ACE Reports Second Quarter 2013 Earnings Results

Hamilton, Bermuda: July 23, 2013 - ACE Limited (NYSE: ACE) today reported net income for the quarter ended June 30, 2013, of $2.59 per share, compared with $0.96 per share for the same quarter last year.(1) Operating income was $2.29 per share, compared with $2.17 per share for the same quarter last year. Book value per share declined 2.3% from March 31, 2013, to $80.26 due to rising interest rates. Tangible book value per share decreased 4.9% to $64.40, primarily due to rising interest rates and the impact of goodwill and intangibles relating to acquisitions closed during the quarter. Operating return on equity for the quarter was 12.3%. The property and casualty (P&C) combined ratio for the quarter was 87.9%.

Highlights:

RECORD QUARTERLY OPERATING INCOME OF $790 MILLION, NET INCOME OF $891 MILLION AND P&C COMBINED RATIO OF 87.9%; OPERATING RETURN ON EQUITY IS 12.3%
• Record operating income of $2.29 per share, up 5.5% from prior year
• P&C net premiums written up 7.1%; up 8.6% in constant dollars
• P&C underwriting income of $434 million, up 15.8%
• P&C current accident year underwriting income excluding catastrophe losses up 21.3%;
current accident year combined ratio excluding catastrophe losses of 89.2%
• Net investment income flat with prior year, $534 million versus $537 million

For full report: http://news.acegroup.com/press-release/corporateglobal/ace-reports-record-quarterly-operating-income-790-million-net-income-8