Ace today reported net income for the first quarter of $433m (£226m), 3% less than...
Ace today reported net income for the first quarter of $433m (£226m), 3% less than $447m (£233m) for the same quarter last year.
Property and casualty (P&C) net earned premiums increased by 15% from the first quarter last year. P&C combined ratio was reported as 89.2% for the quarter compared with 88.4% a year ago.
Gross written premiums were $4.54bn (£2.36bn) compared to $4.42bn (£2.30bn) for the same period last year.
Evan Greenberg, president and chief executive of Ace, said: “This was a very good quarter for Ace. We had record operating income, led by substantial increases in earned premiums and net investment income, and excellent P&C underwriting results.
Our written premium growth rate is naturally slowing in line with a softening rate environment and our determination to maintain underwriting discipline.”
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