Bermuda-based insurer and reinsurer Ace has reported a net income for 2003 of US$1.4bn as part of its fourth quarter results. It said the figure compared with net income of $77m for 2002, and the results showed record income for the company.
For the three months ending 31 December 2003, net income was $421m, or $1.45 per share, compared with a net loss of $168m for the comparable period in 2002, said Ace.
It said net premium written increased by 27% during 2003 when compared with 2002, reaching $10.2bn.
The combined ratio for Ace's property and casualty insurance sector was 91.1% for 2003, compared with a figure of 103.0% for 2002.
Ace chairman and chief executive Brian Duperreault said: "The record results of 2003 reflect the significant earnings power that Ace has built up over the last three years.
"With annual net income substantially in excess of $1bn, Ace has established a pre-eminent presence in the global property and casualty insurance industry.
"As we look ahead to 2004, we view our prospects for further growth with continued optimism."
