ACE reports mixed results

by Richard Kilner

Story link: ACE reports mixed results

ACE Limited has reported its financial results for the quarter ended 30 June 2012, including net income of $328m.

This is a 45% decline from the $594m of the corresponding period last year, with net income per share dropping from $1.74 to $0.96.

However, biannual net income increased by 54%, from $844m to $1,301m with net income per share for the first six months of the year up from $2.48 to $3.80.

ACE Limited Chairman and Chief Executive Officer Evan G. Greenberg described the firm’s second quarter as very strong, citing ACE’s after-tax operating income of $743m, a 10% rise year-on-year.

Greenberg also welcomed the 4.5% rise in net written premiums in Q2.

However, he did sound a cautious note and said the firm was well aware of the economic and political headwinds the world faced, most especially the eurozone sovereign debt crisis and the US fiscal cliff.