Net written premiums up 6.3% for ACE Group

ACE Ltd. has reported a 6.3% increase in net premiums written for the second quarter of this year ended June 30 over the same period last year.

The Zurich-based insurance firm reported gross written premiums of $6.03 billion (up 6.7% from the second quarter of 2012), net premiums written of $4.391 billion (up 6.3% from Q2 2012) and net premiums earned of $4.067 billion (a year-to-year increase of 7.5%). All figures are in U.S. currency.

ACE Ltd. is the holding company of the ACE Group of Companies, whose products include property and casualty, accident and health and life. Its firms also offer risk management and loss control.

The company reported second-quarter net income of $891 million, up from $328 in the second quarter of 2012.

ACE Ltd.’s combined ratio for the second quarter was 87.9%, down slightly year-to -year from 88.7% in the three months ending June 30, 2012.

“Our underwriting performance in the quarter, illustrated by a P&C combined ratio of 87.9%, benefited from margin improvement and premium growth globally,” ACE Chairman and CEO Evan Greenberg stated in a press release. “Total P&C net premiums were up over 8.5% on a constant dollar basis – with solid revenue growth in commercial P&C, accident and health, and personal lines.”

Broken down by segment, ACE’s net premiums written for property, casualty and agriculture totalled $3.231 billion for the quarter, up from $3.005 billion in the second quarter of 2012.

In the North American agricultural segment, ACE reported an 8% decrease year-over year in net written premiums, from $492 million in Q2-2012 to 453 million in the three months ending June 30, 2013. This, the company said, was “due to an increase in proportional reinsurance purchased.”

In North America, ACE provides a comprehensive multiple peril crop insurance, crop-hail and farm P&C coverage. Its MPCI program is offered in conjunction with the U.S. Department of Agriculture.