US-listed re/insurer Ace Ltd has posted 2012 net income of $1.59bn, marking a 49% decline that reflected higher catastrophe-related losses and a swing to $795m in realized investment losses from year-earlier gains of $432m. The Zurich-based group said that underwriting income fell 30% to $967m, as cat losses helped raise claims costs by 26% to $9.52bn, while earned premiums rose 14% to $15.39bn. The group's combined ratio deteriorated to 94.6% from 90.2%. Excluding realized gains and losses, Ace's North American p/c segment saw after-tax operating income slip to $1.18bn from $1.26bn, its international p/c segment posted income of $703m against the year-earlier $813m, and its global reinsurance segment saw income fall to $401m from $543m. Its life segment posted income of $348m, up 16%. Chairman and CEO Evan Greenberg noted that commercial p/c rates had been accelerating since Q3 and that rates in all US p/c classes had strengthened. For 2012, Ace has projected per-share operating income of $6.65 to $7.05, below analysts' forecast of $7.49.