Commercial insurer ACE Limited has reported a net loss of $31m or $0.09 per share, compared to net income of $675m or $1.97 per share last year.

The company posted P&C net premiums written and earned both increased 33%. On a constant-dollar basis, P&C net premiums written and earned both increased 28%.

Total pre-tax catastrophe losses including reinstatement premiums were $121m, compared with $97m for the third quarter of 2010.

Net investment income increased 9% to $564 million due primarily to a slower turnover rate in the portfolio and a positive impact from foreign exchange.

Premiums earned from North American segment were increased 53%. Adjusted for one-time transactions in 2010 and crop insurance, net premiums written decreased 5%. The combined ratio was 94.3% compared with 90.2%.

ACE Limited chairman and CEO Evan Greenberg said ACE had outstanding operating results in what were very difficult financial market conditions. All principal businesses performed well and contributed positively to the operating results in the quarter.