ACE sees third quarter profits rocket
ACE has reported net income for the third quarter of 2006 of $578m compared with a net loss of $112m for the same quarter last year.
The group announced income excluding net realised gains for the quarter of $652m compared with a $187m loss for the same quarter a year ago.
Key to this record income was the low catastrophe losses experienced in the quarter, with Q3 2006 resulting in cat losses of only $5m, compared to losses for the same quarter in 2005 of $742m.
The P&C combined ratio for the current quarter was 85.7%. Annualised return on average equity for the quarter was 20.6%.
Evan Greenberg, president and CEO,said: “We had an excellent quarter, with all areas of the company performing well. The positive effect of the lack of catastrophe activity only added to what was already a very good quarter of operating performance. Our P&C combined ratio was 85.7% while return on equity was 20.6%. We had record growth in book value of more than $1bn. Our organisation is in great shape, and we expect to continue to produce excellent results into the future.”
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