to $51.9 million or $1.10 per share at March 31, 1995.

For the same quarter last year the company reported profit of $17.8 million or 37 cents per share.

"Our second quarter performance was excellent,'' said Mr. Brian Duperreault, chairman, president and CEO of ACE.

Income excluding net realised gains rose to $46.8 million or 99 cents per share. For the same quarter last year the company reported net income excluding realised gains of $34.8 million or 72 cents per share.

For the six months ended March 31 income was $53.3 million or $1.13 per share compared to $114.9 million or $2.35 per share for the first half of fiscal 1994.

Income excluding net realised losses for the six month period was $93 million or $1.96 per share compared to $67.9 million or $1.39 for the same period last year.

Net premiums written during second quarter were $102.5 million compared to $93.6 million for the same period last year, an increase of 9.5 percent.

Net premiums earned during quarter rose 11.8 percent to $106.5 million versus $95.3 million a year earlier.

The increase in premiums resulted primarily from ACE's satellite business which has grown steadily since began in February last year, according to a release.

For the first six months of fiscal 1995 net premiums written rose 12.6 percent to $213.4 million compared to $189.4 million. Net premiums earned for this period were $210.6 million compared to $188.2 million.

Net investment income excluding net realised gains was $44.9 million for the second quarter compared to $33.6 million, a 33.8 percent increase.

For the first six months net investment income excluding net realised gains was $88.3 million compared to $65.1 million, an increase of 35.7 percent.

Positive movement in the securities markets resulted in net realised gains of $5.1 million compared to a loss of $17 million for second quarter 1994. For the six months ended March 31, 1995, net realised losses were $39.7 million compared to net realised gains of $47 million for the first half of fiscal 1994.

ACE Ltd., through its wholly-owned insurance subsidiaries is the leading provider of excess directors and officers liability insurance in the world, and one of the leading providers of high level excess liability insurance.

ACE also offers satellite, financial lines, aviation and excess property insurance.

At March 31, 1995 the company had about $2.9 billion in assets.

Shareholders' equity at March 31, 1995 was about $1.2 billion.