ACE Limited reported its results for the first quarter of 2012. Highlights incuded the following:
Q1 2012 Q1 2011
Gross premiums written ———— $4.787 bn $4.644 bn
Net premiums written ————— $3.572 bn $3.446 bn
Net premiums earned ———– $3.381 bn $3.309 bn
Net income ————————– $973 mn $250 mn
Net Operating income ————— $701 mn $259 mn
Net Investment gain (loss) ———- $260 mn ($45 mn)
Net investment income ———— $544 mn $544 mn
Q1 2012 combined ratio – 89.2 percent (105.2 percent in Q1 2011);
Chairman and CEO Evan G. Greenberg commented: “ACE had a good first quarter and strong start to the year. After-tax operating income topped $700 million and our operating ROE surpassed 12 percent. Book value grew 4.5 percent in the quarter. Our balance sheet is in excellent shape – capital now exceeds $30 billion and shareholders’ equity exceeds $25 billion.
“Our underwriting results were simply excellent as demonstrated by a P&C combined ratio of 89.2 percent. We and much of the industry benefited from relatively light catastrophe losses in the quarter, particularly compared to prior year. It’s noteworthy that our operating income excluding catastrophes was up 2 percent over the first quarter last year. As for revenue, total company net premiums written grew 3.7 percent in the quarter, right in line with our plans. We expect our company’s premium growth rate to accelerate as the year progresses.
The complete report and information on accessing the earnings conference call may be obtained on the company’s website.
Source: ACE Limited
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