ACE has reported a net income for the fourth quarter of 2005 of $237m compared with a net income of $278m for the same quarter last year.
Total after tax catastrophe losses for the company were $1,049m compared with $437m in 2004. The P&C combined ratio for the year was 99.3%.
Evan Greenberg, president and CEO of ACE, said: "This past year was the worst in history for insured catastrophe losses, yet ACE finished the year with a combined ratio under 100%, an ROE of approximately 9%, and book value growth of 7%.
"While failing to meet our standards, these results are a testament to the underwriting discipline of our organization. Looking ahead, ACE is well-positioned both operationally and financially to capitalize on a dynamic market and the opportunities it presents."
