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ACE Reports First Quarter 2009 Net Income of $567 Million, Up 50%; Operating Income of $669 Million
ZURICH, Switzerland - 27 February, 2009 - ACE Limited (NYSE: ACE) today reported net income for the quarter ended March 31, 2009, of $1.69 per share, compared with $1.10 per share for the same quarter last year. Income excluding net realized gains (losses) was $1.99 per share, compared with $2.14 per share. The net realized and unrealized losses after tax were $291 million due to the mark-to-market pricing impact caused by continued widening of credit spreads and the decline in global equity markets. Realized losses due to credit impairment were $27 million. Book value increased $272 million, up 2% from December 31, 2008. Annualized return on average equity was 18.4%. The property and casualty (P&C) combined ratio was 87.5%.
Please refer to the ACE Limited Financial Supplement dated March 31, 2009, which is posted on the company's website in the Investor Information section, and access Financial Reports for more detailed information on individual segment performance, together with additional disclosure on reinsurance recoverable, loss reserves, investment portfolio and capital structure.
ACE will host its first quarter earnings conference call and webcast on Wednesday, April 29, 2009, beginning at 8:30 a.m. ET. The earnings conference call will be available via live and archived webcast at www.acelimited.com or by dialing 877-718-5111 (within the United States) or 719-325-4786 (international); passcode 4963586. Please refer to the ACE Limited website in the Investor Information section under Calendar of Events for details. A replay of the call will be available for approximately one month. To listen to the replay, dial: 888-203-1112 (in the United States) or 719-457-0820 (international); passcode 4963586.
The ACE Group is a global leader in insurance and reinsurance serving a diverse group of clients. Headed by ACE Limited, the ACE Group conducts its business on a worldwide basis with operating subsidiaries in more than 50 countries. Additional information can be found at: www.acelimited.com
Contact Information
Investor Contact:
Helen M. Wilson (441) 299-9283 helen.wilson@acegroup.com
Media Contact:
Stephen M. Wasdick (212) 827-4444 stephen.wasdick@acegroup.com