In spite of incurring $88 million in pre-tax catastrophe losses, Bermuda-based ACE Limited reported a 13 percent increase in second-quarter net income yesterday with a 21 percent jump in investment income boosting the bottom-line result.

Net income was $649 million, or $1.93 per share, compared with $573 million, or $1.72 per share in last year's second quarter.

For the first six months, net income was $1.35 billion, or $4.02 per share.

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