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Ace reports sharp increase in fourth-quarter profit


Ace Ltd. posted fourth-quarter net income of $998 million, up 30.5% from the same period last year, the Zurich-based insurer said Tuesday.

Net written premiums rose 15.3% from the same period last year to $4.22 billion. The combined ratio improved to 89.3% from 105.5% during the fourth quarter of 2012.

For 2013, annual net income increased 38.9% from the previous year to $3.76 billion. Net written premiums rose 5.9% from a year earlier to $17.03 billion.

The combined ratio for 2013 was 88.0%, compared with 93.9% in 2012.

“ACE had an excellent fourth quarter and a record year,” Chairman and CEO Evan Greenberg said in a statement.

“Both our quarterly and annual results were driven by very strong premium revenue growth globally and an exceptional underwriting performance.”