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ACE second-quarter profit tops estimates
July 24, 2012 / 8:28 PM / 5 years ago

ACE second-quarter profit tops estimates

(Reuters) - Insurer and reinsurer ACE Ltd’s ACE.N quarterly operating profit trumped analysts’ expectations, bolstered by lower catastrophe losses, prompting the company to raise its full-year operating profit forecast.

The company now expects an operating profit of between $7.20 and $7.60 per share, up from its previous estimate of between $7.03 and $7.43 per share.

The Zurich-based property and casualty insurer’s net earnings fell to $328 million, or 96 cents per share, for the second quarter, from $594 million, or $1.74 per share, a year earlier.

On an operating basis, the insurer earned $2.17 per share, above analysts’ expectations of $1.92 per share, according to Thomson Reuters I/B/E/S.

Reporting by Anil D'Silva in Bangalore; Editing by Roshni Menon

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