ACE Limited (ACE) reported first-quarter net income of $953 million or $2.77 per share, compared to $973 million or $2.84 per share in the comparable quarter last year.
Operating income for the quarter was $746 million or $2.17 per share, compared to $701 million or $2.05 per share for the same quarter last year. Analysts polled by Thomson Reuters expected the company to report earnings of $1.94 per share for the quarter. Analysts' estimates typically exclude special items.
Net premiums written for the quarter was $3.80 billion, compared to $3.57 billion in the year ago quarter. Eleven analysts had consensus revenue estimate of $3.33 billion for the quarter. Net premiums earned for the quarter was $3.57 billion, compared to $3.38 billion in the same quarter last year.
For 2013, Operating income is expected to range between $7.10 and $7.50 per share. Analysts expect the company to report earnings of $7.85 per share for fiscal 2013. Catastrophe losses included in the estimate are $330 million after tax for the second through fourth quarters.
Previously, the company expected operating income in the range of $6.60 to $7.00 per share for 2013.
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