was nearly $2.7bn, with strong contributions from both underwriting and investment income, and the book value continued its track record of growth, closing up 17% for the year.

"Over the last five years, we have grown our per-share book and tangible book value at a compound annual rate of 14.5% and 15.8%, respectively. Our P&C combined ratio for 2010 was 90.2%, which speaks to our strong underwriting culture and cycle management.

"I believe these standout financial results, which produced an operating return on equity of 13.1%, demonstrate the power of our well-diversified global balance of businesses," Greenberg said.