Ace reported an 11% increase in its net income for the second quarter of the year, up from $371m in 2003 to $413m for 2004.
Income for the second quarter, excluding net realised gains, went up from $286m in the second quarter of 2003 to $380m for the second quarter of 2004.
Ace president and chief executive officer Evan Greenberg, said: “This was an excellent quarter. All of our business segments performed well, which is a reflection of the investments we have made to increase both our product capability and physical presence globally.
“In light of a softening market, I remain confident in our ability to perform given our underwriting discipline and the diversity of our business opportunities.”
Net premiums written increased 19% to $2.9bn, reflecting P&C net premium growth of 25% over 2003, said the company.
It also reported that the P&C combined ratio improved to 89% for the quarter compared with 91.7% a year ago.
For its North American insurance operations, Ace said net written premiums had increased 37% and the combined ratio improved to 90.3%.
For its overseas general insurance business net written premiums increased 21% (11% after foreign exchange impact) and the combined ratio improved to 89.3%.
Net written premiums for global reinsurance were up 6% and with the combined ratio improving to 76.1%, said the company.
