ACE Fourth Quarter Profits Rise 61 Percent

Bermuda-based ACE Ltd. Reported today its fourth quarter operating profits rose almost 61 percent, beating expectations.

The insurer said fourth-quarter operating profits, excluding one-time items, rose to $164 million, or 65 cents per share, from $102 million, or 52 cents per share, in the same quarter 1999.

The results beat analysts’ average forecast of 64 cents per share profit. Net income after deducting preferred dividends fell to $114 million, or 44 cents per share compared with $152 million, or 78 cents per share, in the same quarter a year ago.

Fourth-quarter net premiums rose 17 percent to $1 billion, compared to $852 million in the same period last year.