ZURICH, SWITZERLAND ( TheStreet) -- Property and casualty insurer Ace ( ACE) pulled a low card in the second-quarter, as its profit tumbled 28% due to softer policy sales and higher investment losses. During the quarter, the company earned $535 million, or $1.58 a share, compared with $746 million, or $2.18 a share, in the year-ago period. Excluding one-time items and adjusting for foreign-exchange rates, the company earned $2.08 a share. Analysts expected a profit of $1.94. Shares of Ace were down about 1% to close at $48.02 and continued to decline in after-market trading. --Reported by Jeanine Poggi in New York.