Global multiline property and casualty insurer ACE Group has reported net income of $916m, of $2.66 per share for the third quarter of 2013, up by 43.1% compared to $640m, or $1.86 per share, during the same period last fiscal.
ACE chairman and CEO Evan Greenberg said, "ACE had another record quarter driven by exceptionally strong underwriting results and double-digit constant-dollar global P&C premium revenue growth.
"We experienced revenue growth in all of our insurance businesses – commercial P&C, accident and health, personal lines and life – and in all territories – North America, Europe, Asia and Latin America."
Total company net premiums written and P&C net premiums written both decreased 2%, or 0.9% on a constant-dollar basis, mainly as a result of lower agriculture premiums. Global P&C net premiums written boosted by 8.9%, or 10.6% on a constant-dollar basis.
P&C underwriting income stood at $558m compared to $335m during the corresponding period earlier year.
For the quarter period ended on 30 September 2013, its Global P&C underwriting income was $493m against $473m during the comparable period in 2012.
Global Reinsurance net premiums written decreased 13.6%. Adjusted for a one-time transaction in the prior year, net premiums written decreased 1.6%.
Life operating income was $75m compared to $87m. The decrease was divided equally between the company’s life reinsurance business and a one-time prior year benefit in the company’s international life insurance business.
Managing operations in 53 nations, ACE offers commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients.