ACE Ltd. reported first-quarter net income increased 43 percent compared with the same year ago period.
The Bermuda-based primary and secondary insurer reported net income of $701 million, $2.10 per share, compared with $489 million, or $1.46 per share for the same 2006 period.
Bear Stearns analyst David Small said the quarterly results indicate evidence that the company is one of the best run in its coverage universe.
"While others are struggling to maintain expense ratios in this declining rate environment, ACE was actually able to lower its overall expense ratio by 120 basis points on a year-over-year basis," Mr. Small said.
The company reported net premiums earned in its property-casualty business rose 9 percent over the prior year, while net premiums written decreased 2 percent--a sign that the company is being more selective in its business.
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