ACE Limited Q3 Profit Rises - Quick Facts

(RTTNews) - ACE Limited (ACE) reported that its third-quarter net income was $916 million, or $2.66 per share, compared to $640 million or $1.86 per share, last year.

Operating income per share was $2.49, compared to $2.01 last year. On average, 25 analysts polled by Thomson Reuters expected the company to report profit of $2.23 per share for the quarter. Analysts' estimates typically exclude special items.

Net premiums earned was $4.61 billion, compared to $4.67 billion last year. Net investment income decreased to $522 million, from $533 million prior year. Analysts expected revenue of $4.27 billion for the quarter.

The company is updating its guidance for full-year 2013 to account for the positive prior period reserve development, lower-than-planned catastrophe losses, and better current accident year results excluding catastrophe losses in the third quarter. The range is $8.65 to $8.90 per share in after-tax operating income for the year. Analysts expect the company to report full year 2013 profit per share of $8.63.