ACE 1Q profit drops 46 percent on realized investment loss
NEW YORK—ACE Ltd.'s first-quarter earnings fell sharply after the firm booked a $353 million investment loss, the Bermuda-based insurer said Tuesday.
Net income fell to $377 million, or $1.10 per share, from $701 million, or $2.10 per share.
The insurer booked a net realized loss of $353 million as investments turned sour. Excluding that loss, income rose to $725 million, or $2.16 per share.
Analysts, whose estimates typically exclude realized gains or losses, expected earnings of $1.90 per share, according to Thomson Financial.
Net premiums written fell to $3.15 billion from $3.27 billion last year amid competition in the property and casualty insurance sectors.
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