Ace results 2010

Ace Ltd consolidated results year ended 31 December ● US$ mn Category 2006 2007 2008 2009 2010 Gross written premium 17,127.00 17,349.00 17,915.00 17,615.00 17,932.00 Net written premium 11,756.00 11,598.00 11,882.00 11,824.00 12,152.00 Increased NWP % 1.8 (1.3) 2.4 (0.5) 2.8 Retention % 68.6 66.9 66.3 67.1 67.8 Net earned premium 11,551.00 11,929.00 12,033.00 11,810.00 11,962.00 Claims incurred 7,070.00 7,353.00 7,283.00 6,940.00 7,083.00 Claims incurred % NEP 61.2 61.6 60.5 58.8 59.2 Operating expenses 2,862.00 2,989.00 3,332.00 3,324.00 3,536.00 Operating expenses % NWP 24.3 25.8 28.0 28.1 29.1 Underwriting result 1,619.00 1,587.00 1,406.00 1,542.00 1,339.00 Underwriting result % NWP 13.8 13.7 11.8 13.0 11.0 Combined ratio % 88.1 87.9 89.6 88.3 90.2 Life GWP 274.00 391.00 1,327.00 1,549.00 1,579.00 Life NWP 274.00 381.00 1,198.00 1,475.00 1,556.00 Life result 90.00 105.00 76.00 168.00 208.00 Net investment income 1,601.00 1,918.00 2,062.00 2,031.00 2,070.00 Net realised gains/(losses) (98.00) (61.00) (1,633.00) (196.00) 432.00 Pre-tax result 2,823.00 3,153.00 1,567.00 3,077.00 3,667.00 Pre-tax % NWP 24.0 27.2 13.2 26.0 30.2 Net result 2,305.00 2,578.00 1,197.00 2,549.00 3,108.00 Shareholders' funds 14,278.00 16,677.00 14,446.00 19,667.00 22,974.00 Solvency margin % 121.5 143.8 121.6 166.3 189.1 Unearned premium reserve 6,437.00 6,227.00 5,950.00 6,067.00 6,330.00 Outstanding claims reserve 22,008.00 23,592.00 24,241.00 25,038.00 25,242.00 Total technical provisions 28,445.00 29,819.00 30,191.00 31,105.00 31,572.00 Technical reserves as % NWP 242. 257.1 254.1 263.1 259.8 Overall coverage as % NWP 363.0 400.9 375.7 429.4 448.9