ACE Limited today reported net income for the quarter ended December 31, 2014, of USD 1.66 per share, compared with USD 2.90 per share for the same quarter last year. Operating income was USD 2.47 per share, compared with USD 2.39 per share for the same quarter last year. Book value per share declined 0.4% from September 30, 2014, to USD 90.02, primarily due to unfavorable foreign currency movement. Excluding foreign currency movement, book value per share increased 1.6%.

Tangible book value per share decreased 1.9% to USD 72.61, primarily due to unfavorable foreign currency movement and the impact of goodwill and intangibles relating to the acquisition closed during the quarter. Tangible book value per share increased 2.4% excluding the impact of foreign currency movement and the acquisition closed during the quarter. Operating return on equity for the quarter was 11.8%. The property and casualty (P&C) combined ratio for the quarter was 88.5%.

For the year ended December 31, 2014, net income was USD 8.42 per share, compared with USD 10.92 per share for 2013. Operating income was USD 9.79 per share, compared with USD 9.35 per share for 2013, an increase of 4.7%. Book value and tangible book value per share increased 6.1% and 5.3%, respectively, from December 31, 2013. Excluding foreign currency movement, book value per share increased 8.8%. Tangible book value per share increased 11.3% excluding the impact of foreign currency movement and acquisitions closed during the year. Operating return on equity for the year was 12%. The P&C combined ratio for the year ended December 31, 2014, was 87.7%. Read the full story

ACE Reports Fourth Quarter Operating of USD 827 million and Record Full-Year Earnings of USD 3.3 billion