Ace Ltd has reported a record net income for 2003 of $1.4bn. This compared with net income of $77m for 2002 .
For the three months ending 31 December 2003, net income was $421m, or $1.45 per share.
This compared with a net loss of $168m for the comparable period in 2002, said Ace.
It said net premium written of $10.2bn increased by 27% during 2003 when compared with 2002.
The combined ratio for Ace's property and casualty sector was 91.1% for 2003, compared with a figure of 103% for 2002.
Ace chairman and chief executive Brian Duperreault said: "The record results of 2003 reflect the significant earnings power that Ace has built up over the last three years.
"With annual net income substantially in excess of $1bn, Ace has established a pre-eminent presence in the global property and casualty insurance industry.
"As we look ahead to 2004, we view our prospects for further growth with continued optimism."
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
