ACE Limited, is the parent company of the ACE Group, which is one of the world’s leading property and casualty insurers.
The company is based in Zurich, Switzerland.
It currently has operations in more than 54 countries, providing its customers with a range of insurance products, namely: property and casualty insurance, personal accident and supplemental health insurance, and life insurance.
ACE has executive offices in Zurich, Bermuda and New York, among other locations, and employs more than 21,000 people worldwide.
The company was formed in 1985 by companies seeking excess liability and directors and officers insurance coverage.
In 1993 it was listed on the New York Stock Exchange (NYSE) under the stock ticker symbol ‘ACE’.
ACE’s main insurance companies have financial strength ratings of AA- (Very Strong) from Standard & Poor’s and A+ (Superior) from A.M. Best.
The company conducts its business through several operating units:
Insurance – Overseas General: this segment is comprised of ACE International, the company’s retail broker-distributed business outside of North America, and ACE Global Markets, a London-based wholesale market business that includes a syndicate on the Lloyd’s trading floor.The segment provides a number of different coverages, including property, casualty, professional lines, marine, energy, aviation, political risk, construction risk, A&H and specialty consumer-oriented products.
Insurance – North American P&C: this segment operates under the brands ACE USA, ACE Westchester, ACE Bermuda, ACE Private Risk Services, and ACE Commercial Risk Services.
Insurance – North American Agriculture: this segment is comprised of Rain and Hail (provides peril crop and crop-hail insurance) and ACE Agribusiness (offers farm and ranch property as well as specialty P&C coverages).
Global Reinsurance: marketed under the ACE Tempest Re brand this business segment provides a variety of property and casualty reinsurance products.
Life: this segment provides traditional life insurance protection under the brand ACE Life,distributes specialty individual accident and supplemental health insurance products under the brand Combined Insurance, and its ACE Tempest Life Re brand provides specialty life reinsurance products to life insurers.
Overview
- President, Chairman and CEO: Evan G. Greenberg
- Industry: Insurance
- Type: Public
- Listed on the New York Stock Exchange (NYSE)
- S&P 500 Component
- NYSE stock symbol: ACE
- Founded: 1985
- Revenue: $19.171 billion USD (2014)
- Net income: $2,853 million USD (2014)
- Diluted earnings per share: $8.42 USD (2014)
- Company head office: Bärengasse 32, CH-8001 Zurich, Switzerland
- Employees: 21,000 (2014)
- Website: http://www.acegroup.com/
- Investor relations contact number: +1 441 299 9283
- Investor relations email address: [email protected]
ACE Limited Financial Results, Years Ended December 31
| Revenues (in $ millions) | 2014 | 2013 |
| Net premiums written | $17,799 | $17,025 |
| (Increase) decrease in unearned premiums | $(373) | $(412) |
| Net premiums earned | $17,426 | $16,613 |
| Net investment income | $2,252 | $2,144 |
| – Total revenues | $19,171 | $19,261 |
| Expenses (in $ millions) | ||
| Losses and loss expenses | $9,649 | $9,348 |
| Policy benefits | $517 | $515 |
| Policy acquisition costs | $3,075 | $2,659 |
| Administrative expenses | $2,245 | $2,211 |
| Interest expense | $280 | $275 |
| Other (income) expense | $(82) | $15 |
| – Total expenses | $15,684 | $15,023 |
| Income data (in $ millions) | ||
| Income before income tax | $3,487 | $4,238 |
| Net income | $2,853 | $3,758 |
| Comprehensive income | $2,892 | $2,023 |
| Balance sheet data (in $ millions) | ||
| Total assets | $98,248 | $94,510 |
| Total liabilities | $68,661 | $65,685 |
| Total shareholders’ equity | $29,587 | $28,825 |
| Common share data (in $) | ||
| Basic earnings per share | $8.50 | $11.02 |
| Diluted earnings per share | $8.42 | $10.92 |
| Cash flow data (in $ millions) | ||
| Cash provided by operating activities | $4,496 | $4,022 |
| Cash (used in) investing activities | $(2,504) | $(4,442) |
| Cash (used in) provided by financing activities | $(1,777) | $391 |
| Cash and cash equivalents at beginning of fiscal year | $579 | $615 |
| Cash and cash equivalents at end of fiscal year | $655 | $579 |
Source: “ACE Limited Form 10-K 2014”