Ace Ltd. Revises Earnings Upwards
|NU Online News Service, March 5, 12:34 p.m.EST?Ace Ltd. announced today it will revise its netearnings upward for full-year 2003, as well as for the 2003 fourthquarter, to reflect a $23 million after-tax gain from a terminatedderivative contract by its financial guaranty unit.[@@]
|The Bermuda-based company's revision will boost its full-year2003 net income to $1.42 billion from the $1.39 billion originallyreported last month. Ace also revised up 2003 realized gains to$252 million from $229 million.
|For the 2003 fourth quarter, Ace's net income moved up to $444million from $421 million previously reported, while realized gainsfor the quarter went up to $128 million from $105 million.
|ACE Limited sells property-casualty insurance and reinsurance inthe United States and about 50 other countries through itssubsidiaries.
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