ACE Limited Beats Estimates (ACE)

ACE Limited ACE reports Q2 earnings of $2.01 versus estimates of $1.84. ACE Limited reports Q2 revenues of $3.42 billion versus estimates of $3.36 billion. Net income increased 27% year over year. Book value increased $774 million during the quarter, up 4% from March 31, 2010. Book value per share now stands at $63.20 Evan G. Greenberg, Chairman and Chief Executive Officer of ACE Limited, commented, "ACE had an excellent second quarter and first half. In the quarter, we produced operating income of $688 million and grew book value per share by almost 4%, and 8% year to date. Our operating ROE for the quarter was 13.8%. He added, "For the industry, this was an active quarter for natural catastrophes in the U.S., and for ACE, our total catastrophe losses were double the amount from the prior year. I believe our combined ratio of 89.7% speaks to our risk management, balance of operations, overall reserve strength and underlying underwriting performance.” Shares are flat in the after-hours trade.