ACE 2Q earnings dropped 45% but profits rise 54% for the first half

ACE's net income increased 54% during the first six months of 2012, on strong current accident year underwriting results and low catastrophe losses. The Swiss based insurer reported net income of USD 1.3 billion (or USD 3.80 per share), compared to USD 844 million (USD 2.48 per share) for the same period last year. ACE improved its combined ratio to 88.9% for 1H2012 from 92.7%, a year earlier. For the same period, GWP increased to USD 10.4 billion from USD 10.1 billion in 1H2011.

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.

See the full press release here!

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