Ace has reported a strong third-quarter net income of $US675 million ($692 million), up 37% on the same quarter last year.

The Zurich-based company’s after-tax operating income was $US688 million ($705 million).

Ace reported $US14.9 million ($15.2 million) in gross premium written during the first nine months of 2010, up from $US14.6 million ($14.9 million) during the first nine months of last year.

CEO Evan G Greenberg says it was a “very strong third quarter with good earnings contributions from all of our principal businesses”.

The company reported $US97 million ($99 million) third-quarter catastrophe losses compared with $US45 million ($46 million) during the corresponding period last year.

About $US50 million ($51 million) of this year’s losses were due to the Christchurch earthquake.