Now, I'd like to introduce our speakers. First, we have Evan Greenberg, Chairman and Chief Executive Officer, followed by Phil Bancroft, our Chief Financial Officer. Then, we'll take your questions. Also, with us to assist with your questions are several members of our management team.
Now, it's my pleasure to turn the call over to Evan.
Good morning. ACE had a very good second quarter marked by excellent operating earnings, strong broad-based premium revenue growth and an improving P&C pricing environment in a number of areas of the world. Book value growth was up modestly in the quarter, as we were impacted by the euro debt crisis and the consequence like to safety which affected foreign exchange and interest rates and equity markets. After-tax operating income for the quarter was 743 million were 2.17 per share, our operating ROE was over 12.5%, for the first six months we have produced almost a 1.5 billion in operating income and an ROE again of 12.5%.All the visions of the company made a positive contribution to the quarter’s results, our underwriting results this quarter were again outstanding as illustrated by a P&C combined ratio of 88.7. The strong calendar year results benefited from both favorable current accident year experienced and positive prior period reserve development. The current accident year results were excellent both with and without the impact of cat losses which were relatively light this quarter at 55 million pretax. ACE’s underwriting performance has been consistently strong over the year with over 890 million in underwriting income and a combined ratio of about 89% for the first six months. Investment income held up pretty well in the quarter, it was down only modestly despite the historic low interest rate environment. The strong operating fundamentals contributed to book value growth of 1.3% in the quarter that was impacted by mark to market losses and for financial markets and foreign exchange movements.