ACE Limited reported fourth-quarter net income dropped 14 percent on losses from market re-evaluations in its life business and investment in a bond insurer.
The Hamilton, Bermuda-based company reported net income dropped by $93 million to $572 million for the fourth quarter compared to 2006. Net income per share fell 30 cents in the period to $1.69. Gross written premiums increased during the period by $134 million to $4.14 billion.
For the year, net income increased 12 percent from 2006, or $273 million, to $2.58 billion. Net income per share increased 75 cents for the year to $7.66 a share. Gross written premiums increased $339 million to $17.74 billion.
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