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|Investor Contact:||Helen M. Wilson|
|Media Contact:||Stephen M. Wasdick|
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
ZURICH January 29, 2013 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.
The following information was filed by Chubb Ltd (CB) on Tuesday, January 29, 2013 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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