ACE returns to profit in Q3

22 November 2012 — Vlad BOLDIJAR
aceThe P&C insurer ACE reported a profitable third quarter aided by higher premiums written and lower catastrophe losses. The Swiss based insurer reported net income of USD 640 million (or USD 1.86 per share), compared to USD -39 million (or a net loss of USD 0.11 per share) for the same period last year. For the nine months ended September 30, 2012, net income was USD 1.94 billion, more than double compared with USD 805 million in January-September 2011.

"ACE had an excellent third quarter marked by strong earnings, outstanding growth in book value, broad-based premium revenue growth and two acquisition announcements that further our global strategy", commented Evan G. GREENBERG, Chairman and Chief Executive Officer of ACE Limited.

At the same time, in Q3 2012, GWP increased to USD 6 billion from USD 5.9 billion in Q3 2011, while for the first nine months, the same indicator was USD 16.45 billion (USD 15.97 billion in January-September 2011).

"Premium revenue growth in the quarter was the strongest so far this year with total company net premiums written up 8.6%, or 11.1% when adjusted for the impact of foreign exchange. We continue to benefit from the favorable P&C pricing trend in North America, where we recorded strong double-digit premium growth, while internationally, excluding the impact of foreign exchange, we also registered good growth across a broad spectrum of property and casualty, accident and health, and personal lines businesses, particularly in Asia and Latin America", underlined Evan G. GREENBERG.

See the full release here!

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