ACE POSTS RECORD PROPERTY/CASUALTY UNDERWRITING INCOME FOR 2015

Ace Ltd, which recently closed its acquisition of Chubb Corp to form the new Chubb Ltd, saw 2015 net earnings dip 0.7% to $2.83bn, as earned premiums fell 1.3% to $17.21bn and foreign exchange losses totaled $119m. However, the group’s property & casualty business posted record underwriting income of $1.93bn, up 1.7%, and a record combined ratio of 87.4%, down from 87.7%. The improved underwriting result was driven by the North American property & casualty insurance segment, where underwriting income rose to $784m from $709m and the combined ratio improved by 0.3 points to 88.1%, and the global reinsurance segment, where underwriting income increased to $296m from $284m and the combined ratio improved by 7.1 points to 65.2%. The group’s overseas general insurance segment saw underwriting income fall to $841m from $965m as its combined ratio added 1.2 points to 87%. For the fourth quarter, Ace’s net income jumped 23% to $683m, as property & casualty underwriting income grew 2% to $453m and realised losses fell to $60m from the year-earlier $210m.