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ACE Q4 net income declines 25%

Published 01 February 2012

ACE has reported a net income of $750m, or $2.20 diluted earnings per share, for the fourth quarter of 2011, compared to $1bn or $2.92 diluted earnings per share, for the same period in 2010.

Net investment income rose 6% to $565m for the fourth quarter of 2011, compared to $532 m for the same period in the prior year.

Net premiums written increased 6% to $3.63bn, compared to $3.42bn for the same period in the previous year.

The property and casualty (P&C) combined ratio was 92.9%, compared to 90.3% for the same period a year ago.

ACE chairman and CEO Evan Greenberg said that net premiums written grew 6% in the quarter and 12% for the year, driven primarily by their recent acquisitions, their global accident and health insurance business, their P&C business in Asia and Latin America, and their focused portfolio management approach to risk selection in their commercial P&C portfolio.