(NYSE:ACE, BSX ACL.BH) today reported income excluding net realized gains (losses) of $41.9 million for the quarter ended December 31, 2001
compared with $164.3 million for the same quarter in 2000 and earnings per share excluding net realized gains (losses), after deducting
preferred dividends, of $0.14 for the current quarter compared with $0.65 last year. Net income for the quarter ended December 31, 2001
was $46.3 million compared with $113.8 million for fiscal 2000 and earnings per share, after deducting preferred dividends, was $0.15 for
the current quarter compared with $0.44 for the same quarter lastyear. Earnings per share calculations are based on the weighted
average number of shares calculated in accordance with FAS 128 on adiluted basis.
For the year ended December 31, 2001, income (loss) excluding net realized gains (losses), non-recurring expenses, and the cumulative
effect of adopting a new accounting standard was $(68.9) million compared with $581.9 million last year and a loss per share, after deducting preferred dividends, of $0.40 for the year ended December 31, 2001 compared with earnings per share of $2.48 per share for 2000.
Net loss for the year was $146.4 million compared with net income of $543 million for fiscal 2000 and the loss per share, after deducting
preferred dividends, was $0.74 for the current year compared with earnings per share of $2.31 last year. The fully diluted book value
per share of the company at December 31, 2001 was $23.59.
"In spite of the losses incurred during the year, we ended 2001 in a stronger financial position than we began," said Brian
Duperreault, Chairman and Chief Executive Officer of ACE Limited. "Our surplus was at its highest levels ever, providing us with the capital
resources we need to meet increased customer demand."
Gross premiums written during the December 31, 2001 quarter increased by 65 percent to $2.7 billion, compared with $1.6 billionfor the comparable quarter in 2000.
Net premiums written during the December 31, 2001 quarter were $1.9 billion compared with $1 billion for the same period in 2000, an
increase of 83 percent. Net premiums earned during the quarter were up 62 percent to $1.8 billion from $1.1 billion for the same quarter in
2000.
Gross premiums written for fiscal 2001 were $10.2 billion compared with $7.6 billion for fiscal 2000, an increase of 34 percent.
For fiscal 2001, net premiums written increased 30 percent to $6.4billion compared with $4.9 billion for fiscal 2000. Net premiums
earned for the year ended December 31, 2001 were $5.9 billion comparedwith $4.5 billion for fiscal 2000, a 30 percent increase.
Net investment income, excluding net realized gains (losses), was$192 million for the fiscal 2001 fourth quarter, compared with $209
million for the same period last year. For the year ended December 31,2001, net investment income, excluding net realized gains (losses),
was $786 million compared with $771 million for fiscal 2000. Duringthe 2001 fourth quarter, ACE had net realized gains, net of tax, of $4
million, compared with net realized losses of $50 million for the samequarter in 2000. For the year ended December 31, 2001, net realized
losses, net of tax, were $50 million, compared with net realizedlosses of $39 million for fiscal 2000.
The ACE Group of Companies provides insurance and reinsurance fora diverse group of clients. The ACE Group conducts its business on a
global basis with operating subsidiaries in nearly 50 countries.
Additional information can be found at: http://www.acelimited.com.
ACE Limited (NYSE:ACE) will host a live webcast of its fourth
quarter, year-end earnings conference call on Wednesday, February 13,
2002, beginning at 9:30 a.m. EST. The public may access the webcast,
which is available on a listen-only basis, at www.acelimited.com.
Please refer to our website for further log-in details. Individuals
who access the webcast will be asked to identify themselves and their
affiliation. A replay of the webcast will be available following the
live webcast on Wednesday, February 13, 2002 until Wednesday, February
20, 2002 at 11:30 p.m. EST.