ACE Reports Fourth Quarter Operating Income of $492 Million after Superstorm Sandy Losses of $393 Million After-Tax; Book Value up 2.1% in Quarter with Operating ROE of 8%

• Book value and tangible book value up 13.1% and 15.5% for the year
• Full-year net income up over 75% and operating income up over 12%
• Full-year combined ratio was 93.9%; operating ROE was 11.0%
• Total net premiums written up 6.0% for the year in constant dollars and 9.1% excluding crop insurance
• Full-year underwriting income was $1.2 billion, up over 11%
• Full-year investment income was $2.2 billion, down 2.8%
• Operating cash flow was $4 billion for the year