Ace sees profits rise as COR improves
Ace Group has reported pre-tax profits of $2.71bn [£1.72bn] for 2012 up 76% from $1.54bn in 2011.
The provider's combined operating ratio (COR) improved to 93.9% for the year (2011: 94.7%) as gross written premiums grew to $10.74bn from $10.36bn the previous year.
The improvement in the COR came despite the insurer achieving a rate of 105.5% for the final three months of 2012, a worse figure than the 93% achieved in the final quarter of 2011.
For the last three months of 2012 Ace saw GWP rise to $5.17bn and income rise to $765m (Q4 2011: $735m).
Ace did not provide figures for the UK
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