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ACE Limited CEO Discusses Q2 2012 Results - Earnings Call Transcript

Book value was up almost 6% year-to-date, Bill will have more to say about the markets impact on our investment portfolio, the VA mark and foreign exchange. We announced a small but important acquisition last month Asuransi Jaya Proteksi, one of Indonesia’s top general insurers and a leader in personal lines. The company which has an extensive branch network and distribution system will complement our existing business and diversify our presence in Indonesia with a well-established personal lines franchise.

The transaction is expected to close later this year, ACE’s total company net premiums in the quarter grew 4.5%, or 6.5% adjusting for the impact of foreign exchange. Our growth in the quarter came primarily from three regions of the world, North America, Asia, and Latin America.

North America grew over 7% in the quarter or approximately 10% excluding crop insurance. We had excellent growth in commercial P&C both retail and wholesale as well as personal lines. In Asia, and Latin America we were up 16% and 23% respectively, with strong contributions from P&C, A&H and personal lines which all grew at double digit rates in original currency. Growth in Europe in the UK on the other hand was flat due to both market and economic conditions.

In North America some of the product lines where we saw our best growth were in primary risk management business which was up 9%, retail, general and specialty causality lines of business and aggregate which were up 11% and property which was up 27%. Our U.S. E&S wholesale business was up 24% led by property which was up 37%, our high net worth personal lines business in the U.S. was up 15 points.

In our international business, property was up double digit in Latin America and Asia as was marine while energy related classes in aggregate were up double digit globally. A&H growth globally picked up in the quarter as expected and this trend should continue for the balance of the year. A&H premiums excluding combined were up about 9% globally in constant dollars.

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