(Reuters) – Insurer ACE Ltd reported a 24 percent fall in quarterly operating profit, hurt by losses related to Superstorm Sandy, and forecast a full-year profit below analysts' estimates.
After-tax catastrophe losses tripled to $400 million in the fourth quarter from $137 million a year earlier. The insurer took a loss of $393 million resulting from Sandy, marginally higher than the $380 million it estimated in December.
ACE's shares were down 5 percent in extended trading after closing at $84.94 on Tuesday on the New York Stock Exchange.
Operating income of $492 million included a tax benefit of $121 million from a favorable resolution of prior years' tax matters, the company said.
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