US based insurance firm ACE has reported that its first quarter of 2012 net income jumped by 289% to $973m compared to the net income of $250m during the corresponding quarter of fiscal 2011.

The net income in terms of share stood at $2.84 per share, versus $0.73 per share for the same quarter last year.

Its Income excluding net realized gains (losses), net of tax during the latest quarter increased by 171% to $701m against $259m during the same period a year ago.

The company reported that its operating income stood at $701m and combined ratio was 89.2% during the latest quarter period.

ACE chairman and chief executive officer Evan Greenberg said that its after-tax operating income topped $700m and its operating ROE surpassed by 12%, book value grew by 4.5% in the quarter while the firm’s capital exceeded $30bn and shareholders’ equity surpassed $25bn.

"Our underwriting results were simply excellent as demonstrated by a P&C combined ratio of 89.2%. We and much of the industry benefited from relatively light catastrophe losses in the quarter, particularly compared to prior year," Greenberg added.

"It’s noteworthy that our operating income excluding catastrophes was up 2% over the first quarter last year. As for revenue, total company net premiums written grew 3.7% in the quarter, right in line with our plans. We expect our company’s premium growth rate to accelerate as the year progresses."

Total company net premiums written and earned grew by 3.7% and 2.2%, respectively, while on a constant-dollar basis, total company net premiums written and earned increased by 4.4% and 2.9%, respectively during the latest quarter period.

For the quarter ended on 31 March 2012, its P&C underwriting income stood at $314m compared to an underwriting loss of $149m during the same quarter of last fiscal.