- Global P&C net premiums written,
which exclude Agriculture, up 5.8% for the quarter and 6.9% for the
year in constant dollars
- P&C underwriting income up 7.1% for
the quarter and 7.2% for the year, driven by strong current
accident year underwriting income excluding catastrophe losses, up
23.3% for the quarter and 13% for the year; current accident year
combined ratio excluding catastrophe losses of 89.5% for the
quarter and 89.3% for the year
- Record net investment income of $577
million for the quarter; for the year, net investment income of
$2.3 billion, up 5.1%
- Full-year operating cash flow of $4.5
billion
- In the quarter, unfavorable foreign
currency movement negatively impacted book value by $596 million
and reduced Global P&C net premiums written growth by 2.8
percentage points
ACE Limited (NYSE: ACE) today reported net income for the
quarter ended December 31, 2014, of $1.66 per share, compared with
$2.90 per share for the same quarter last year.(1) Operating income
was $2.47 per share, compared with $2.39 per share for the same
quarter last year. Book value per share declined 0.4% from
September 30, 2014, to $90.02, primarily due to unfavorable foreign
currency movement. Excluding foreign currency movement, book value
per share increased 1.6%. Tangible book value per share decreased
1.9% to $72.61, primarily due to unfavorable foreign currency
movement and the impact of goodwill and intangibles relating to the
acquisition closed during the quarter. Tangible book value per
share increased 2.4% excluding the impact of foreign currency
movement and the acquisition closed during the quarter. Operating
return on equity for the quarter was 11.8%. The property and
casualty (P&C) combined ratio for the quarter was 88.5%.
Fourth Quarter Summary (in millions, except per
share amounts) (Unaudited)
(Per Share - Diluted) 2014
2013 Change 2014 2013
Change Operating income, net of tax $ 827 $
824 0.4 % $ 2.47 $ 2.39 3.3 % Adjusted net realized gains (losses),
net of tax
(272
)
174 NM (0.81 ) 0.51 NM Net income $ 555
$ 998 (44.4 )% $ 1.66 $ 2.90
(42.8 )%
For the year ended December 31, 2014, net income was $8.42 per
share, compared with $10.92 per share for 2013. Operating income
was $9.79 per share, compared with $9.35 per share for 2013, an
increase of 4.7%. Book value and tangible book value per share
increased 6.1% and 5.3%, respectively, from December 31, 2013.
Excluding foreign currency movement, book value per share increased
8.8%. Tangible book value per share increased 11.3% excluding the
impact of foreign currency movement and acquisitions closed during
the year. Operating return on equity for the year was 12%. The
P&C combined ratio for the year ended December 31, 2014, was
87.7%.
Full Year Summary (in millions, except per share
amounts) (Unaudited)
(Per Share - Diluted) 2014 2013
Change 2014 2013
Change Operating income, net of tax $ 3,320 $ 3,217
3.2 % $ 9.79 $ 9.35 4.7 % Adjusted net realized gains (losses), net
of tax (467 ) 541 NM (1.37 ) 1.57 NM
Net income $ 2,853 $ 3,758 (24.1 )% $ 8.42
$ 10.92 (22.9 )%
Evan G. Greenberg, Chairman and Chief Executive Officer of ACE
Limited, commented: “ACE had excellent operating results for the
fourth quarter which contributed to another record year. Quarterly
and annual results were driven by growth in both underwriting and
investment income. Record full-year after-tax operating income of
$3.3 billion was up 4.7% per share with a strong operating ROE of
12%.
“Our P&C combined ratio was 88.5% for the quarter and 87.7%
for the year with fourth quarter and full-year underwriting income
both up over 7%. Our excellent underwriting results were driven by
a particularly strong current accident year performance, which
reflects the fundamental strength of our current year business.
Current accident year underwriting income excluding catastrophes
was up 23% for the quarter and 13% for the year.
“Net investment income was a record $577 million in the quarter
and $2.3 billion for the year, up more than 5%. We benefited from
strong operating cash flow and achieved an exceptional result given
the historically low interest rate environment.
“For the quarter and year, global P&C net premiums written
grew about 6% and 7%, respectively, on a constant-dollar basis with
the strong dollar negatively impacting growth by about 2.8
percentage points in the quarter and 1.2 percentage points for the
year. Per share book value declined modestly in the quarter and
grew 6.1% for the year with foreign exchange negatively impacting
book value by $596 million in the quarter and $747 million for the
year. Excluding foreign currency movement, book value per share
grew 8.8% for the year. There has been a rapid investor flight to
the dollar in search of safety, driven by the decline in oil
prices, economic uncertainty in many countries and regions, and
geopolitical tensions. ACE is a truly global multinational insurer,
and we are dollar-based. Our diversified presence, product and
customer capabilities, and distribution focus in 54 countries are a
unique source of earnings strength that enables us to take
advantage of so many opportunities around the globe over time.
“In the quarter, we closed our acquisition of the large
corporate P&C business of Brazil’s Itaú Seguros and announced
our intention to purchase the U.S. high net worth personal lines
business of Fireman’s Fund. These are just two of many investments
we made last year in the future of our company that will strengthen
our presence and capabilities and increase our ability to produce
sustainable outperformance. We are off to a good start in January
and we remain confident in our strategy and are relentless in our
drive to execute with excellence.”
Operating highlights for the quarter and full year ended
December 31, 2014, were as follows:
(in millions of U.S. dollars except
forpercentages)
4Q2014
4Q2013
Change
Full Year2014
Full Year2013
Change
P&C
Net premiums written $ 3,803 $ 3,712 2.4 % $ 15,787 $ 15,053 4.9 %
Net premiums written constant-dollar $ 3,621 5.0 % $ 14,913 5.9 %
Underwriting income $ 444 $ 416 7.1 % $ 1,898 $ 1,772 7.2 %
Combined ratio 88.5 % 89.3 % 87.7 % 88.0 % Current accident year
underwriting income excluding catastrophe losses $ 406 $ 330 23.3 %
$ 1,659 $ 1,469 13.0 % Current accident year combined ratio
excluding catastrophe losses 89.5 % 91.5 % 89.3 % 90.0 %
Global P&C
(excludes Agriculture)
Net premiums written $ 3,559 $ 3,456 3.0 % $ 14,197 $ 13,426 5.7 %
Net premiums written constant-dollar $ 3,365 5.8 % $ 13,286 6.9 %
Underwriting income $ 385 $ 438 (12.0 )% $ 1,762 $ 1,683 4.8 %
Combined ratio 89.1 % 87.4 % 87.4 % 87.1 % Current accident year
underwriting income excluding catastrophe losses $ 347 $ 350 (0.7
)% $ 1,476 $ 1,386 6.6 % Current accident year combined ratio
excluding catastrophe losses 90.2 % 89.9 % 89.4 % 89.4 %
Agriculture
Net premiums written $ 244 $ 256 (5.0 )% $ 1,590 $ 1,627 (2.3 )%
Underwriting income (loss) $ 59 $ (22 ) NM $ 136 $ 89 52.8 %
Combined ratio 81.8 % 105.2 % 91.1 % 94.7 % Current accident year
underwriting income (loss) excluding catastrophe losses $ 59 $ (20
) NM $ 183 $ 83 121.1 % Current accident year combined ratio
excluding catastrophe losses 82.4 % 104.8 % 87.8 % 95.1 %
- P&C net premiums earned for the
quarter increased 2.1%, and Global P&C net premiums earned
increased 5.4% in constant dollars. For the year, P&C net
premiums earned increased 6.2%, and Global P&C net premiums
earned increased 8.2% in constant dollars.
- The P&C expense ratio for the
quarter was 29.9%, compared with 28.0% last year. The Global
P&C expense ratio, which excludes Agriculture, was 32.2%
compared with 31.7% last year. The Agriculture expense ratio for
the quarter was 4.6% compared with (1.1)% last year. For the year,
the P&C expense ratio was 29.4% compared with 28.4% last year.
The Global P&C expense ratio for the year was 32.1% compared
with 31.5% last year.
- Total P&C pre-tax and after-tax
catastrophe losses including reinstatement premiums for the quarter
were $69 million (1.7 percentage points of the combined ratio) and
$64 million, respectively, compared with $36 million (1.0
percentage point of the combined ratio) and $31 million,
respectively, last year. For the year, total P&C pre-tax and
after-tax catastrophe losses including reinstatement premiums were
$288 million and $249 million, respectively, compared with $227
million and $197 million, respectively, last year.
- Favorable prior period development
pre-tax for the quarter, net of a $130 million pre-tax charge for
asbestos and environmental and other run-off businesses, was $107
million (2.7 percentage points of the combined ratio) compared with
$122 million (3.2 percentage points of the combined ratio) net of a
comparable $91 million pre-tax charge last year.
- Operating cash flow was $1.3 billion
for the quarter and $4.5 billion for the year.
- Net loss reserves increased $659
million for the year after adjusting for foreign exchange.
- Net investment income for the quarter
was $577 million compared with $557 million last year. Net
investment income for the year was $2.3 billion compared with $2.1
billion last year.
- Net realized and unrealized losses
pre-tax totaled $61 million for the quarter, which included net
realized losses of $161 million and net unrealized gains of $100
million. Net realized losses included a loss of $153 million from
derivative accounting related to variable annuity reinsurance.
- Net income in 2014 was negatively
impacted relative to 2013 for both the quarter and year as a result
of the mark-to-market accounting associated with the company’s
variable annuity reinsurance business. The relative difference is
primarily due to interest rates, which fell during 2014 after
rising during 2013.
- The operating effective tax rate was
12.7% for the quarter. The effective tax rate computed using net
income was 29.5% for the quarter, due principally to a deferred tax
charge related to unrealized foreign exchange losses during the
quarter.
- Operating return on equity was 11.8%
for the quarter and 12.0% for the year. Return on equity computed
using net income was 7.5% for the quarter and 9.8% for the
year.
- Share repurchases totaled $430 million,
or approximately 3.8 million shares, during the quarter. Since the
inception of the November 2013 share repurchase authorization, the
company has repurchased approximately 14.5 million shares for $1.5
billion through December 31, 2014.
- Book value per share decreased 0.4% to
$90.02 from $90.38 at September 30, 2014, and increased 6.1%
from $84.83 at December 31, 2013. Unfavorable foreign currency
movement negatively impacted book value by $596 million in the
quarter and $747 million for the year.
- Tangible book value per share decreased
1.9% to $72.61 from $74.05 at September 30, 2014, and
increased 5.3% from $68.93 at December 31, 2013. Excluding
unfavorable foreign currency movement of $747 million, tangible
book value per share increased 8.6% for the year. Goodwill and
intangibles relating to the acquisitions of the large corporate
P&C business of Itaú Seguros, S.A. and The Siam Commercial
Samaggi Insurance PCL had an additional negative impact of 2.7%.
Excluding the impact of both unfavorable foreign currency movement
and the acquisitions, tangible book value per share increased 11.3%
for the year.
Details of financial results by business segment are available
in the ACE Limited Financial Supplement. Key segment items for the
quarter and full year ended December 31, 2014, include:
- Insurance – North American P&C
(excluding Agriculture): Net premiums written increased 4.2% for
the quarter. The combined ratio was 90.2% for the quarter compared
with 86.2%. The combined ratio was 88.4% for the year compared with
86.9%. The current accident year combined ratio excluding
catastrophe losses was 89.1% for the quarter compared with 87.2%.
The current accident year combined ratio excluding catastrophe
losses for the year was 88.0% compared with 87.6%. Favorable prior
period development in the quarter of $11 million included $130
million of adverse development for legacy asbestos and
environmental liability exposures.
- Insurance – North American Agriculture:
Net premiums written decreased 5.0% for the quarter. The combined
ratio was 81.8% for the quarter compared with 105.2%. The combined
ratio was 91.1% for the year compared with 94.7%. The current
accident year combined ratio excluding catastrophe losses was 82.4%
for the quarter compared with 104.8%. The current accident year
combined ratio excluding catastrophe losses for the year was 87.8%
compared with 95.1%.
- Insurance – Overseas General: Net
premiums written increased 3.0% for the quarter, or 8.4% on a
constant-dollar basis. The combined ratio was 86.3% for the quarter
compared with 88.1%. The combined ratio was 85.8% for the year
compared with 87.2%. The current accident year combined ratio
excluding catastrophe losses was 89.4% for the quarter compared
with 91.6%. The current accident year combined ratio excluding
catastrophe losses for the year was 89.9% compared with 90.5%.
- Global Reinsurance: Net premiums
written decreased 9.4% for the quarter. The combined ratio was
76.5% for the quarter compared with 68.4%. The combined ratio was
72.3% for the year compared with 65.9%. The current accident year
combined ratio excluding catastrophe losses was 76.2% for the
quarter compared with 73.6%. The current accident year combined
ratio excluding catastrophe losses for the year was 75.6% compared
with 70.9%.
- Life: Operating income was $76 million
for the quarter compared with $86 million last year. The decrease
was primarily due to a one-time tax benefit last year.
International life insurance net premiums written and deposits
collected increased 20.5% for the quarter on a constant-dollar
basis. For the year, international life insurance net premiums
written and deposits collected increased 18.4% on a constant-dollar
basis.
Please refer to the ACE Limited Financial Supplement, dated
December 31, 2014, which is posted on the company's website in the
Investor Information section, and access Financial Reports for more
detailed information on individual segment performance, together
with additional disclosure on reinsurance recoverable, loss
reserves, investment portfolio and capital structure.
ACE will hold its fourth quarter earnings conference call on
Wednesday, January 28, 2015, beginning at 8:30 a.m. Eastern. The
earnings conference call will be available via live webcast at
www.acegroup.com or by dialing
888-297-0339 (within the United States) or 719-457-2506
(international), passcode 1087118. Please refer to the ACE Group
website in the Investor Information section under Calendar of
Events for details. A replay of the call will be available until
Wednesday, February 11, 2015, and the archived webcast will be
available for approximately one month. To listen to the replay,
please dial 888-203-1112 (in the United States) or 719-457-0820
(international), passcode 1087118.
About ACE Group
ACE Group is one of the world’s largest multiline property and
casualty insurers. With operations in 54 countries, ACE provides
commercial and personal property and casualty insurance, personal
accident and supplemental health insurance, reinsurance and life
insurance to a diverse group of clients. ACE Limited, the parent
company of ACE Group, is listed on the New York Stock Exchange
(NYSE: ACE) and is a component of the S&P 500 index. Additional
information can be found at: www.acegroup.com.
(1) All comparisons are with the same period last year unless
specifically stated.
Regulation G - Non-GAAP Financial Measures
In presenting our results, we included and discussed certain
non-GAAP measures. These non-GAAP measures, which may be defined
differently by other companies, are important for an understanding
of our overall results of operations and financial condition.
However, they should not be viewed as a substitute for measures
determined in accordance with generally accepted accounting
principles (GAAP).
Adjusted net realized gains (losses), net
of tax, includes net realized gains (losses) and net
realized gains (losses) recorded in other income (expense) related
to unconsolidated subsidiaries, and excludes realized gains and
losses on crop derivatives. These derivatives were purchased to
provide economic benefit, in a manner similar to reinsurance
protection, in the event that a significant decline in commodity
pricing will impact underwriting results. We view gains and losses
on these derivatives as part of the results of our underwriting
operations, and therefore realized gains and losses from these
derivatives are reclassified to adjusted losses and loss expenses.
The P&C combined ratio includes adjusted losses and loss
expenses in the ratio numerator.
Net premiums written on a constant-dollar
basis is a financial measure which excludes the impact of
foreign exchange. We believe it is useful to evaluate the trends in
net premiums written, exclusive of the effect of fluctuations in
exchange rates between the U.S. dollar and the currencies in which
our international business is transacted, as these exchange rates
could fluctuate significantly between periods and distort the
analysis of trends. The impact is determined by assuming constant
foreign exchange rates between periods by translating prior period
results using the same local currency exchange rates as the
comparable current period.
Underwriting income, P&C underwriting
income, and Global P&C underwriting income are
calculated by subtracting losses and loss expenses, policy
benefits, policy acquisition costs and administrative expenses from
net premiums earned. P&C underwriting income also includes
gains (losses) on crop derivatives. We use underwriting income and
operating ratios to monitor the results of our operations without
the impact of certain factors, including net investment income,
other income (expense), interest and income tax expense and
adjusted net realized gains (losses). Current accident year
underwriting income excluding catastrophe losses is underwriting
income adjusted to exclude catastrophe losses and prior period
development (PPD). We believe it is useful to exclude catastrophe
losses, as they are not predictable as to timing and amount, and
PPD as these unexpected loss developments on historical reserves
are not indicative of our current underwriting performance. We
believe the use of these measures enhances the understanding of our
results of operations by highlighting the underlying profitability
of our insurance business.
Operating income or income excluding
adjusted net realized gains (losses), net of tax is a common
performance measurement for insurance companies. We believe this
presentation enhances the understanding of our results of
operations by highlighting the underlying profitability of our
insurance business. We exclude adjusted net realized gains (losses)
because the amount of these gains (losses) is heavily influenced by
the availability of market opportunities.
P&C combined ratio excluding
catastrophe losses and PPD or current accident year P&C
combined ratio excluding catastrophe losses exclude impacts
of catastrophe losses and PPD. We believe this measure provides a
better evaluation of our core underwriting performance and enhances
the understanding of the trends in our property and casualty
business that may be obscured by these items.
Global P&C performance metrics
comprise consolidated operating results (including corporate) and
exclude the operating results of the company’s Life and Insurance –
North American Agriculture segments. We believe that these measures
are useful and meaningful to investors as they are used by
management to assess the company’s global P&C operations which
are the most economically similar. We exclude the Insurance – North
American Agriculture and Life segments because the results of these
businesses do not always correlate with the results of our global
P&C operations.
Life net premiums written and deposits
collected, excluding life reinsurance, is adjusted to
include deposits collected on universal life and investment
contracts (life deposits) and exclude results from our life
reinsurance business. Life deposits are not reflected as revenues
in our consolidated statements of operations in accordance with
GAAP. We include life deposits in presenting growth in our Life
business because new life deposits are an important component of
production and key to our efforts to grow our business. We exclude
results associated with life reinsurance as there is no new life
reinsurance business currently being written.
Operating return on equity (ROE) or ROE
calculated using operating income is an annualized financial
measure. The ROE numerator includes income adjusted to exclude
adjusted net realized gains (losses), net of tax. The ROE
denominator includes the average shareholders' equity for the
period adjusted to exclude unrealized gains (losses) on
investments, net of tax. To annualize a quarterly rate, multiply by
four. Annualized ROE calculated using operating income is a useful
measure as it enhances the understanding of the return on
shareholders' equity by highlighting the underlying profitability
relative to shareholders' equity excluding the effect of unrealized
gains and losses on our investments.
Tangible book value per common
share is shareholders' equity less goodwill and other
intangible assets divided by the shares outstanding. We believe
that goodwill and other intangible assets are not indicative of our
underlying insurance results or trends and make book value
comparisons to less acquisitive peer companies less meaningful.
Tangible book value per common share
excluding 2014 acquisitions is shareholders' equity less
goodwill and other intangible assets divided by the shares
outstanding. The numerator adds back the goodwill and other
intangible assets related to the 2014 acquisitions of the large
corporate P&C insurance business of Itaú Seguros, S.A. and The
Siam Commercial Samaggi Insurance PCL in order to control for the
distortive effect of acquisitions. In addition, we disclose per
share measures that exclude the impact of foreign currency
fluctuations during the year in order to adjust for the distortive
effects of fluctuations in exchange rates.
Other income (expense) – operating
excludes from consolidated Other income (expense) the portion of
net realized gains and losses related to unconsolidated entities
and gains and losses from fair value changes in separate account
assets that do not qualify for separate account reporting under
GAAP. Net realized gains (losses) related to unconsolidated
entities is excluded from operating income in order to enhance the
understanding of our core results of operations as they are heavily
influenced by, and fluctuate in part according to market
conditions.
See reconciliation of Non-GAAP Financial Measures on pages 22-24
in the Financial Supplement. These measures should not be viewed as
a substitute for net income, return on equity, or effective tax
rate determined in accordance with GAAP.
NM - not meaningful comparison
Cautionary Statement Regarding
Forward-Looking Statements:
Forward-looking statements made in this press release, such as
those related to company performance including 2015 performance and
growth opportunities, reflect our current views with respect to
future events and financial performance and are made pursuant to
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Such statements involve risks and uncertainties
that could cause actual results to differ materially, including
without limitation, the following: competition, pricing and policy
term trends, the levels of new and renewal business achieved, the
frequency of unpredictable catastrophic events, actual loss
experience, uncertainties in the reserving or settlement process,
integration activities and performance of acquired companies, new
theories of liability, judicial, legislative, regulatory and other
governmental developments, litigation tactics and developments,
investigation developments and actual settlement terms, the amount
and timing of reinsurance recoverable, credit developments among
reinsurers, rating agency action, possible terrorism or the
outbreak and effects of war, economic, political, regulatory,
insurance and reinsurance business conditions, potential strategic
opportunities including acquisitions and our ability to achieve and
integrate them, as well as management's response to these factors,
and other factors identified in our filings with the Securities and
Exchange Commission. Given uncertainties, it is possible the
closing of the above-referenced acquisition could also be delayed
or not occur. Readers are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the dates
on which they are made. We undertake no obligation to publicly
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
ACE Limited Summary Consolidated Balance
Sheets (in millions of U.S. dollars, except per share
data) (Unaudited)
December 31 December 31 2014 2013
Assets Investments $ 62,904 $ 60,928 Cash 655 579
Insurance and reinsurance balances receivable 5,426 5,026
Reinsurance recoverable on losses and loss expenses 11,992 11,227
Other assets 17,271 16,750 Total assets $ 98,248 $ 94,510
Liabilities Unpaid losses and loss expenses $ 38,315 $
37,443 Unearned premiums 8,222 7,539 Other liabilities 22,124
20,703 Total liabilities 68,661 65,685
Shareholders'
equity Total shareholders' equity 29,587 28,825 Total
liabilities and shareholders' equity $ 98,248 $ 94,510
Book value per common share
$
90.02
$ 84.83
ACE Limited Summary Consolidated Financial Data
(in millions of U.S. dollars, except share, per share data, and
ratios) (Unaudited)
Three Months Ended Year Ended December 31
December 31 2014 2013 2014 2013
Gross premiums written $ 5,746 $ 5,462 $ 23,390 $ 22,828 Net
premiums written 4,326 4,216 17,799 17,025 Net premiums earned
4,370 4,363 17,426 16,613 Losses and loss expenses 2,416 2,517
9,649 9,348 Policy benefits 134 136 517 515 Policy acquisition
costs 764 702 3,075 2,659 Administrative expenses 590 570 2,245
2,211 Net investment income 577 557 2,252 2,144 Net realized gains
(losses) (210 ) 154 (507 ) 504 Interest expense 67 70 280 275 Other
income (expense): Gains (losses) from separate account assets (3 )
9 2 16 Other 24 (2 ) 80 (31 ) Income tax expense 232 88
634 480 Net income $ 555 $ 998 $
2,853 $ 3,758
Diluted earnings per
share: Operating income $ 2.47 $ 2.39 $ 9.79 $ 9.35 Net income
$ 1.66 $ 2.90 $ 8.42 $ 10.92 Weighted average diluted shares
outstanding 334.6 344.2 339.0 344.1
P&C combined
ratio
Loss and loss expense ratio 58.6 % 61.3 % 58.3 % 59.6 % Policy
acquisition cost ratio 16.6 % 15.6 % 16.8 % 15.7 % Administrative
expense ratio 13.3 % 12.4 % 12.6 % 12.7 % P&C combined ratio
88.5 % 89.3 % 87.7 % 88.0 % P&C underwriting income $
444 $ 416 $ 1,898 $ 1,772 Other income (expense) - operating $ (25
) $ (27 ) $ (111 ) $ (123 )
ACE Limited
Consolidated Supplemental Segment Information (in
millions of U.S. dollars) (Unaudited)
Three Months Ended Year
Ended December 31 December 31 2014
2013 2014 2013
Gross Premiums
Written
Insurance – North American P&C $ 2,539 $ 2,439 $ 9,036 $
8,720 Insurance – North American Agriculture 302 217 2,378 2,661
Insurance – Overseas General 2,212 2,126 8,853 8,314 Global
Reinsurance 140 154 994 1,057 Life 553 526
2,129 2,076 Total $ 5,746
$ 5,462 $ 23,390 $ 22,828
Net Premiums
Written
Insurance – North American P&C $ 1,669 $ 1,602 $ 6,263 $
5,915 Insurance – North American Agriculture 244 256 1,590 1,627
Insurance – Overseas General 1,749 1,699 6,999 6,520 Global
Reinsurance 141 155 935 991 Life 523 504
2,012 1,972 Total $ 4,326
$ 4,216 $ 17,799 $ 17,025
Net Premiums
Earned
Insurance – North American P&C $ 1,560 $ 1,511 $ 6,107 $
5,721 Insurance – North American Agriculture 327 426 1,526 1,678
Insurance – Overseas General 1,758 1,700 6,805 6,333 Global
Reinsurance 226 245 1,026 976 Life 499 481
1,962 1,905 Total $ 4,370
$ 4,363 $ 17,426 $ 16,613
Operating Income
(loss)
Insurance – North American P&C $ 372 $ 402 $ 1,498 $
1,446 Insurance – North American Agriculture 45 (20 ) 96 63
Insurance – Overseas General 294 279 1,163 1,094 Global Reinsurance
127 145 562 576 Life 76 86 297 307 Corporate (87 ) (68 )
(296 ) (269 ) Total $ 827 $ 824
$ 3,320 $ 3,217
ACE GroupInvestor ContactHelen Wilson,
441-299-9283helen.wilson@acegroup.comorMedia ContactJeffrey Zack,
212-827 4444jeffrey.zack@acegroup.com
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