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The Collaborative Clearinghouse for Lawsuits and Other Claims Against ACE Group Insurance Companies

ACE Sees Profits Rise in Third Quarter

November 19th, 2013 - ACE Ltd. has reported third quarter profits that bested both net and operating incomes from a year earlier.

The Zurich-based insurance giant said that net income for the business period that ended Sept. 30 stood at $2.66US per share. That compares to $1.86 for the year-ago period. On the operating income level, ACE said per share income was $2.49, compared to $2.01.

Evan Greenberg, chairman and chief executive officer of ACE, characterized third quarter operations as a record. He said they were driven by strong underwriting results and double-digit constant-dollar global property and casualty premium income growth.

Results were further helped along by a relatively calm period, claims-wise.

“We benefitted from a relatively benign quarter for catastrophes,” said Greenberg. “More fundamentally, we experienced margin improvement in both North America - as a result of better pricing and mix of business - and internationally as a result of product and geographic mix.”

Greenberg further said that global P&C net premiums written - exclusive of agriculture policies - grew 9 percent in the quarter and 10.5 percent on a constant-dollar basis. More broadly, the company said that it experienced growth in all territories it serves and in all lines, which includes commercial P&C, accident and health, personal lines and life insurance.

For the first three quarters of 2013, ACE said net income was $8.02 per share, compared with $5.67 in 2012. For operating income, year-to-date profits were reported at $6.95 per share, versus $6.23 in 2012.

With its earnings release, ACE said it was updating its July guidance for 2013 earnings to account for a positive prior period reserve development, lower-than-expected catastrophe losses and better current year accident results. It estimated that after tax operating earnings will total $8.65 to $8.90 per share.

Read More: ACE Reports Record Quarterly Operating Income ...

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