Ace Ltd. Revises Earnings Upwards
NU Online News Service, March 5, 12:34 p.m. EST?Ace Ltd. announced today it will revise its net earnings upward for full-year 2003, as well as for the 2003 fourth quarter, to reflect a $23 million after-tax gain from a terminated derivative contract by its financial guaranty unit.[@@]
The Bermuda-based company’s revision will boost its full-year 2003 net income to $1.42 billion from the $1.39 billion originally reported 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 $444 million from $421 million previously reported, while realized gains for the quarter went up to $128 million from $105 million.
ACE Limited sells property-casualty insurance and reinsurance in the United States and about 50 other countries through its subsidiaries.