Form 8-K

-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, OwXZ0xyZ6hlxdTO3WihPhtG3bWx29D1k6Urz46rs64jb4h9q8Oaqiy1etBKIcoWQ VRsd6YNrDssG5660wWg1Hg== 0001193125-05-085884.txt : 20050427 0001193125-05-085884.hdr.sgml : 20050427 20050427072748 ACCESSION NUMBER: 0001193125-05-085884 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 6 CONFORMED PERIOD OF REPORT: 20050426 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050427 DATE AS OF CHANGE: 20050427 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ACE LTD CENTRAL INDEX KEY: 0000896159 STANDARD INDUSTRIAL CLASSIFICATION: FIRE, MARINE & CASUALTY INSURANCE [6331] IRS NUMBER: 000000000 STATE OF INCORPORATION: D0 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11778 FILM NUMBER: 05774578 BUSINESS ADDRESS: STREET 1: ACE BLDG STREET 2: 30 WOODBOURNE AVE CITY: HAMILTON HM 08 BERMU STATE: D0 ZIP: 00000 BUSINESS PHONE: 8092955200 MAIL ADDRESS: STREET 1: P O BOX HM 1015 CITY: HAMITON BERMUDA STATE: D0 ZIP: 00000 8-K 1 d8k.htm FORM 8-K Form 8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report

Pursuant To Section 13 or 15 (d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) – April 26, 2005

ACE LIMITED

(Exact name of registrant as specified in its charter)

Cayman Islands

1-11778

98-0091805

(State or other jurisdiction

of Incorporation)

(Commission File Number)

(I.R.S. Employer

Identification No.)

ACE Global Headquarters

17 Woodbourne Avenue

Hamilton HM 08 Bermuda

(Address of principal executive offices)

Registrant’s telephone number, including area code: (441) 295-5200

Not applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition

On April 26, 2005, ACE Limited issued a press release reporting its first quarter 2005 results and the availability of its first quarter financial supplement. The press release and the financial supplement are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively, and are hereby incorporated herein by reference.

Item 9.01. Financial Statements, Pro Forma Financial Information and Exhibits.

(c)

Exhibits


Exhibit Number		Description
99.1		Press release, dated April 26, 2005, reporting first quarter results

99.2		First Quarter 2005 Financial Supplement

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


ACE LIMITED

By:		/s/ Philip V. Bancroft
		Philip V. Bancroft
		Chief Financial Officer

DATE: April 26, 2005

EXHIBIT INDEX


Number	Description	Method of Filing
99.1	Press release, dated April 26, 2005, reporting first quarter results	Furnished herewith

99.2	First Quarter 2005 Financial Supplement	Furnished herewith

EX-99.1 2 dex991.htm PRESS RELEASE Press Release

Exhibit 99.1

LOGO

FOR IMMEDIATE RELEASE


		Investor Contact:		Helen M. Wilson
				(441) 299-9283
				helen.wilson@ace.bm

		Media Contact:		Robert T. Grieves
				(212) 621-8684
				robert.grieves@ace-ina.com

ACE LIMITED REPORTS RECORD FIRST QUARTER OPERATING INCOME;

NET INVESTMENT INCOME INCREASED 19%

HAMILTON, Bermuda — April 26, 2005 — ACE Limited (NYSE: ACE) today reported net income for the first quarter ended March 31, 2005 of $433 million or $1.46 per common share after payment of preferred dividends, compared with net income of $447 million or $1.53 per share for the same quarter last year. Income excluding net realized gains (losses) for the first quarter was $441 million, or $1.49 per share, compared with $411 million or $1.40 per share for the same quarter a year ago.⁽¹⁾

First Quarter Summary

(in millions, except share and per share amounts)


								(Per Share - Diluted)
	2005			2004		Change		2005			2004		Change
Net income	$	433		$	447	(3	)%	$	1.46		$	1.53	(5	)%
Net realized gains (losses), net of tax		(8	)		36	—			(0.03	)		0.13	—
Income excluding net realized gains (losses), net of tax ⁽¹⁾		441			411	7	%		1.49			1.40	6	%

Evan Greenberg, President and Chief Executive Officer of ACE Limited, commented: “This was a very good quarter for ACE. We had record operating income, led by substantial increases in earned premiums and net investment income, and excellent P&C underwriting results as reflected in a combined ratio of 89.2%. Our written premium growth rate is naturally slowing in line with a softening rate environment and our determination to maintain underwriting discipline.”

Other first quarter operating highlights were as follows:

•

P&C net earned premiums increased 15% over the prior year quarter

•

The P&C combined ratio was 89.2% for the quarter compared with 88.4% a year ago

•

Operating cash flow amounted to $1.2 billion for the quarter

•

Invested assets increased by $756 million from year-end 2004

•

Net investment income increased 19% to $284 million over the prior year quarter

Page 1/6

•

Shareholders’ equity increased to $9.9 billion from year-end 2004

•

Tangible equity rose to $7.3 billion, a gain of 2% from year-end 2004

•

Debt to total capital ratio improved to 16.1% from 16.3% at year-end 2004

•

Return on equity for the quarter was 18.4%; excluding FAS 115 it was 19.4% ⁽²⁾

•

Diluted book value per share as of March 31, 2005 was $32.62 ⁽³⁾

Financial results by business segment compared with prior year’s results follow. Further details are available in the financial supplement. Key items include:

•

Insurance-North American: Net premiums written increased 18% for the quarter and the combined ratio was 88.6%.

•

Insurance-Overseas General: Net premiums written were flat for the quarter. The segment’s combined ratio improved to 87.0%.

•

Global Reinsurance: Net premiums written were down 7% for the quarter. This segment had a combined ratio of 82.4%.

•

Financial Services: Income excluding net realized gains (losses) was $40 million for the quarter.

Please refer to the ACE Financial Supplement March 31, 2005, which is posted on the Company’s website, for more detailed information on individual segment performance, together with additional disclosure on reinsurance recoverable, loss reserves, investment portfolio and capital structure. ACE’s website reference (url) is http://media.corporate-ir.net/media_files/nys/ace/reports/ fin_supp_march_31_2005.xls. (Due to the length of this URL, it may be necessary to copy and paste this hyperlink into your Internet browser’s URL address field.)

ACE will host its first quarter 2005 earnings conference call and webcast on Wednesday, April 27, 2005 beginning at 8:30 a.m. EDT. The earnings conference call will be available via live and archived webcast at www.acelimited.com or by dialing 888-889-5602 (within the United States) or 973-582-2734 (international). Please refer to the ACE Limited website in the Investor Information section under Calendar of Events for details. A replay of the call will be available from Wednesday, April 27, 2005 until Friday, May 27, 2005. To listen to the replay dial 877-519-4471 (in the United States) or 973-341-3080 (international); passcode 5826870.

The ACE Group of Companies is a global leader in insurance and reinsurance serving a diverse group of clients. Headed by ACE Limited, a component of the Standard & Poor’s 500 stock index, the ACE Group conducts its business on a worldwide basis with operating subsidiaries in more than 50 countries. Additional information can be found at: www.acelimited.com.

¹	Non-GAAP Financial Measures:

Operating Income or Income excluding net realized gains (losses) and the tax effect of net realized gains (losses) is a common performance measurement. We believe this presentation enhances the understanding of our results of operations by highlighting the underlying profitability of our insurance business. We exclude net realized gains (losses) because the amount of these gains (losses) is heavily influenced by, and fluctuates in part according to, the availability of market opportunities.

Underwriting income is calculated by subtracting losses and loss expenses, life and annuity benefits, policy acquisition costs and administrative expenses from net premiums earned. We use underwriting income and operating ratios to monitor the results of our operations without the impact of certain factors, including net investment income, other (income) expense, interest and income tax expense and net

Page 2/6

realized gains (losses). We believe the use of these measures enhances the understanding of our results of operations by highlighting the underlying profitability of our insurance business.

These measures should not be viewed as a substitute for net income determined in accordance with generally accepted accounting principles (GAAP).

²	Calculated using income excluding net realized gains (losses).

³	Diluted book value per ordinary share is ordinary shareholders’ equity and net proceeds from assumed conversions of outstanding in-the-money options divided by the sum of shares outstanding and the number of options assumed issued.

Cautionary Statement Regarding Forward-Looking Statements:

Any forward-looking statements made in this press release reflect the Company’s current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties, which may cause actual results to differ materially from those set forth in these statements. For example, the Company’s forward-looking statements could be affected by competition, pricing and policy term trends, the levels of new and renewal business achieved, market acceptance, changes in demand, the frequency of unpredictable catastrophic events, actual loss experience, uncertainties in the reserving or settlement process, new theories of liability, judicial, legislative and other governmental developments, litigation tactics, the amount and timing of reinsurance recoverable, credit developments among reinsurers, actual market developments, rating agency action, possible terrorism or the outbreak and effects of war and economic, political, regulatory, insurance and reinsurance business conditions, as well as management’s response to these factors, and other factors identified in the Company’s filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

(tables to follow)

Page 3/6

ACE Limited

Summary Consolidated Balance Sheets

(in millions of U.S. dollars, except per share data)


	March 31 2005		December 31 2004
	(Unaudited)
Assets
Total investments	$	27,406	$	26,650
Cash		574		534
Insurance and reinsurance balances receivable		3,692		3,272
Reinsurance recoverable		14,608		15,254
Other assets		10,685		10,632

Total assets	$	56,965	$	56,342

Liabilities
Unpaid losses and loss expenses	$	31,426	$	31,513
Unearned premiums		6,527		5,923
Other liabilities		9,047		9,070

Total liabilities	$	47,000	$	46,506

Shareholders’ equity
Total shareholders’ equity	$	9,965	$	9,836

Total liabilities and shareholders’ equity	$	56,965	$	56,342

Diluted book value per ordinary share ⁽³⁾	$	32.62	$	32.48

Page 4/6

ACE Limited

Summary Consolidated Financial Data

(in millions of U.S. dollars, except share, per share data, and ratios)

(Unaudited)


	Three Months Ended March 31
	2005			2004
Gross premiums written	$	4,543		$	4,416
Net premiums written		3,365			3,238
Net premiums earned		2,876			2,600

Losses and loss expenses		1,786			1,542
Life and annuity benefits		35			42
Policy acquisition costs		388			365
Administrative expenses		356			315

Underwriting income ⁽¹⁾		311			336

Net investment income		284			238
Net realized gains (losses)		(4	)		57
Interest expense		42			44
Other (income) expense		(4	)		17
Income tax expense		120			123

Net income		433			447
Preference shares dividend		(11	)		(11	)

Net income available to holders of ordinary shares	$	422		$	436

*Diluted earnings per share:*
Income excluding net realized gains (losses) ⁽¹⁾	$	1.49		$	1.40
Net income	$	1.46		$	1.53

Weighted average diluted shares outstanding		287,565,370			284,289,568

Loss and loss expense ratio		63.4	%		60.5	%
Policy acquisition cost ratio		13.6	%		14.1	%
Administrative expense ratio		12.6	%		12.3	%
Combined ratio		89.6	%		86.9	%

Ratios exclude life reinsurance business

Page 5/6

ACE Limited

Consolidated Supplemental Segment Information

(in millions of U.S. dollars)

(Unaudited)


	Three Months Ended March 31
	2005			2004
Gross Premiums Written

Insurance - North American	$	2,151		$	1,905
Insurance - Overseas General		1,635			1,674
Global Reinsurance*		594			629
Financial Services		163			208

Total	$	4,543		$	4,416

Net Premiums Written

Insurance - North American	$	1,425		$	1,212
Insurance - Overseas General		1,194			1,198
Global Reinsurance*		585			620
Financial Services		161			208

Total	$	3,365		$	3,238

Net Premiums Earned

Insurance - North American	$	1,283		$	1,007
Insurance - Overseas General		1,089			1,034
Global Reinsurance*		414			380
Financial Services		90			179

Total	$	2,876		$	2,600

Income (Loss) Excluding Net Realized Gains (Losses)⁽¹⁾

Insurance - North American	$	193		$	148
Insurance - Overseas General		162			112
Global Reinsurance*		118			122
Financial Services		40			85
Corporate		(72	)		(56	)

Total	$	441		$	411

*	Includes both property and casualty reinsurance and life reinsurance

# # #

Page 6/6

EX-99.2 3 dex992.htm FIRST QUARTER 2005 FINANCIAL SUPPLEMENT First Quarter 2005 Financial Supplement

Exhibit 99.2

LOGO


Investor Contact		This report is for informational purposes only. It should be read in conjuction with documents filed by ACE Limited with the Securities and Exchange Commission, including the most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
Helen M. Wilson
Phone: (441) 299-9283
Fax: (441) 292-8675
email: investorrelations@ace.bm		Cautionary Statement Regarding Forward-Looking Statements:

		Any forward-looking statements made in this financial supplement reflect the Company’s current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties which may cause actual results to differ materially from those set forth in these statements. For example, the Company’s forward-looking statements, such as statements concerning exposures, reserves and recoverables, could be affected by the frequency of unpredictable catastrophic events, actual loss experience, uncertainties in the reserving or settlement process, new theories of liability, judicial, legislative and other governmental developments, litigation tactics, the amount and timing of reinsurance receivable and credit developments among reinsurers. The Company’s forward-looking statements could also be affected by competition, pricing and policy term trends, the levels of new and renewal business achieved, market acceptance, changes in demand, actual market developments, rating agency action, possible terrorism or the outbreak and effects of war and economic, political, regulatory, insurance and reinsurance business conditions, as well as management’s response to these factors. Other factors that could affect forward-looking statements are identified in the Company’s filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2004, the Company’s quarterly reports on Form 10-Q and in the Company’s earnings press release, which are available on the Company’s website.


		Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

ACE Limited

Financial Supplement Table of Contents


		Page
I.	Financial Highlights
	- Consolidated Financial Highlights	1

II.	Consolidated Results
	- Consolidated Results - Consecutive Quarters	2-3
	- Summary Consolidated Balance Sheets	4
	- Consolidated Premiums by Line of Business	5
	- Consolidating Statement of Operations	6

III.	Segment Results
	- Insurance-North American	7
	- Insurance-Overseas General	8
	- Global Reinsurance	9-10
	- Financial Services	11

IV.	Balance Sheet Details
	- Loss Reserve Rollforward	12
	- Reinsurance Recoverable Analysis	13-16
	- Investment Portfolio	17
	- Realized and Unrealized Gains (Losses)	18
	- Capital Structure	19
	- Computation of Basic and Diluted Earnings Per Share	20

V.	Other Disclosures
	- Non-GAAP Financial Measures	21
	- Diluted Book Value per Ordinary Share	22
	- Comprehensive Income	23
	- Glossary	24

ACE Limited

Consolidated Financial Highlights

(in millions of U.S. dollars, except share, per share data and ratios)

(Unaudited)


							% Change 1Q-05 vs. 1Q-04
	Three months ended March 31
	2005			2004
Gross premiums written	$	4,543		$	4,416		3	%
Net premiums written	$	3,365		$	3,238		4	%
Net premiums earned	$	2,876		$	2,600		11	%
Net investment income	$	284		$	238		19	%
Net income	$	433		$	447		-3	%
Income excluding net realized gains (losses)⁽¹⁾	$	441		$	411		7	%
Comprehensive income	$	156		$	581		-73	%
Operating cash flow	$	1,210		$	1,172		3	%

Combined ratio
Loss and loss expense ratio		63.4	%		60.5	%
Underwriting and administrative expense ratio		26.2	%		26.4	%

Combined ratio		89.6	%		86.9	%

Annualized ROE*		18.4	%		18.7	%
Annualized ROE, excluding FAS 115*		19.4	%		20.4	%

Diluted earnings per share
Income excluding net realized gains (losses)⁽¹⁾	$	1.49		$	1.40		6	%
Net income	$	1.46		$	1.53		-5	%

Diluted book value per ordinary share	$	32.62		$	31.36		4	%
Diluted tangible book value per ordinary share	$	23.83		$	22.41		6	%

Weighted average diluted ordinary shares outstanding		287.6			284.3

Debt/ total capitalization		16.1	%		16.1	%

(1)	See page 21 Non-GAAP Financial Measures.

*	Calculated using income excluding net realized gains (losses).


Financial Highlights		Page 1

ACE Limited

Consolidated Results - Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)

ACE Limited Consolidated


	1Q-05			4Q-04			3Q-04			2Q-04			1Q-04			Full Year 2004
Property and Casualty⁽¹⁾
Gross premiums written	$	4,322		$	3,575		$	3,854		$	3,969		$	4,155			15,553
Net premiums written		3,146			2,574			2,641			2,798			2,979			10,992
Net premiums earned		2,728			2,744			2,682			2,600			2,370			10,396
Losses and loss expenses		1,703			2,116			2,118			1,636			1,456			7,326
Policy acquisition costs		382			406			378			381			349			1,514
Administrative expenses		350			335			321			298			290			1,244

P& C underwriting income (loss)	$	293		$	(113	)	$	(135	)	$	285		$	275		$	312

Financial Services underwriting income (loss)		1			(3	)		(11	)		26			58			70
Life underwriting income (loss) excluding investment income		17			11			5			3			3			22
Net investment income		284			275			252			236			238			1,001
Net realized gains (losses)		(4	)		128			(33	)		43			57			195
Interest expense		42			44			48			47			44			183
Other (income) expense		(4	)		—			(21	)		6			17			2
Income tax expense (benefit)		120			(28	)		54			127			123			276

Net income (loss)	$	433		$	282		$	(3	)	$	413		$	447		$	1,139

Net realized gains (losses)		(4	)		128			(33	)		43			57			195
Tax expense on net realized gains (losses)		4			12			1			10			21			44

Income excluding net realized gains (losses)⁽²⁾	$	441		$	166		$	31		$	380		$	411		$	988

% Change versus prior year period⁽¹⁾
Net premiums written		6	%		14	%		23	%		25	%		26	%		22	%
Net premiums earned		15	%		19	%		25	%		27	%		31	%		25	%

Other ratios
Net premiums written/gross premiums written		73	%		72	%		69	%		70	%		72	%		71	%
Effective tax rate on income excluding net realized gains (losses)		21	%		-32	%		63	%		24	%		20	%		19	%

ROE
Annualized ROE*		18.4	%		6.8	%		0.9	%		16.9	%		18.7	%		10.7	%
Annualized ROE, excluding FAS 115*		19.4	%		7.3	%		0.9	%		17.7	%		20.4	%		11.6	%

(1)	Property and casualty excluding financial services is presented to allow for comparison and analysis with earnings guidance.

(2)	See page 21 Non-GAAP Financial Measures.

*	Calculated using income excluding net realized gains (losses).


Consolidated Results		Page 2

ACE Limited

Consolidated Results - Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)

ACE Limited Consolidated


	1Q-05			4Q-04			3Q-04			2Q-04			1Q-04			Full Year 2004
Combined ratio
Loss and loss expense ratio		63.4	%		77.9	%		80.0	%		63.1	%		60.5	%		70.7	%
Policy acquisition cost ratio		13.6	%		14.3	%		13.6	%		14.3	%		14.1	%		14.1	%
Administrative expense ratio		12.6	%		11.8	%		11.6	%		11.3	%		12.3	%		11.8	%

Combined ratio		89.6	%		104.0	%		105.2	%		88.7	%		86.9	%		96.6	%


Property and Casualty ⁽¹⁾

	1Q-05			4Q-04			3Q-04			2Q-04			1Q-04			Full Year 2004
Combined ratio
Loss and loss expense ratio		62.4	%		77.1	%		78.9	%		62.9	%		61.5	%		70.5	%
Policy acquisition cost ratio		14.0	%		14.8	%		14.1	%		14.6	%		14.7	%		14.6	%
Administrative expense ratio		12.8	%⁽²⁾		12.2	%		12.0	%		11.5	%		12.2	%		12.0	%

Combined ratio		89.2	%		104.1	%		105.0	%		89.0	%		88.4	%		97.1	%

Large losses and other items
Asbestos, environmental and other run-off losses	$	—		$	465		$	—		$	—		$	—		$	465
Catastrophe and other large losses	$	3		$	31		$	457		$	—		$	—		$	488
Prior period development⁽³⁾	$	29		$	109		$	12		$	25		$	(6	)	$	140

(1)	Property and casualty excluding financial services is presented to allow for comparison and analysis with earnings guidance.

(2)	Includes $30M of legal expenses related to the investigations.

(3)	See Financial Services schedule for prior period development related to that segment.


Consolidated Results 2		Page 3

ACE Limited

Summary Consolidated Balance Sheets

(in millions of U.S. dollars, except per share data)


	March 31 2005		December 31 2004
	(Unaudited)		(Audited)
Assets
Fixed maturities available for sale, at fair value	$	20,188	$	22,741
Fixed maturities held to maturity, at amortized cost		3,211		—
Equity securities, at fair value		1,351		1,265
Short-term investments		2,135		2,140
Other investments		521		504

Total investments		27,406		26,650

Cash		574		534
Securities lending collateral		1,255		1,059
Insurance and reinsurance balances receivable		3,692		3,272
Reinsurance recoverable		14,608		15,254
Deferred policy acquisition costs		999		944
Prepaid reinsurance premiums		1,427		1,320
Goodwill		2,608		2,612
Deferred tax assets		1,172		1,161
Investments in partially owned insurance companies		823		797
Other assets		2,401		2,739

Total assets	$	56,965	$	56,342

Liabilities
Unpaid losses and loss expenses	$	31,426	$	31,513
Unearned premiums		6,527		5,923
Future policy benefits for life and annuity contracts		507		509
Insurance and reinsurance balances payable		2,260		2,308
Deposit liabilities		302		343
Securities lending payable		1,255		1,059
Payable for investments purchased		630		717
Accounts payable, accrued expenses and other liabilities		1,685		1,727
Short-term debt		147		146
Long-term debt		1,849		1,849
Trust preferred securities		412		412

Total liabilities		47,000		46,506

Shareholders’ equity
Total shareholders’ equity, excl. AOCI		9,506		9,100
Accumulated other comprehensive income (AOCI)		459		736

Total shareholders’ equity		9,965		9,836

Total liabilities and shareholders’ equity	$	56,965	$	56,342

Diluted book value per ordinary share ⁽¹⁾	$	32.62	$	32.48
Diluted tangible book value per ordinary share ⁽¹⁾	$	23.83	$	23.63

(1)	See page 21 Non-GAAP Financial Measures.


Consol Bal Sheet		Page 4

ACE Limited

Consolidated Premiums by Line of Business

(in millions of U.S. dollars)

(Unaudited)

ACE Limited Consolidated


	1Q-05		% of Total Consolidated		1Q-04		% of Total Consolidated		% Change 1Q-05 vs. 1Q-04
Net premiums written
Property and all other	$	1,051	31	%	$	1,029	32	%	2	%
Casualty		1,765	52	%		1,667	51	%	6	%
Personal accident		330	10	%		283	9	%	17	%

Total P&C		3,146	93	%		2,979	92	%	6	%

Global Re - life		58	2	%		51	2	%	14	%
Financial Services		161	5	%		208	6	%	-23	%

Total Consolidated	$	3,365	100	%	$	3,238	100	%	4	%

Net premiums earned
Property and all other	$	873	30	%	$	785	30	%	11	%
Casualty		1,556	54	%		1,330	51	%	17	%
Personal accident		299	11	%		255	10	%	17	%

Total P&C		2,728	95	%		2,370	91	%	15	%

Global Re - life		58	2	%		51	2	%	14	%
Financial Services		90	3	%		179	7	%	-50	%

Total Consolidated	$	2,876	100	%	$	2,600	100	%	11	%


Line of Business		Page 5

ACE Limited

Consolidating Statement of Operations

Three months ended March 31, 2005 and 2004

(in millions of U.S. dollars)

(Unaudited)


	Insurance - North American			Insurance - Overseas General		Global Reinsurance			Corporate & Other			Consolidated P&C			Financial Services			ACE Consolidated
March 31, 2005
Gross premiums written	$	2,151		$	1,635	$	536		$	—		$	4,322		$	163		$	4,485
Net premiums written		1,425			1,194		527			—			3,146			161			3,307
Net premiums earned		1,283			1,089		356			—			2,728			90			2,818
Losses and loss expenses		888			611		205			(1	)		1,703			83			1,786
Policy acquisition costs		117			192		73			—			382			2			384
Administrative expenses		132			144		15			59			350			4			354

Underwriting income (loss)		146			142		63			(58	)		293			1			294

Life underwriting income (includes investment income)		—			—		26			—			26			—			26
Net investment income - property and casualty		128			74		40			1			243			32			275
Net realized gains (losses)		(4	)		18		(22	)		(5	)		(13	)		9			(4	)
Interest expense		5			—		1			36			42			—			42
Other (income) expense		—			6		1			—			7			(11	)		(4	)
Income tax expense (benefit)		73			53		9			(21	)		114			6			120

Net income (loss)		192			175		96			(77	)		386			47			433

Net realized gains (losses)		(4	)		18		(22	)		(5	)		(13	)		9			(4	)
Tax expense (benefit) on net realized gains (losses)		(3	)		5		—			—			2			2			4

Income (loss) excluding net realized gains (losses) ⁽¹⁾	$	193		$	162	$	118		$	(72	)	$	401		$	40		$	441

March 31, 2004
Gross premiums written	$	1,905		$	1,674	$	576		$	—		$	4,155		$	208		$	4,363
Net premiums written		1,212			1,198		569			—			2,979			208			3,187
Net premiums earned		1,007			1,034		329			—			2,370			179			2,549
Losses and loss expenses		696			601		159			—			1,456			86			1,542
Policy acquisition costs		101			184		64			—			349			11			360
Administrative expenses		103			138		19			30			290			24			314

Underwriting income (loss)		107			111		87			(30	)		275			58			333

Life underwriting income (includes investment income)		—			—		11			—			11			—			11
Net investment income - property and casualty		104			48		27			(2	)		177			53			230
Net realized gains (losses)		52			24		(10	)		(14	)		52			5			57
Interest expense		5			—		—			37			42			2			44
Other (income) expense		3			3		—			—			6			11			17
Income tax expense (benefit)		62			51		3			(13	)		103			20			123

Net income (loss)		193			129		112			(70	)		364			83			447

Net realized gains (losses)		52			24		(10	)		(14	)		52			5			57
Tax expense (benefit) on net realized gains (losses)		7			7		—			—			14			7			21

Income (loss) excluding net realized gains (losses) ⁽¹⁾	$	148		$	112	$	122		$	(56	)	$	326		$	85		$	411

(1)	See page 21 Non-GAAP Financial Measures.


Segment 2005 Qtr		Page 6

ACE Limited

Segment Results - Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)

Insurance - North American


	1Q-05			4Q-04			3Q-04			2Q-04			1Q-04			Full Year 2004
Gross premiums written	$	2,151		$	1,898		$	2,219		$	2,102		$	1,905		$	8,124
Net premiums written		1,425			1,208			1,349			1,329			1,212			5,098
Net premiums earned		1,283			1,259			1,234			1,178			1,007			4,678
Losses and loss expenses		888			1,359			1,010			837			696			3,902
Policy acquisition costs		117			114			114			111			101			440
Administrative expenses		132			135			129			115			103			482

Underwriting income (loss)		146			(349	)		(19	)		115			107			(146	)

Net investment income		128			129			120			107			104			460
Net realized gains (losses)		(4	)		32			9			31			52			124
Interest expense		5			6			5			5			5			21
Other (income) expense		—			1			(2	)		3			3			5
Income tax expense (benefit)		73			(96	)		33			69			62			68

Net income (loss)		192			(99	)		74			176			193			344

Net realized gains (losses)		(4	)		32			9			31			52			124
Tax expense on net realized gains (losses)		(3	)		5			2			8			7			22

Income excluding net realized gains (losses) ⁽¹⁾	$	193		$	(126	)	$	67		$	153		$	148		$	242

Combined ratio
Loss and loss expense ratio		69.2	%		108.0	%		81.8	%		71.1	%		69.1	%		83.4	%
Policy acquisition cost ratio		9.1	%		9.0	%		9.3	%		9.5	%		10.0	%		9.4	%
Administrative expense ratio		10.3	%		10.7	%		10.5	%		9.7	%		10.3	%		10.3	%

Combined ratio		88.6	%		127.7	%		101.6	%		90.3	%		89.4	%		103.1	%

Large losses and other items (before tax)
Asbestos, environmental and other run-off losses	$	—		$	459		$	—		$	—		$	—		$	459
Catastrophe losses (before tax)	$	—		$	—		$	126		$	—		$	—		$	126
Prior period development	$	22		$	96		$	42		$	42		$	15		$	195

% Change versus prior year period
Net premiums written		18	%		15	%		27	%		37	%		30	%		27	%
Net premiums earned		27	%		27	%		25	%		28	%		34	%		28	%

Other ratios
Net premiums written/gross premiums written		66	%		64	%		61	%		63	%		64	%		63	%

(1)	See page 21 Non-GAAP Financial Measures.


Insurance-North American		Page 7

ACE Limited

Segment Results - Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)

Insurance - Overseas General


	1Q-05			4Q-04			3Q-04			2Q-04			1Q-04			Full Year 2004
Gross premiums written	$	1,635		$	1,392		$	1,292		$	1,500		$	1,674		$	5,858
Net premiums written		1,194			1,087			980			1,105			1,198			4,370
Net premiums earned		1,089			1,126			1,086			1,076			1,034			4,322
Losses and loss expenses		611			547			653			625			601			2,426
Policy acquisition costs		192			224			199			196			184			803
Administrative expenses		144			138			139			139			138			554

Underwriting income	$	142		$	217		$	95		$	116		$	111		$	539

Net investment income		74			69			61			55			48			233
Net realized gains (losses)		18			18			2			3			24			47
Interest expense		—			—			—			—			—			—
Other (income) expense		6			15			3			4			3			25
Income tax expense		53			84			42			61			51			238

Net income	$	175		$	205		$	113		$	109		$	129		$	556

Net realized gains (losses)		18			18			2			3			24			47
Tax expense on net realized gains (losses)		5			5			1			1			7			14

Income excluding net realized gains (losses) ⁽¹⁾	$	162		$	192		$	112		$	107		$	112		$	523

Combined ratio
Loss and loss expense ratio		56.1	%		48.6	%		60.1	%		58.1	%		58.1	%		56.1	%
Policy acquisition cost ratio		17.6	%		19.9	%		18.3	%		18.2	%		17.9	%		18.6	%
Administrative expense ratio		13.3	%		12.2	%		12.8	%		13.0	%		13.3	%		12.8	%

Combined ratio		87.0	%		80.7	%		91.2	%		89.3	%		89.3	%		87.5	%

Large losses and other items
Asbestos, environmental and other run-off losses	$	—		$	6		$	—		$	—		$	—		$	6
Large losses (before tax)	$	—		$	—		$	53		$	—		$	—		$	53
Prior period development	$	7		$	26		$	(8	)	$	(4	)	$	(8	)	$	6

% Change versus prior year period
Net premiums written		0	%		11	%		12	%		21	%		22	%		17	%
Net premiums earned		5	%		12	%		23	%		25	%		27	%		21	%

Other ratios
Net premiums written/gross premiums written		73	%		78	%		76	%		74	%		72	%		75	%

(1)	See page 21 Non-GAAP Financial Measures.


Insurance-Overseas General		Page 8

ACE Limited

Segment Results - Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)

Global Reinsurance


	1Q-05			4Q-04			3Q-04			2Q-04			1Q-04			Full Year 2004
Property and casualty
Gross premiums written	$	536		$	285		$	343		$	367		$	576		$	1,571
Net premiums written		527			279			312			364			569			1,524
Net premiums earned		356			359			362			346			329			1,396
Losses and loss expenses		205			204			436			174			159			973
Policy acquisition costs		73			68			65			74			64			271
Administrative expenses		15			15			16			15			19			65

P&C underwriting income (loss)		63			72			(155	)		83			87			87

Life
Gross premiums written		58			55			60			56			53			224
Net premiums written		58			55			59			55			51			220
Net premiums earned		58			55			60			54			51			220
Losses and loss expenses		35			38			48			44			42			172
Policy acquisition costs		4			5			6			6			5			22
Administrative expenses		2			1			1			1			1			4
Net investment income		9			9			8			8			8			33

Life underwriting income		26			20			13			11			11			55

Total underwriting income (loss)		89			92			(142	)		94			98			142
Net investment income - property and casualty		40			39			31			29			27			126
Net realized gains (losses)		(22	)		67			(35	)		12			(10	)		34
Interest expense		1			—			—			—			—			—
Other (income) expense		1			(1	)		—			—			—			(1	)
Income tax expense (benefit)		9			12			(1	)		1			3			15

Net income (loss)		96			187			(145	)		134			112			288

Net realized gains (losses)		(22	)		67			(35	)		12			(10	)		34
Tax expense on net realized gains (losses)		—			—			—			—			—			—

Income (loss) excluding net realized gains (losses) ⁽¹⁾	$	118		$	120		$	(110	)	$	122		$	122		$	254

P&C combined ratio
Loss and loss expense ratio		57.6	%		57.0	%		120.2	%		50.2	%		48.5	%		69.7	%
Policy acquisition cost ratio		20.5	%		19.0	%		18.0	%		21.4	%		19.4	%		19.4	%
Administrative expense ratio		4.3	%		4.0	%		4.5	%		4.5	%		5.6	%		4.6	%

P&C combined ratio		82.4	%		80.0	%		142.7	%		76.1	%		73.5	%		93.7	%

Large losses and other items
Large losses (before tax)	$	3		$	31		$	278		$	—		$	—		$	309
Prior period development	$	—		$	(13	)	$	(22	)	$	(13	)	$	(13	)	$	(61	)

(1)	See page 21 Non-GAAP Financial Measures.


Global Reinsurance		Page 9

ACE Limited

Segment Results - Consecutive Quarters - 2

(in millions of U.S. dollars)

(Unaudited)

Global Reinsurance - Property & Casualty


	1Q-05			4Q-04			3Q-04			2Q-04			1Q-04			Full Year 2004
% Change versus prior year period
Net premiums written		-7	%		27	%		44	%		6	%		28	%		24	%
Net premiums earned		8	%		16	%		32	%		29	%		33	%		27	%

Other ratios
Net premiums written/gross premiums written		98	%		98	%		91	%		99	%		99	%		97	%

Global Reinsurance - By Division

Gross premiums written
Tempest Europe	$	105		$	64		$	76		$	60		$	126		$	326
Tempest USA		248			204			205			224			253			886
Tempest Bermuda		183			17			62			83			197			359

Total	$	536		$	285		$	343		$	367		$	576		$	1,571

Net premiums written
Tempest Europe	$	102		$	61		$	74		$	54		$	122		$	311
Tempest USA		247			204			204			224			252			884
Tempest Bermuda		178			14			34			86			195			329

Total	$	527		$	279		$	312		$	364		$	569		$	1,524

Net premiums earned
Tempest Europe	$	76		$	76		$	77		$	75		$	75		$	303
Tempest USA		212			204			194			189			169			756
Tempest Bermuda		68			79			91			82			85			337

Total	$	356		$	359		$	362		$	346		$	329		$	1,396

Net premiums written/gross premiums written
Tempest Europe		97	%		95	%		97	%		90	%		97	%		95	%
Tempest USA		100	%		100	%		100	%		100	%		100	%		100	%
Tempest Bermuda		97	%		82	%		55	%		104	%		99	%		92	%

Total NPW/GPW		98	%		98	%		91	%		99	%		99	%		97	%


Global Reinsurance 2		Page 10

ACE Limited

Segment Results - Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)

Financial Services


	1Q-05			4Q-04			3Q-04			2Q-04			1Q-04			Full Year 2004
Gross premiums written	$	163		$	29		$	68		$	15		$	208		$	320
Net premiums written		161			26			68			14			208			316
Net premiums earned		90			96			111			134			179			520
Losses and loss expenses		83			97			116			89			86			388
Policy acquisition costs		2			—			2			9			11			22
Administrative expenses		4			2			4			10			24			40

Underwriting income (loss)		1			(3	)		(11	)		26			58			70

Net investment income		32			29			29			36			53			147
Net realized gains (losses)		9			13			(3	)		(32	)		5			(17	)
Interest expense		—			—			2			1			2			5
Other (income) expense		(11	)		(15	)		(22	)		—			11			(26	)
Income tax expense		6			4			—			11			20			35

Net income		47			50			35			18			83			186

Net realized gains (losses)		9			13			(3	)		(32	)		5			(17	)
Tax expense (benefit) on net realized gains (losses)		2			2			(2	)		1			7			8

Income excluding net realized gains (losses) ⁽¹⁾	$	40		$	39		$	36		$	51		$	85		$	211

Combined ratio
Loss and loss expense ratio		92.2	%		101.3	%		104.7	%		66.1	%		48.0	%		74.6	%
Policy acquisition cost ratio		2.2	%		-0.1	%		2.3	%		7.0	%		5.9	%		4.3	%
Administrative expense ratio		4.6	%		1.8	%		2.7	%		7.5	%		13.7	%		7.5	%

Combined ratio		99.0	%		103.0	%		109.7	%		80.6	%		67.6	%		86.4	%

Large losses and other items
Loss portfolio transfers⁽²⁾	$	—		$	8		$	19		$	—		$	—		$	27
Large losses (before tax)	$	—		$	—		$	11		$	—		$	—		$	11
Prior period development	$	1		$	(8	)	$	(14	)	$	(5	)	$	(2	)	$	(29	)

% Change versus prior year period
Net premiums written		-23	%		-91	%		-35	%		-89	%		-60	%		-70	%
Net premiums earned		-50	%		-80	%		-46	%		-38	%		-14	%		-53	%

Other ratios
Net premiums written/gross premiums written		99	%		90	%		100	%		93	%		100	%		99	%

(1)	See page 21 Non-GAAP Financial Measures.

(2)	Total premiums typically included in gross premiums written, net premiums written, and net premiums earned in the quarter it is written; usually accrued at 100% loss ratio.


Financial Services		Page 11

ACE Limited

Loss Reserve Rollforward

(in millions of U.S. dollars)

(Unaudited)


	Total									Ongoing									Run-off ⁽¹⁾
	Unpaid Losses									Unpaid Losses									Unpaid Losses
	Gross			Ceded			Net			Gross			Ceded			Net			Gross			Ceded			Net
Balance at December 31, 2003	$	27,155		$	13,192		$	13,963		$	19,835		$	7,699		$	12,136		$	7,320		$	5,493		$	1,827
Losses and loss expenses incurred		2,298			756			1,542			2,256			724			1,532			42			32			10
Losses and loss expenses paid		(1,873	)		(781	)		(1,092	)		(1,652	)		(545	)		(1,107	)		(221	)		(236	)		15
Other (incl. foreign exch. revaluation)		117			110			7			117			110			7			—			—			—

Balance at March 31, 2004		27,697			13,277			14,420			20,556			7,988			12,568			7,141			5,289			1,852

Losses and loss expenses incurred		2,452			727			1,725			2,482			761			1,721			(30	)		(34	)		4
Losses and loss expenses paid		(1,692	)		(593	)		(1,099	)		(1,401	)		(399	)		(1,002	)		(291	)		(194	)		(97	)
Other (incl. foreign exch. revaluation)		(233	)		166			(399	)		(233	)		166			(399	)		—			—			—

Balance at June 30, 2004		28,224			13,577			14,647			21,404			8,516			12,888			6,820			5,061			1,759

Losses and loss expenses incurred		3,310			1,076			2,234			3,281			1,058			2,223			29			18			11
Losses and loss expenses paid		(1,958	)		(1,079	)		(879	)		(1,750	)		(754	)		(996	)		(208	)		(325	)		117
Other (incl. foreign exch. revaluation)		27			48			(21	)		(396	)		(375	)		(21	)		423			423			—

Balance at September 30, 2004		29,603			13,622			15,981			22,539			8,445			14,094			7,064			5,177			1,887

Losses and loss expenses incurred		3,727			1,514			2,213			2,687			1,090			1,597			1,040			424			616
Losses and loss expenses paid		(2,348	)		(987	)		(1,361	)		(2,239	)		(939	)		(1,300	)		(109	)		(48	)		(61	)
Other (incl. foreign exch. revaluation)		531			188			343			244			(141	)		385			287			329			(42	)

Balance at December 31, 2004		31,513			14,337			17,176			23,231			8,455			14,776			8,282			5,882			2,400

Losses and loss expenses incurred		2,536			750			1,786			2,492			728			1,764			44			22			22
Losses and loss expenses paid		(2,028	)		(797	)		(1,231	)		(1,847	)		(695	)		(1,152	)		(181	)		(102	)		(79	)
Other (incl. foreign exch. revaluation) ⁽²⁾		(595	)		(596	)		1			(669	)		(671	)		2			74			75			(1	)

Balance at March 31, 2005	$	31,426		$	13,694		$	17,732		$	23,207		$	7,817		$	15,390		$	8,219		$	5,877		$	2,342

(1)	The run-off reserves primarily include Brandywine group, the Commercial Insurance Service - Middle Market Worker’s Comp. reserves and the pre-1997 Westchester Specialty reserves.

(2)	Novation of a contract for $597M.


Loss Reserve Rollforward		Page 12

ACE Limited

Reinsurance Recoverable Analysis

(in millions of U.S. dollars)

(Unaudited)

Net Reinsurance Recoverable by Division



	March 31 2005			December 31 2004
Reinsurance recoverable on paid losses & loss expenses
Active operations	$	796		$	789
Brandywine		385			398
Westchester		24			24

Total	$	1,205		$	1,211

Reinsurance recoverable on unpaid losses & loss expenses
Active operations	$	8,819		$	9,534
Brandywine		4,796			4,720
Westchester		705			717

Total	$	14,320		$	14,971

Gross reinsurance recoverable
Active operations	$	9,615		$	10,323
Brandywine		5,181			5,118
Westchester		729			741

Total	$	15,525		$	16,182

Bad debt reserve
Active operations	$	(577	)	$	(547	)
Brandywine		(302	)		(341	)
Westchester		(38	)		(40	)

Total	$	(917	)	$	(928	)

Net reinsurance recoverable
Active operations	$	9,038		$	9,776
Brandywine		4,879			4,777
Westchester		691			701

Total	$	14,608		$	15,254


Reinsurance Recoverable		Page 13

ACE Limited

Reinsurance Recoverable Analysis

(in millions of U.S. dollars)

(Unaudited)

Reinsurance Recoverable for Active Operations


	December 31, 2004
	Recoverable		Bad Debt		% of Gross
Categories
Top 10 reinsurers	$	5,015	$	95	1.9	%
Other reinsurers balances >$20 million		2,381		76	3.2	%
Other reinsurers balances <$20 million		577		31	5.4	%
Mandatory pools and government agencies		693		3	0.4	%
Structured settlements		207		1	0.5	%
Captives		931		1	0.1	%
Other⁽¹⁾		519		340	65.5	%

Total	$	10,323	$	547	5.3	%

At December 31, 2004, $7.3 billion of the active operations’ recoverables were from rated reinsurers, of which 85.7% were rated the equivalent of A- or better by internationally recognized rating agencies. The Company held collateral of $2.9 billion, of which $1.7 billion was matched and usable against existing recoverables.


Top 10 Reinsurers (net of collateral)⁽²⁾	Other Reinsurers Balances Greater Than $20 million (net of collateral) (2)
American International Group (including Transatlantic	AGRI General Ins Co	Independence Blue Cross (Amerihealth)
Reinsurance Company)	AIOI Insurance	ING - Internationale Nederlanden GRP
Berkshire Hathaway Insurance Group	Allianz	IRB - Brasil Reaseguros S.A.
CIGNA ⁽³⁾	Arch Capital	Liberty Mutual Insurance Companies
Electric Insurance Company	Aspen Insurance Holdings Ltd	Overseas Partners Ltd
GE Insurance Solutions	AVIVA	Partner Re
HDI Haftpflichtverband Der Deutschen Industrie VAG	AXA	Platinum Underwriters
Lloyd’s of London	Chubb Insurance Group	QBE Insurance
Munich Re	CNA Insurance Companies	Renaissance Re Holdings Ltd
Swiss Re Group	Converium Group	Royal & Sun Alliance Insurance Group
XL Capital Group	DaimlerChrysler Insurance Company	SCOR Group
	Endurance Specialty	Sompo Japan
	Everest Re Group	St. Paul Travelers Companies
	Fairfax Financial	Toa Reinsurance Company
	Federal Crop Insurance Corp	White Mountains Insurance Group
	FM Global Group	WR Berkley Corp
	Gerling Group	Zurich Financial Services Group

⁽¹⁾

Other includes amounts recoverable that are in dispute, or are from companies who are in supervision, rehabilitation or liquidation. Our estimate of bad debt reserve associated with Other considers the credit quality of the reinsurer, and whether we have received collateral or other credit protections such as parental guarantees.

⁽²⁾	Excludes recoverable amounts from companies who are in supervision, rehabilitation or liquidation, or are captive reinsurers, mandatory pools or voluntary pools.

⁽³⁾	Contract was novated in the first quarter of 2005.


Reinsurance Rec-Active		Page 14

ACE Limited

Reinsurance Recoverable Analysis

(in millions of U.S. dollars)

(Unaudited)

Consolidated Reinsurance Recoverable



	December 31, 2004
	Recoverable		Bad Debt		% of Gross
Categories
Top 10 reinsurers	$	8,222	$	121	1.5	%
Other reinsurers balances >$20 million		3,799		183	4.8	%
Other reinsurers balances <$20 million		866		68	7.9	%
Mandatory pools and government agencies		726		4	0.6	%
Structured settlements		489		2	0.4	%
Captives		1,052		1	0.1	%
Other⁽¹⁾		1,028		549	53.4	%

Total	$	16,182	$	928	5.7	%

At December 31, 2004, $11.8 billion of consolidated recoverables were from rated reinsurers, of which 89% were rated the equivalent of A- or better by internationally recognized rating agencies.



Top 10 Reinsurers (net of collateral) ⁽²⁾	Other Reinsurers Balances Greater Than $20 million (net of collateral) ⁽²⁾
Berkshire Hathaway Insurance Group	AGRI General Ins Co	Hartford Insurance Group
CIGNA ⁽³⁾	AIOI Insurance	Independence Blue Cross (Amerihealth)
Electric Insurance Company	Allianz	ING - Internationale Nederlanden GRP
Equitas	Allstate	IRB - Brasil Reaseguros S.A.
GE Insurance Solutions	American International Group	Kemper
HDI Haftpflichtverband Der Deutschen Industrie VAG	Arch Capital	Koren Reinsurance Company
Lloyd’s of London	Aspen Insurance Holdings Ltd	Liberty Mutual Insurance Companies
Munich Re	Assicurazioni Generali SPA	Millea Holdings
Swiss Re Group	AVIVA	Mitsui Sumitomo Insurance Company Ltd.
XL Capital Group	AXA	Overseas Partners Ltd
	Chubb Insurance Group	Partner Re
	CNA Insurance Companies	Platinum Underwriters
	Converium Group	QBE Insurance
	DaimlerChrysler Insurance Company	Renaissance Re Holdings Ltd
	Dominion Ins. Co. Ltd	Royal & Sun Alliance Insurance Group
	Dukes Place Holdings	SCOR Group
	Endurance Specialty	Sompo Japan
	Everest Re Group	St. Paul Travelers Companies
	Fairfax Financial	Toa Reinsurance Company
	Federal Crop Insurance Corp	Trenwick Group
	FM Global Group	White Mountains Insurance Group
	Gerling Group	WR Berkley Corp
		Zurich Financial Services Group

⁽¹⁾

⁽²⁾	Excludes recoverable amounts from companies who are in supervision, rehabilitation or liquidation, or are captive reinsurers, mandatory pools or voluntary pools.

⁽³⁾	Contract was novated in the first quarter of 2005.


Reinsurance Rec-Consolidated		Page 15

ACE Limited

Reinsurance Recoverable Analysis -4

(in millions of U.S. dollars)

(Unaudited)

Detail on Reinsurance Recoverable on Paid Losses and Loss Expenses


	General Collections ⁽¹⁾			Other ⁽²⁾			Total
Gross balance at December 31, 2004	$	717		$	494		$	1,211
Bad debt reserve at 12/31/04		37			272			309
% of gross		5.2	%		55.1	%		25.5	%

Net balance at December 31, 2004 ⁽³⁾	$	680		$	222		$	902

Gross balance at March 31, 2005	$	713		$	492		$	1,205
Bad debt reserve at 3/31/05		37			268			305
% of gross		5.2	%		54.5	%		25.3	%

Net balance at March 31, 2005 ⁽³⁾	$	676		$	224		$	900

⁽¹⁾	General collections balances represent amounts in process of collection in the normal course of business, for which we have no indication of dispute or credit issues.

⁽²⁾

Other includes amounts recoverable that are in dispute, or are from companies who are in supervision, rehabilitation or liquidation for Brandywine Group and active operations. Our estimation of the reserve for other, considers the merits of the underlying matter, the credit quality of the reinsurer, and whether we have received collateral or other credit protections such as parental guarantees.

⁽³⁾	The current quarter allocation between general collections and other is estimated based on prior quarter balances. Balances are adjusted to actual in the next quarter.


Reinsurance Recoverable 4		Page 16

ACE Limited

Investment Portfolio

(in millions of U.S. dollars)

(Unaudited)


	March 31 2005			December 31 2004
Market Value
Fixed maturities available for sale	$	20,188		$	22,741
Fixed maturities held to maturity		3,207			—
Short-term investments		2,135			2,140

Total	$	25,530		$	24,881

Asset Allocation by Market Value
Treasury	$	1,713		$	1,536
Agency		1,495			1,527
Corporate		7,532			7,530
Mortgage-backed securities		5,482			5,010
Asset-backed securities		1,209			1,217
Municipal		559			566
Non-US		5,405			5,376
Cash & cash equivalent		2,135			2,119

Total		25,530		$	24,881

Credit Quality by Market Value
AAA	$	14,655		$	13,800
AA		2,459			2,618
A		4,392			4,336
BBB		2,176			2,269
BB		817			774
B		982			1,041
Other		49			43

Total		25,530		$	24,881

Cost/Amortized Cost
Fixed maturities available for sale	$	20,066		$	22,271
Fixed maturities held to maturity		3,211			—
Short term investments		2,135			2,140

Subtotal		25,412			24,411
Equity securities		1,170			1,061
Other investments		463			450

Total		27,045		$	25,922

Avg. duration of fixed maturities, adj. for int. rate swaps		3.1 years			3.4 years
Avg. market yield of fixed maturities		4.5	%		4.1	%
Avg. credit quality		AA			AA


Investments		Page 17

ACE Limited

Realized and Unrealized Gains (Losses)

(in millions of U.S. dollars)

(Unaudited)


	Three months ended March 31, 2005
	Net Realized Gains (Losses) (1)			Net Unrealized Gains (Losses)			Net Impact
Investment Portfolio Gains (Losses)
Fixed maturities	$	(3	)	$	(332	)	$	(335	)
Interest rate swaps		2			—			2
Equity securities		14			(23	)		(9	)
Equity and fixed income derivatives		(2	)		—			(2	)
Foreign exchange gains (losses)		(3	)		—			(3	)
Other		2			16			18

Total inv. portfolio gains (losses)		10			(339	)		(329	)
Other FAS 133 adjustments		(14	)		—			(14	)

Total gains (losses)		(4	)		(339	)		(343	)
Income tax expense (benefit)		4			(69	)		(65	)

Net gains (losses)	$	(8	)	$	(270	)	$	(278	)

(1)	The quarter includes impairments of $20M for fixed maturities and $1M for equities.


	Three months ended March 31, 2004
	Net Realized Gains (Losses) (2)			Net Unrealized Gains (Losses)			Net Impact
Investment Portfolio Gains (Losses)
Fixed maturities	$	55		$	175		$	230
Interest rate swaps		(14	)		—			(14	)
Equity securities		28			(4	)		24
Equity and fixed income derivatives		13			—			13
Foreign exchange gains (losses)		5			—			5
Other		(7	)		4			(3	)

Total inv. portfolio gains (losses)		80			175			255
Other FAS 133 adjustments		(23	)		—			(23	)

Total gains (losses)		57			175			232
Income tax expense (benefit)		21			48			69

Net gains (losses)	$	36		$	127		$	163

(2)	The quarter includes impairments of $1M for fixed maturities and $1M for equities.


Investment Gains (Losses)		Page 18

ACE Limited

Capital Structure

(in millions of U.S. dollars)

(Unaudited)


	March 31 2005			December 31 2004			December 31 2003
Total short-term debt	$	147		$	146		$	546
Total long-term debt		1,849			1,849			1,349

Total debt		1,996			1,995			1,895

Total trust preferreds		412			412			475

Perpetual preferred		557			557			557
Ordinary shareholders’ equity		9,408			9,279			8,278

Total shareholders’ equity	$	9,965		$	9,836		$	8,835

Total capitalization	$	12,373		$	12,243		$	11,205
Tangible shareholders’ equity ⁽¹⁾	$	7,357		$	7,224		$	6,124

Leverage ratios
Debt/ total capitalization		16.1	%		16.3	%		16.9	%
Debt plus trust preferreds/ total capitalization		19.5	%		19.7	%		21.2	%
Debt/ tangible equity		27.1	%		27.6	%		30.9	%
Debt plus trust preferreds/ tangible equity		32.7	%		33.3	%		38.7	%
Debt plus total preferred stock/ total capitalization		24.0	%		24.2	%		26.1	%

(1)	Tangible equity is equal to shareholders’ equity less goodwill.


Capital Structure		Page 19

ACE Limited

Computation of Basic and Diluted Earnings Per Share

(in millions of U.S. dollars, except share and per share data)

(Unaudited)


	Three months ended March 31
	2005			2004
Numerator
Income excluding net realized gains (losses)⁽¹⁾	$	441		$	411
Perpetual preferred dividend		(11	)		(11	)

Income to ordinary shares, excl. net realized gains (losses)		430			400

Net realized gains (losses), net of income tax		(8	)		36

Net income available to the holders of ordinary shares	$	422		$	436

Rollforward of ordinary shares
Ordinary shares - beginning of period		284,478,525			279,897,193
Issued under employee stock purchase plan		109,411			125,631
Stock (cancelled) granted		1,344,217			1,259,605
Issued for option exercises		1,421,174			1,432,480

Ordinary shares - end of period		287,353,327			282,714,909

Denominator
Weighted average shares outstanding		283,179,820			278,937,204
Effect of other dilutive securities		4,385,550			5,352,364

Adj. wtd. avg. shares outstanding and assumed conversions		287,565,370			284,289,568

Basic earnings per share
Income excluding net realized gains (losses)⁽¹⁾	$	1.52		$	1.43
Net realized gains (losses)		(0.03	)		0.13

Net income	$	1.49		$	1.56

Diluted earnings per share
Income excluding net realized gains (losses)⁽¹⁾	$	1.49		$	1.40
Net realized gains (losses)		(0.03	)		0.13

Net income	$	1.46		$	1.53

(1)	See page 21 Non-GAAP Financial Measures.


Earnings per share		Page 20

ACE Limited

Non-GAAP Financial Measures

(in millions of U.S. dollars)

(Unaudited)

Regulation G - Non-GAAP Financial Measures

In presenting our results, we have included and discussed certain non-GAAP measures. These non-GAAP measures, which may be defined differently by other companies, are important for an understanding of our overall results of operations; however, they should not be viewed as a substitute for measures determined in accordance with GAAP. A reconciliation of book value per share to diluted book value per ordinary share is provided on page 22.

In presenting our segment operating results we have shown our performance with reference to underwriting results. Underwriting results are calculated by subtracting losses and loss expenses, life and annuity benefits, policy acquisition costs and administrative expenses from net premiums earned. We use underwriting results and operating ratios to monitor the results of our operations without the impact of certain factors, including investment income, other income and expenses, interest and income tax expense and net realized gains (losses).

The following non-GAAP measure is a common performance measurement and is defined as income (loss) excluding net realized gains (losses) and the tax expense on net realized gains (losses). We believe this presentation enhances the understanding of our results of operations by highlighting the underlying profitability of our insurance business. We exclude net realized gains (losses) because the amount of these gains (losses) is heavily influenced by, and fluctuates in part, according to the availability of market opportunities. We believe these amounts are largely independent of our business and including them would distort the analysis of trends. Income excluding net realized gains (losses) should not be viewed as a substitute for net income determined in accordance with generally accepted accounting principles (GAAP).


	1Q-05			4Q-04		3Q-04			2Q-04		1Q-04		Full Year 2004
Net income (loss), as reported	$	433		$	282	$	(3	)	$	413	$	447	$	1,139
Net realized gains (losses)		(4	)		128		(33	)		43		57		195
Tax expense on net realized gains (losses)		4			12		1			10		21		44

Income excluding net realized gains (losses)	$	441		$	166	$	31		$	380	$	411	$	988


Reconciliation Non-GAAP		Page 21

ACE Limited

Diluted Book Value per Ordinary Share

(in millions of U.S. dollars, except share and per share data)

(Unaudited)

Reconciliation of Book Value per Ordinary Share to Diluted Book Value per Ordinary Share


	March 31 2005			December 31 2004
Shareholders’ equity	$	9,965		$	9,836
Net proceeds from assumed conversions of options		271			312
Proceeds from issuance of preferred shares		(557	)		(557	)

Numerator for diluted book value per share calculation		9,679			9,591
Less: goodwill		2,608			2,612

Numerator for diluted tangible book value per share	$	7,071		$	6,979

Ordinary shares outstanding - end of period		287,353,327			284,478,525
Shares issued from assumed conversions of options		9,346,765			10,830,932

Denominator for diluted and diluted tangible book value		296,700,092			295,309,457

Book value per ordinary share	$	32.74		$	32.62
Diluted book value per ordinary share	$	32.62		$	32.48
Diluted tangible book value per ordinary share	$	23.83		$	23.63


Reconciliation Book Value		Page 22

ACE Limited

Comprehensive Income

(in millions of U.S. dollars)

(Unaudited)

Consolidated Statement of Comprehensive Income


	1Q-05			4Q-04			3Q-04			2Q-04			1Q-04			Full Year 2004
Net income (loss)	$	433		$	282		$	(3	)	$	413		$	447		$	1,139
Net unrealized appreciation (depreciation) on investments
Unrealized appreciation (depreciation) on investments		(271	)		176			393			(622	)		236			183
Reclassification adjustment for net realized gains (losses) included in net income		(84	)		(96	)		(32	)		(83	)		(61	)		(272	)
Unrealized appreciation on investments transferred from available for sale to held to maturity during the period		16			—			—			—			—			—
Cumulative translation adjustment		(13	)		128			21			(24	)		2			127
Minimum pension liability adjustment		2			(45	)		3			1			(2	)		(43	)
Income tax (expense) benefit related to other comprehensive income items		73			(35	)		(83	)		180			(41	)		21

Other comprehensive income (loss)		(277	)		128			302			(548	)		134			16

Comprehensive income (loss)	$	156		$	410		$	299		$	(135	)	$	581		$	1,155


Comprehensive Income		Page 23

ACE Limited

Glossary

Annualized return on ordinary shareholders’ equity (ROE): Income (loss) excluding net realized gains (losses) less perpetual preferred securities divided by average ordinary shareholders’ equity for the period. To annualize a quarterly rate multiply by four.

Combined ratio: The sum of the loss and loss expense ratio, acquisition cost ratio and the administrative expense ratio for the property and casualty and financial services operations. Calculated on a GAAP basis.

Diluted book value per ordinary share: Ordinary shareholders’ equity and net proceeds from assumed conversions of outstanding in-the-money options divided by the sum of shares outstanding and the number of options assumed issued.

Diluted tangible book value per ordinary share: Ordinary shareholders’ equity and net proceeds from assumed conversions of outstanding in-the-money options less goodwill divided by the sum of shares outstanding and the number of options assumed issued.

Effective tax rate: Income tax expense divided by the sum of income tax expense and income (loss) excluding net realized gains (losses).

FAS 115: Unrealized gains (losses) on investments and the deferred tax component included in shareholders’ equity.

Life underwriting income: Net premium earned and net investment income less future policy benefits, acquisition costs and administrative expenses.

NM: Not meaningful.

Ordinary shareholders’ equity: Shareholders’ equity less perpetual preferred shares.

P & C: Property and casualty.

Property and casualty combined ratios: Loss and loss expense ratios, policy acquisition cost ratios and administrative expense ratios excluding life reinsurance business and financial services segment. Calculated on a GAAP basis.

Return on ordinary shareholders’ equity (ROE): Income (loss) excluding net realized gains (losses) less perpetual preferred securities divided by average ordinary shareholders’ equity.

Tangible equity: Shareholders’ equity less goodwill.

Total capitalization: Short-term debt, long-term debt, trust preferreds, perpetual preferred shares and shareholders’ equity.

YTD: Year to date.


Glossary		Page 24

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