Property and casualty insurer ACE has reported net income of $953m during the first quarter of 2013, with a decrease of 2% compared to $973m during the corresponding period earlier year.
For the latest quarter period ended on 31 March 2013, its operating income increased by 7% to $746m, against $701m during the year ago quarter.
Total pre-tax and after-tax catastrophe losses including reinstatement premiums for the quarter were $32m (one percentage point of the combined ratio) and $28m, respectively, versus $19m and $14m, respectively, in 2012.
P&C net premiums written increased by 6.9% and P&C insurance current accident year underwriting income excluding catastrophe losses increased by 36.9% to $328m.
Net loss reserves declined $60m in the quarter after adjusting for foreign exchange due to payments related to Superstorm Sandy and prior year crop insurance losses.
Net investment income decreased by 2.4% to $531m, mainly due to lower reinvestment rates, offset by higher distributions from private equity funds.
North American P&C net premiums written increased by 9.3% and agriculture decreased by 5.1%, while Overseas General insurance net premiums written grew by 6%.
Global Reinsurance net premiums written rose by 6.1%, while Life insurance net premiums written and deposits collected, excluding life reinsurance run-off products increased by 17.8%.
Life insurance operating income stood at $70m compared with $84m during the same period a year ago.
Having operations in 53 countries across the globe, the ACE Group offers commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to its clients.
