Property and casualty underwriter ACE has registered net income of $765m or $2.22 per share, for the fourth quarter of 2012, up by 4% from $735m or $2.15 during the same quarter last year.

Income excluding net realized gains or losses stood at $492m or $1.43 per share, against $648m or $1.90 per share during the comparable period earlier year.

After-tax catastrophe losses stood at $400m, net of reinsurance and including reinstatement premiums, or $1.16 per share, compared with $137m, or $0.40 per share, during the corresponding period last fiscal.

For the quarter period ended on 31 December 2012, net written premiums were $3.657bn, versus $3.63bn a year ago.

The company anticipates that operating income will be in between $6.6 and $7 per share during the fiscal year 2013.

Net premiums written by Insurance-North American fell 6.5% for the current quarter mainly due to increased crop insurance premium cessions to the US government.

Trading in 53 geographies, ACE delivers commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients.