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ACE Reports Fourth Quarter Operating Income of $827 Million
and Record Full-Year Earnings of $3.3 Billion, Up 4.7% per Share;
Operating ROE of 11.8% for the Quarter and 12% for the Year;
Full-Year P&C Combined Ratio of 87.7% versus 88% Last Year
|||Global P&C net premiums written, which exclude Agriculture, up 5.8% for the quarter and 6.9% for the year in constant dollars|
|||P&C underwriting income up 7.1% for the quarter and 7.2% for the year, driven by strong current accident year underwriting income excluding catastrophe losses, up 23.3% for the quarter and 13% for the year; current accident year combined ratio excluding catastrophe losses of 89.5% for the quarter and 89.3% for the year|
|||Record net investment income of $577 million for the quarter; for the year, net investment income of $2.3 billion, up 5.1%|
|||Full-year operating cash flow of $4.5 billion|
|||In the quarter, unfavorable foreign currency movement negatively impacted book value by $596 million and reduced Global P&C net premiums written growth by 2.8 percentage points|
Zurich January 27, 2015 ACE Limited (NYSE: ACE) today reported net income for the quarter ended December 31, 2014, of $1.66 per share, compared with $2.90 per share for the same quarter last year.(1) Operating income was $2.47 per share, compared with $2.39 per share for the same quarter last year. Book value per share declined 0.4% from September 30, 2014, to $90.02, primarily due to unfavorable foreign currency movement. Excluding foreign currency movement, book value per share increased 1.6%. Tangible book value per share decreased 1.9% to $72.61, primarily due to unfavorable foreign currency movement and the impact of goodwill and intangibles relating to the acquisition closed during the quarter. Tangible book value per share increased 2.4% excluding the impact of foreign currency movement and the acquisition closed during the quarter. Operating return on equity for the quarter was 11.8%. The property and casualty (P&C) combined ratio for the quarter was 88.5%.
|ACE®, ACE logo®, and ACE insured® are trademarks of ACE Limited.||1|
The following information was filed by Chubb Ltd (CB) on Tuesday, January 27, 2015 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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