Ace Q1 profit soars 50% as rates harden
Global insurer Ace has attributed a 50% jump in first-quarter net profit to hardening insurance premiums.
Ace earned $US567 million ($783 million) during the first quarter, against $US377 million ($520 million) last year.
Net losses attributed to widening credit spreads and declining equity markets improved to $US102 million ($141 million) against a $US348 million ($480 million) writedown last year.
Total net written premium increased 9% to $US3.42 billion ($4.72 billion) although underwriting income declined 17% to $US378 million ($522 million), due to higher expenses.
Property and casualty lines returned a combined ratio of 87.5% against 84.6% in the same period last year, while net investment income climbed 3% to $US502 million ($693 million).
Ace earned $US567 million ($783 million) during the first quarter, against $US377 million ($520 million) last year.
Net losses attributed to widening credit spreads and declining equity markets improved to $US102 million ($141 million) against a $US348 million ($480 million) writedown last year.
Total net written premium increased 9% to $US3.42 billion ($4.72 billion) although underwriting income declined 17% to $US378 million ($522 million), due to higher expenses.
Property and casualty lines returned a combined ratio of 87.5% against 84.6% in the same period last year, while net investment income climbed 3% to $US502 million ($693 million).