Ace optimistic following improvement in COR

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In the second quarter of 2012 operating income was $743m a 10% rise on the $673m delivered in the same three months of the year before.

Gross written premiums for the half year rose 3.7% to $10.44bn (H1 2011: $10.067bn). In the three months to 30 June the rise in GWP was 5.9% to $5.653bn (Q2 2011: $5.423bn).

The combined operating ratios for property and casualty business were 88.7% for the second quarter (Q2 2011: 92.7%) and 88.9% for the half year (H1 2011: 98.5%).

The overseas general

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