Bermuda-based insurance company, ACE has reported net income of $377 million or $1.10 per diluted share for the first quarter of 2008, a decrease of 46% compared with $701 million or $2.10 per diluted share reported for the same period of 2007.
The company has also reported net realized and unrealized loss after tax of $650 million for the first quarter of 2008. The net premiums written in the first quarter of 2008 declined 4% over the same period of 2007.
The property and casualty combined ratio for the first quarter of 2008 was 84.6% compared with 87.1% for the same quarter of 2007. The reinsurance recoverables decreased $393 million for the first quarter of 2008 to $13.97 billion.
Evan Greenberg, chairman and CEO of ACE, said: We had a strong quarter in terms of operating performance, with net operating income up 9.5%. Net income, which was down, and book value growth, which was essentially flat, were negatively impacted by the unprecedented volatility experienced in the debt and equity markets during the quarter.