ACE Reports Fourth Quarter Operating Income of $49 ACE Reports Fourth Quarter Operating Income of $492 Million after Superstorm Sandy Losses of $393 Million After-Tax; Book Value up 2.1% in Quarter with Operating ROE of 8%
•Book value and tangible book value up 13.1% and 15.5% for the year
•Full-year net income up over 75% and operating income up over 12%
•Full-year combined ratio was 93.9%; operating ROE was 11.0%
•Total net premiums written up 6.0% for the year in constant dollars and 9.1% excluding crop insurance
•Full-year underwriting income was $1.2 billion, up over 11%
•Full-year investment income was $2.2 billion, down 2.8%
•Operating cash flow was $4 billion for the year
January 29, 2013 04:05 PM Eastern Time
ZURICH--(BUSINESS WIRE)--ACE Limited (NYSE: ACE) today reported net income for the quarter ended December 31, 2012, of $2.22 per share, compared with $2.15 per share for the same quarter last year.(1) Income excluding net realized gains (losses) was $1.43 per share, compared with $1.90 per share for the same quarter last year.(2) After-tax catastrophe losses for the fourth quarter 2012 were $400 million, net of reinsurance and including reinstatement premiums, or $1.16 per share, compared with $137 million, or $0.40 per share, for the same quarter last year. Book value and tangible book value increased 2.1% and 2.7%, respectively, from September 30, 2012. Book value and tangible book value per share now stand at $80.90 and $66.28, respectively. Operating return on equity (ROE) for the quarter was 8.0%.(2) The property and casualty (P&C) combined ratio for the quarter was 105.5%, which includes net pre-tax losses from Superstorm Sandy of $502 million ($393 million after-tax) and a pre-tax charge for asbestos and environmental and other run-off business of $140 million ($90 million after-tax). Operating income includes a tax benefit of $121 million from the favorable resolution of prior years’ tax matters.
https://news.acegroup.com/news/acegroup/20130129006702/en/ACE-Reports-Fourth-Quarter-Operating-Income-492
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