Ace's first quarter net income down 23% from same time in 2013

Ace Ltd.'s net income for the first quarter of this year dropped 23.0% over that of the first quarter of 2013 to $734 million, Ace reported Tuesday.

The insurer's net written premiums grew 12.0% to $3.69 billion.

Its first-quarter 2013 combined ratio deteriorated slightly to 88.8% from 88.2% during the same period in 2012.

“Total pre-tax and after-tax catastrophe losses including reinstatement premiums were $53 million (1.5 percentage points of the combined ratio) and $43 million, respectively, compared with $32 million (1.0 percentage point of the combined ratio) and $28 million, respectively, last year,” said Ace in its earnings statement

“Underwriting results were particularly strong in the quarter, with underwriting income up 7% and a P&C combined ratio of 88.8%,” Ace Chairman and CEO Evan G. Greenberg in the statement.

“Underwriting income benefited from excellent current accident year underwriting income growth before catastrophe losses of 17% as a result of double-digit growth in earned premium and improved margin” he said.