For the nine months ended September 30, 2013, net income was USD 8.02 per share, compared with USD 5.67 per share for 2012. Operating income was USD 6.95 per share, compared with USD 6.23 per share for 2012. Book value increased USD 687 million, up 2.5% from December 31, 2012, and tangible book value increased USD 197 million, up 0.9%. Operating return on equity was 12.3% year to date. The P&C combined ratio for the nine months ended September 30, 2013, was 87.5%.
Evan G. Greenberg, Chairman and Chief Executive Officer of ACE Limited, commented: "ACE had another record quarter driven by exceptionally strong underwriting results and double-digit constant-dollar global P&C premium revenue growth. We produced USD 857 million in after-tax operating income and our operating ROE was 13%. Per share book value increased 3.4% and is now up 2.6% for the year.
"We achieved a P&C combined ratio of 86.5%. While we benefited from a relatively benign quarter for catastrophes, more fundamentally, we experienced margin improvement in both North America, as a result of better pricing and mix of business, and internationally, as a result of product and geographic mix. We also continued to benefit from our portfolio management capabilities, which are an essential component of good underwriting management, combined with our broad product offering, physical geographic presence and culture of execution discipline.
"Global P&C net premiums written, which exclude agriculture, grew 9% in the quarter and over 10.5% on a constant-dollar basis. We experienced revenue growth in all of our insurance businesses - commercial P&C, accident and health, personal lines and life - and in all territories - North America, Europe, Asia and Latin America. We are firing on all cylinders and continuing to achieve strong, broad-based growth despite the economic and political headwinds we are confronting in all regions of the world."
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ACE reports record quarterly operating income of USD 857 million
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