ACE Limited reported a net investment income of $2.1 billion for 2013.

That represents a decline of 1.7 per cent.

ACE had a record full-year operating income of $3.2 Billion, up 23 per cent.

For the year ended December 31, 2013, net income was $10.92 per share, compared with $7.89 per share for 2012. Operating income was $9.35 per share, compared with $7.65 per share for 2012. Book value increased $1.3 billion, up 4.7% from December 31, 2012, and tangible book value increased $865 million, up 3.8%, and up 6.5% excluding acquisitions. The P&C combined ratio for the year ended December 31, 2013, was 88.0%.

Evan G. Greenberg, chairman and CEO of ACE Limited, said in a release: “ACE had an excellent fourth quarter and a record year. Both our quarterly and annual results were driven by very strong premium revenue growth globally and an exceptional underwriting performance. Put simply, we are growing while achieving good margins — it’s about growth in areas where prices are attractive and securing improved terms including rate in areas where they’re not.

“Record full-year after-tax operating income was $3.2 billion or $9.35 per share, up 23%. At our core we are an underwriting company, and our P&C combined ratio for the year of 88% produced $1.8 billion ofunderwriting income, up over 110%. On a current accident year basis excluding catastrophe losses, which is an important way to assess the health of our underlying business, the P&C combined ratio was 90% for the year, almost three points better than 2012. Of course, like the rest of the industry, webenefited from light catastrophe losses during the year. In addition, we run our balance sheet prudently starting with our loss reserves, and as a consequence we also benefited from positive prior year reserve development.

“Complementing the excellent underwriting results and a product of our strong cash flow was net investment income of $2.1 billion, which was down less than 2% for the year – a good result given the low interest rate environment. Our record earnings produced a strong operating ROE of over 12% while per share book value grew 5% for the year, or 11% if you exclude the unrealized losses from our investment portfolio as interest rates rose.

“Excluding crop insurance, P&C net premiums written grew 11% last year on a constant- dollar basis. Premium growth in our commercial and specialty P&C businesses, in particular, continued to benefit from our underwriting portfolio management efforts as well as a favorable U.S. rate environment that has continued into the new year. We are off to a great start in January, and remembering we are in a risk business, I expect we will have a good year in 2014 as we continue to take advantage of the many growth opportunities we see around the globe including the U.S.”