ACE Limited announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2011. For the quarter, the company reported net premiums earned of $3,831 million against $3,572 million for the same period a year ago. Net investment income was $565 million against $532 million for the same period a year ago. Net realized gains were $83 million against $305 million for the same period a year ago. Net income available to holders of common shares was $750 million or $2.20 diluted per share against $1,001 million or $2.92 diluted per share for the same period a year ago. Operating cash flow was $472 million. Net investment income increased 6% to $565 million due to higher invested assets and higher distributions from private equity funds, partially offset by lower new money rates. After-tax operating income for the quarter was $663 million or $1.94 per share. Operating ROE was nearly 12%. Tangible book value per share grew 4% in the quarter. For the year, the company reported net premiums earned of $15,387 million against $13,504 million for the same period a year ago. Net investment income was $2,242 million against $2,070 million for the same period a year ago. Net realized losses were $795 million against net realized gains of $432 million for the same period a year ago. Net income available to holders of common shares was $1,585 million or $4.65 diluted per share against $3,108 million or $9.11 diluted per share for the same period a year ago. Operating cash flow was $3.5 billion. Book value per common share as on December 31, 2011 was $72.76 against $68.59 as at December 31, 2010. Net operating income was nearly $2.4 billion, down 11% from 2010. Operating ROE for the year was almost 11%. Tangible book value per share grew 7% for the year. The company provides earnings guidance for the year 2012. For the year, the company expects operating income to range between $6.65 and $7.05 per share. Catastrophe losses included in the estimate are $475 million pre-tax ($385 million after-tax), which is up from last year's catastrophe loss guidance of $370 million pre-tax ($300 million after-tax). The operating income projections included in this guidance are for current accident year results only and by definition do not include any estimate for prior period reserve development. The company's $6.85 per share guidance midpoint compares to the actual 2011 accident year result of $5.68 per share and 2011 original guidance midpoint of $6.30 per share.