Bermuda-based insurer Ace Insurance has tabled a 12% rise in full-year net income to $US2.58 billion ($2.88 billion), despite a lull in fourth-quarter earnings.

Ace's fourth quarter net income slumped 14% to $US572 million ($638 million) on tax and other losses of $US121 million ($135 million).

Gross written premiums (GWP) rose marginally to $US4.14 billion ($4.62 billion) in the fourth quarter, bringing total GWP for the year to $US17.74 billion ($19.79 billion), up $US339 million ($378 million).

The company's combined ratio was stable at 88.1% for the fourth quarter and 87.9% for the year.