ACE 2Q earnings dropped 45% but profits rise 54% for the first half
At the same time, for the second quarter, ACE Group profits dropped 45% to USD 328 million or 96 cents per share from USD 594 million or USD 1.74 per share during 2Q2011.
"ACE had a very strong second quarter, with excellent operating results that were ahead of plan despite a challenging and slowing global economy. After-tax operating income was USD 743 million, up 10% from last year (...)", declared Evan G. GREENBERG, Chairman and CEO of ACE Limited.
In 2Q2012, GWP increased to USD 5.65 billion from USD 5.42 billion in 2Q2011. "Our underwriting results this quarter were again distinguishing, with a P&C combined ratio of 88.7%", commented the figures of this period, Evan G. GREENBERG.
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