NU Online News Service, Feb. 1, 3:31 p.m. EST
ACE Limited says 2011 fourth-quarter net income declined 25 percent to $750 million, as catastrophe losses more than doubled compared to the 2010 fourth quarter, when net income was $1 billion.
Fourth-quarter catastrophe losses were $155 million, with $117 million stemming from Thailand floods, compared to $50 million in catastrophe losses in the 2010 fourth quarter.
For the year, ACE reports net income of $1.6 billion, compared to $3.1 billion in 2010. Again, catastrophe losses, at $899 million, were significantly higher in 2011 compared to 2010, when catastrophe losses were $401 million.
Investment performance affected ACE in the quarter and year as well, as the company reports net realized gains of $87 million in the 2011 fourth quarter compared to $299 million in the 2010 fourth quarter, and net realized losses of $791 million for the year compared to gains of $451 million in 2010.
Evan G. Greenberg says of the results, “ACE had a very good fourth quarter and year given the record natural-catastrophe losses the industry incurred globally.”
He notes that net premiums written grew 6 percent in the quarter to $3.6 billion and 12 percent for the year to $15.4 billion.
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