ACE Reports Q1 Net Operating Income Up 24% to $216 Million

May 1, 2002

Bermuda-based ACE Limited reported income excluding net realized gains (losses) of $216 million for the quarter ended March 31, 2002 compared with $164 million for the same period in 2001.

“Earnings per share excluding net realized gains (losses) after deducting preferred dividends, was $0.77 for the current quarter compared with $0.65 for the same quarter last year. Net income for the quarter ended March 31, 2002 was $198 million compared with $118 million for fiscal 2001 and earnings per share, after deducting preferred dividends, was $0.70 for the current quarter compared with $0.46 for the same quarter last year,” said the announcement.

ACE’s net income, calculated after deducting $18.050 million in capital gain (loss) was $197.8 million, compared to $118.4 million in the first quarter of 2001.

“This quarter was the most profitable period we have ever achieved from an operating point of view, even though we haven’t fully deployed all of the capital we raised in the fourth quarter of last year,” stated ACE Chairman and CEO Brian Duperreault. “Gross premiums rose 22 percent and net operating income, exclusive of the elimination of goodwill, increased by 17 percent.”

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