ACE underwriting income up 110 percent in 2013
ACE Group has released strong annual results, reporting a P&C combined ratio of 88 percent and underwriting income of $1.8 billion, up over 110 percent from 2012.
Evan G. Greenberg, chairman and CEO, says: “ACE had an excellent fourth quarter and a record year. Both our quarterly and annual results were driven by very strong premium and revenue growth globally and an exceptional underwriting performance. Put simply, we are growing and achieving good margins—it’s about growth in areas where prices are attractive and securing improved terms including rate in areas where they’re not.”
Greenberg adds, “Of course, like the rest of the industry, we benefited from light catastrophe losses during the year. In addition, we run our balance sheet prudently, starting with our loss reserves, and as a consequence we also benefited from positive prior year reserve development.”
For the full year 2012 ACE reports an investment income of $2.1 billion, down less than 2 percent from 2011, and gross premiums written of $21,593 million.