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ACE Q3 profit rises

ACE has reported a net income of $675m or $1.97 per share, for the third quarter of 2010, compared to $494m or $1.46 for the same quarter of the 2009.

Net premiums earned for the third quarter of 2010 was $3.42b, compared to $3.39b in the same quarter last year.

Total catastrophe losses were $97m including reinstatement premiums compared with $45m for the third quarter of 2009.

P&C underwriting income was $352m compared with $359m in 2009.

The book value per share grew 7% in the quarter and is up 15% for the year. For the quarter, after-tax operating income was $688m while the P&C combined ratio was 88.4%.

Net income for the nine months ended 30 September 2010, was $6.18 per share, compared with $4.73 per share for 2009. For the first nine months of 2010, income excluding net realized gains (losses) was $5.73 per share, compared with $6.16 per share for 2009.

Annualized operating ROE was over 13% for the quarter and nine months.

ACE chairman and CEO of Evan Greenberg said, based on strong results for nine months and positive outlook for the fourth quarter, the company is raising

its full-year 2010 operating earnings guidance from $6.25 to $6.75 per share to $7.20 to $7.40 per share.