dividends, of $0.65 for the current quarter compared with $0.52 last year. Net income for the quarter ended December 31, 2000 was $114 million compared with $152 million for 1999 and earnings per share, after deducting preferred dividends, was $0.44 for the current quarter compared with $0.78 for the same quarter last year. Earnings per share calculations are based on the weighted average number of shares calculated in accordance with FAS 128 on a diluted basis.
For the year ended December 31, 2000, income excluding net realized gains (losses) and non-recurring expenses was $582 million compared with $330 million last year and earnings per share excluding net realized gains (losses), after deducting preferred dividends, of $2.48 for the year ended December 2000 compared with $1.67 per share for 1999. Net income for the year was $543 million compared with $365 million for fiscal 1999 and earnings per share, after deducting preferred dividends, was $2.31 for the current year compared with
$1.85 last year. The fully diluted book value per share of the company
at December 31, 2000 was $23.25.
Brian Duperreault, chairman and chief executive officer of ACE Limited, commented: "This was an outstanding year for the ACE Group. We set new records in virtually all financial categories and achieved our goals of integration, expense control and increased profitability. With the improvement in industry conditions accelerating, I am pleased that we are beginning the year with the wind at our backs."
Gross premiums written during the December 31, 2000 quarter increased by 19 percent to $1.6 billion, compared with $1.4 billion for the comparable quarter in 1999.
Net premiums written during the December 31, 2000 quarter were $1 billion compared with $852 million for the same period in 1999. Net premiums earned during the quarter were up 15 percent to $1.1 billion
from $947 million for the same quarter in 1999.
Gross premiums written for fiscal 2000 were $7.6 billion compared with $3.9 billion for fiscal 1999, an increase of 96 percent.
For fiscal 2000, net premiums written increased 96 percent to $4.9 billion compared with $2.5 billion for fiscal 1999. Net premiums earned for the year ended December 31, 2000 were $4.5 billion compared with $2.5 billion for fiscal 1999, an 82 percent increase.
Net investment income, excluding net realized gains (losses), was $209 million for the fiscal 2000 fourth quarter, compared with $159 million for the same period last year. For the year ended December 31, 2000, net investment income, excluding net realized gains (losses), was $771 million compared with $493 million for fiscal 1999. During the 2000 fourth quarter, ACE had net realized losses, net of tax, of $50 million, compared with net realized gains of $53 million for the same quarter in 1999. For the year ended December 31, 2000, net realized losses, net of tax, were $39 million, compared with net realized gains of $42 million for fiscal 1999.
The ACE Group of Companies provides insurance and reinsurance for a 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: www.acelimited.com. ACE Limited (NYSE:ACL) will host a live webcast of its fourth quarter, year-end earnings conference call on Wednesday, February 14, 2001, beginning at 9:30 am 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 14, 2001 until Wednesday, February 21, 2001 at 11:30 pm EST.
Application of the Safe Harbor of the Private Securities Litigation Reform Act of 1995:
Any forward-looking statements made in this press release reflect the Company's current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties which may cause actual results to differ materially from those set forth in these statements.
For example, industry conditions may deteriorate as a result of market
competition. ACE's forward-looking statements could be affected by the
levels of new and renewal business achieved, market acceptance of ACE's diversification and initiatives and market conditions affecting ACE's investments. Also, competition in the industry, the frequency of unpredictable catastrophic events, and economic, regulatory, insurance and reinsurance business conditions, as well as management's response to these factors, and other factors identified in the Company's filings with the Securities and Exchange Commission could affect the forward-looking statements contained in this press release. Readers are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the dates on which they are made.
The Company undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
CONTACT: ACE Limited, Hamilton
Investor Contact:
Helen M. Wilson, 441/299-9283
or
Media Contact:
Wendy Davis Johnson, 441/299-9347