Citing excellent underwriting results and growth in premium rates, Ace Ltd. says second-quarter net income jumped 172 percent and its CEO predicts the industry will continue to get rate increases despite soft reinsurance market conditions.
Q2 net income was up $561 million to $891 million in the quarter on an increase of 6 percent increase in net premiums written to $4.4 billion. Underwriting income grew 11 percent to $478 million. For the six months, net income grew 42 percent to $1.84 billion while net premiums written grew 6 percent to $8.2 billion. Underwriting income was up 13 percent to $866 million.
During a conference call with financial analysts, the company's Chairman and CEO Evan Greenberg says Ace had excellent underwriting and investment results, and all segments of the company contributed to the financial performance.
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