ACE Limited Q1 Profit Declines - Quick Facts

(RTTNews) - ACE Limited (ACE) reported that its first-quarter net income decreased to $734 million or $2.14 per share, from $953 million or $2.77 per share, previous year. Operating income per share was $2.27, for the quarter. On average, 25 analysts polled by Thomson Reuters expected the company to report profit per share of $2.15 for the quarter. Analysts' estimates typically exclude special items.

Net premiums earned increased to $3.97 billion from $3.57 billion. Analysts expected revenue of $3.50 billion for the quarter.

Evan Greenberg, Chairman and CEO of ACE Limited, said: "ACE had an excellent first quarter and a very good start to the year. After-tax operating income of $777 million was driven by both strong underwriting and investment income results, which generated an operating ROE of 11.2%. Per share book and tangible book value grew 2.4% and 3%, respectively."