Premium growth and fewer catastrophe losses helped global insurer Ace to a record profit of $US3.76 billion ($4.29 billion) last year, up 39%.

Chairman and CEO Evan Greenberg says strong premium growth globally and an exceptional underwriting performance lifted profit, even though investment income fell 2%.

“I expect we will have a good year in 2014 as we continue to take advantage of the many growth opportunities we see around the globe, including the US,” he said.

Gross written premium grew 6% to $US22.83 billion ($26.05 billion) and underwriting income increased 95% to $US1.88 billion ($2.14 billion).

The combined ratio was 88%, compared with 93.9% in 2012.