ACE first-quarter net income increases 43%

HAMILTON, Bermuda--ACE Ltd. reported net income of $701 million in the first quarter of 2007, up 43% from $489 million during the first quarter of 2006, the insurer reported Tuesday.

Property/casualty net premiums written decreased from the prior-year quarter to $3.27 billion from $3.31 billion, Hamilton, Bermuda-based ACE also reported.

The insurer's combined ratio was 87.1% in the quarter, down from 90.6% in the prior year.

"Net written premium growth was in line with market conditions," said Evan Greenberg, ACE's president and chief executive officer, in a statement.

"Globally, we are maintaining underwriting discipline and avoiding business where prices and terms don't meet our standards, while driving for growth in those areas where we see opportunity," he said.