in 1993 -- a profit 22 times higher than in 1992.

ACE, which released its results yesterday, reported net income per share of $4.49, compared to 21 cents in 1992.

Net premiums written were $340 million, up 5.5 percent or $18 million in 1992, while net premiums earned were up 16.6 percent from $274 million to $320 million in 1992.

Shareholders' equity in the company -- which went public on the New York Stock Exchange during the year -- rose 24.2 percent to $1.4 billion, while total assets were $2.29 billion, an increase of 13.5 percent.

The company closed up 25 cents at $28.50 on the New York Stock Exchange yesterday.

The company continued to draw the bulk of its earnings from excess liability accounts, with net premiums earned from excess liability accounts totaling $240 million, up 22.6 percent on 1992.

Net premiums earned for directors and officers liability increased marginally on 1992, going up 0.7 percent to $78.8 million, due in part to an increase in the number of lower risk premiums written.

ACE paid out $286 million in claims and loss expenses in 1993 and added $262 million to reserves, which the company said was in line with its loss model.

It said 82.4 percent of the payments were made on two claims.

The company also said it has paid or set aside $1.26 billion to cover claims relating to lawsuits relating to silicon breast implants. A $4.75 billion settlement has been offered to resolve the dispute and yesterday, three companies agreed to accept the settlement. It is not known if they include ACE's insureds. Story -- Page 10 ACE yesterday moved to take advantage of a capacity shortage in the international space insurance market.

It announced it will offer dedicated satellite insurance of up to $25 million per launch to assist operators to receive full coverage.

"It is clear that satellite owners cannot afford to have available coverage dependent upon market cycles,'' said ACE chairman Mr. Walter Scott. "ACE will provide stability and consistency to the space insurance market just as it has done for the excess liability and directors officers insurance markets.'' Heading up the product will be Mr. Charles Rudd, who has ten years experience in the sector.

Mr. Walter Scott.