Bermudan insurer ACE Limited has announced its financial results for the first three months of the year, generating a net profit of $247m (£155m), up 25% from 2002.
The improvement was due largely to an improvement in its combined ratio to 90.6% for the quarter, compared to 93.1% for the first quarter in 2002.
In addition, net premiums written increased 48% over the same quarter a year ago.
ACE Limited chairman and chief executive Brian Duperreault, Officer said: "This was a good quarter for us by any standard of measurement. We were able to demonstrate the earning power we have been building over the last three years. We benefited from growth in earned premiums, improved underwriting margins and strong positive cash flow.
"However, low investment yields limited our growth in investment income to 3%, which continues to lag the growth in underwriting income. Our annualized ROE from operations was 16.7%. In summary, an excellent start for the current fiscal year."
