ACE Limited Trades Higher on Q2 Earnings Results

Shares of ACE Limited ACE are trading higher in the after-hours following the release of the company's Q2 earnings results. Currently, shares are higher by 0.36%, trading at $66.11; they ended the regular session higher by 0.60%, at $65.88. ACE Limited reported Q2 EPS of $2.01 on revenues of $3.95 billion; the Street was looking for $1.63 per share on revenues of $3.7 billion. Revenues increased 15.6% year over year. Evan G. Greenberg, Chairman and Chief Executive Officer of ACE Limited, commented: "ACE had an excellent second quarter. Operating income was $686 million and our ROE was approximately 12.5%. Book value and book value per share grew 3% in the quarter and are up 5% and 4%, respectively, for the year.” "For the industry, this was another difficult quarter for natural catastrophes, while the challenges of a competitive insurance market globally and sluggish economic conditions in developed markets continue to weigh on growth. In contrast, our strategy of investing for growth, both organically and through acquisition, while resolutely maintaining underwriting discipline, continues to distinguish our company in terms of revenue growth, earnings and risk management.” ACE Limited is a holding company of the ACE Group of Companies. ACE is a global insurance and reinsurance organization, serving the needs of commercial and individual customers in more than 170 countries.