ACE has reported a net income for the fourth quarter of 2005 of $237m compared with a net income of $278m for the same quarter last year.
Total after tax catastrophe losses for the company were $1,049m compared with $437m in 2004. The P&C combined ratio for the year was 99.3%.
Evan Greenberg, president and CEO of ACE, said: "This past year was the worst in history for insured catastrophe losses, yet ACE finished the year with a combined ratio under 100%, an ROE of approximately 9%, and book value growth of 7%.
"While failing to meet our standards, these results are a testament to the underwriting discipline of our organization. Looking ahead, ACE is well-positioned both operationally and financially to capitalize on a dynamic market and the opportunities it presents."
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.
