The leader of ACE Ltd. said this morning that the insurance "underwriting environment is improving," as the company reported a sharp decline in net income but an 87 combined ratio for fourth-quarter 2008.
Evan Greenberg, chairman and chief executive officer of Zurich-based ACE, noted that the net income result of only $20 million, or 6 cents per share, was marred by $440 million of other-than-temporary impairment charges (accounting charges related to investments) and poor performance in the life reinsurance business.
Net income in fourth-quarter 2007 was $572 million, or $1.69 per share.
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