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|ACE Limited||+41 (0)43 456 76 00 main||
|Bärengasse 32||+41 (0)43 456 76 01 fax|
|Investor Contact:||Helen M. Wilson|
|Media Contact:||Stephen M. Wasdick|
ACE REPORTS FOURTH QUARTER 2010 NET INCOME OF $1 BILLION, UP 5%;
OPERATING INCOME OF $702 MILLION AND COMBINED RATIO OF 90.3%;
BOOK VALUE UP 17% FOR THE YEAR, TANGIBLE BOOK VALUE UP 16%;
2010 OPERATING RETURN ON EQUITY OF 13.1%
ZURICH, February 2, 2011 ACE Limited (NYSE: ACE) today reported net income for the quarter ended December 31, 2010, of $2.92 per share, compared with $2.81 per share for the same quarter last year.(1) Income excluding net realized gains (losses) was $2.05 per share, compared with $2.01 per share for the same quarter last year.(2) Book value increased $129 million during the quarter. Book value per share was up 2% from September 30, 2010, and tangible book value per share decreased 2% in the quarter due to the Rain and Hail transaction. Book value and tangible book value per share now stand at $68.59 and $54.63, respectively. Annualized operating return on average equity for the quarter was 13.2%.(3) The property and casualty (P&C) combined ratio for the quarter was 90.3%.
Fourth Quarter Summary
(in millions, except per share amounts)
|(Per Share - Diluted)|
Net realized gains (losses), net of tax
Income excluding net realized gains (losses), net of tax (2)
The following information was filed by Chubb Ltd (CB) on Wednesday, February 2, 2011 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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