ACE Limited said Friday it expects third-quarter operating income of between $1.44 and $1.48 per share and a decrease in book value per share of 7.5 percent year-to-date.
The company announced the estimates ahead of its scheduled Oct. 28 third-quarter earnings release because of "the extraordinary market conditions and questions of investor confidence" for financial institutions in general.
A company statement said the company experienced some losses that resulted from an increase in the fair market value of liabilities related to annuities, but "This does not present any liquidity exposures. Cash flow in this business is positive and is within our original expectations."
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