Earnings Reports: ACE Limited

By | February 1, 2012

Q4 2011 Q4 2010
Gross premiums written $4.864bn $4.865 bn
Full year – 2011 2010
$20.831 bn $19.511 bn
Net premiums earned —- $3.831 bn $3.572 bn
Full year – 2011 2010
$15.387 bn $13.504 bn
Net income ——————– $750 mn $1.001 bn
Full year – 2011 2010
$1.585 bn $3.108bn
Net operating income —– $663 mn $702 mn
Full year 2011 2010
$2.376 bn $2.657 bn
Q4 2011 Q4 2010
Net realized gain/loss —- $87 mn $299 mn
Full year 2011 2010
($791 mn) – $451 mn
Net investment income —— $565 mn $532 mn
Full year 2011 2010
$2.242 bn $2.07 bn

Q4 Combined ratio – 92.9 percent (90.3 percent in Q4 2010);
Full year – 94.6 percent (2010 90.2 percent)

Chairman and CEO Evan G. Greenberg commented: “ACE had a very good fourth quarter and year given the record natural catastrophe losses the industry incurred globally. The financial results once again demonstrated our conservative approach to risk management and underwriting as well as the benefits of a well-diversified global spread of business. After-tax operating income for the year was $2.4 billion, our operating ROE was nearly 11 percent and we produced a combined ratio of 94.6 percent. Per share book value grew 6 percent for the year, bringing three-year compound annual growth to almost 19 percent.

“Our long-pursued strategy is to achieve product and geographic diversification on a global scale while maintaining underwriting discipline and trading market share for underwriting profit. This has given us greater balance between those product areas exposed to the P&C pricing cycle and those that are not. We continue to pursue opportunities for profitable growth in our businesses around the globe and we are well positioned to continue to do so into the future.”

Source: ACE Limited

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