ZURICH—ACE Ltd.’s profits grew 30% to $1.43 billion in the first half of 2010, helped by an increase in investment income, the company said Tuesday.
The Zurich-based insurer posted net realized investment gains of $177 million in the first half, compared with net realized investment losses of $346 million during the prior-year period.
Net premiums written were flat at $7 billion for the first six months. ACE said second-quarter catastrophe losses totaled $81 million, nearly double compared with the prior-year period. Ace’s combined ratio worsened slightly to 91.2% during the first half, up from 87.6% last year.
“Slow economic recovery in the major developed economies of the U.S., Europe and Japan and competitive global insurance markets impacted total premium growth, and I expect these conditions will be with us for some time,” Evan G. Greenberg, chairman and CEO, said in a statement.
via Investment income helps ACE grow profits in first half | Business Insurance.
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