Declining figures still higher than analysts' predictions
ACE net income fell about 27% in the second quarter, down from $746m (£451m) to $535m (£323.5m), hurt by declines in sales and investment losses.
The Zurich-based insurer’s results beat analysts’ expectations, with operating earnings at $2.09 a share, 15c higher than the average expectation of $1.94.
Chairman and chief executive Evan Greenberg said: “Recession, a strong US dollar and a competitive pricing environment impacted premium growth. For our portfolio of business, rates continued to firm and a number of our divisions benefited – such as our ACE Tempest Re reinsurance franchise, where net premiums grew over 20% in the quarter.
“We are well positioned to build market share as insurance markets improve and economic growth slowly recovers.”
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.
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