Profits halved at Ace
Ace has reported that net income dropped by 49% to $1.59bn (£1bn) in 2011 from $3.1bn the previous year.
The insurer also revealed a 25% fall in profits in the fourth quarter of 2011 to $750m compared to the same period of 2010.
Ace saw a deterioration in its combined ratio for the year ended 31 December 2011 to 94.6% from 90.2% in 2010.
Net written premiums for the provider totalled $4.9bn in the last three months of 2011 (2010 Q4: $4.6bn) resulting in a total of $20.8bn for the year, up 6.8% from $19.5bn the year before.
A breakdown of the figures showed that the insurance-overseas general
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