Global multiline property and casualty insurer ACE has reported a net income of $779m for the second quarter of 2014, down from $891m during the same period last fiscal.
ACE operating income increased to $825m from $790m during the corresponding period a year ago.
Gross premiums written dropped to $6.01bn from $6.03bn last year, while net premiums written rose to $4.56bn from $4.39bn last year.
ACE chairman and CEO Evan Greenberg said: "ACE’s excellent second quarter results were marked by strong earnings, very good premium revenue growth globally and continued expansion of our business in the majority of markets in which we operate – both developed and developing.
"P&C underwriting income was up 10% with a combined ratio of 87.5%.
"The growth in underwriting was driven by current accident year underwriting income before catastrophe losses, which was up nearly 12% as a result of global P&C net earned premium growth of 8.5%, as well as margin improvement in our international business."
Having business in 54 nations, ACE delivers commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance.