ACE has recorded a £150m jump in profits, generating operating income of £101m for the first nine months of the year.

Net operating earnings per share was 36 pence for the current quarter compared with a net operating loss per share of £1.10 for the same quarter last year.

Encouragingly, ACE recorded a £36m loss this year, compared with a net loss £283m for the same period a year ago.

In addition Gross premiums written increased by 41% to £2.2bn. Net premiums written increased by 70% to £1.4bn and net premiums earned increased by 37% to £1.2bn.

Chairman and Chief Executive Officer of ACE Limited Brian Duperreault said: "This quarter and our year to date have been characterized by exceptional premium growth. This has helped produce positive cash flow in excess of $1 billion for the quarter.

"Operating earnings and unrealized gains from our fixed income portfolio more than offset realized losses this quarter, resulting in an increase in book value per share."

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