ACE Ltd. reports increase in 2009 Q1 net income

ACE Limited has reported a net income of US$567 million for 2009 Q1, as compared to US$377 million for 2008 Q1.
The company’s net investment income increased 3% to US$502 million in the quarter, an ACE release says.
Net loss reserves increased US$103 million, excluding foreign exchange revaluation, it adds.
Annualized return on average equity was 18.4%, the company reported.
The property and casualty combined ratio was 87.5% in 2009 Q1 compared with 84.6% in 2008 Q1.
Net property and casualty premiums written and earned, including international accident and health (A&H), increased 1% in 2009 Q1. Excluding the impact of foreign exchange, net property and casualty premiums written and earned increased 7%, the company added.
“As the year goes on, I expect revenue growth to remain under pressure due to global recessionary conditions and foreign exchange,” Evan Greenberg, ACE Limited’s chairman and CEO, said. “While many of our customers’ exposures are down due to reduced business activity, and many companies are in search of more affordable insurance alternatives, the quality of our portfolio of risks continues to improve given the firming pricing environment.”