1993.

ACE made a $10.5 million profit for the same period in 1992. Profit for the fiscal fourth quarter in 1992 was adversely impacted by an additional loss provision of $236 million, regarding losses relating to premiums earned in years prior to 1992.

For the 1993 fiscal year, income excluding realised gains was $125.2 million compared to a loss excluding realised gains of $125.5 million in 1992.

Mr. Walter A. Scott, president and chief executive officer, described fiscal 1993 as an "exciting year for ACE''.

"We completed a very successful initial public offering (IPO) and negotiated the acquisition of CODA, the D&O insurer that we have managed since 1987.

"In August, we announced the authorisation of the repurchase of up to $50 million of ACE shares. These actions are indicative to our ongoing commitment to our shareholders.

He described profits for the fiscal fourth quarter of 1993 of $62.3 million as "right in line with our expectations''.

ACE made a $129.7 million loss for the same period in 1992.

Income excluding realised gains was $32.1 million for the three months ending September 30, 1993, compared to a $208.3 million loss for the same period in 1992.

Fully diluted net asset value per ordinary share at September 30, 1993 was $27.46.

Profit per share for the fiscal fourth quarter of 1993 was $1.25 per share, compared to a $3.58 per share loss for the same period in 1992.

For the year ended September 30, 1993, profit per share was $5.50, compared to 29 cents for the same period in 1992.

"We experienced continuing growth in net written premiums resulting from both price increases and expansion of our client base. This has resulted in a 12.9 percent in net premiums earned for the fourth quarter of 1993 compared to the same period in 1992,'' said Mr. Scott.

ACE completed its IPO, a recaptialisation and share repurchase during the fiscal second quarter.

ACE -- 1993 RESULTS PROFIT. . . . . . . . . . . . . . . . . . . . . . . . . . $223.5 million EARNED PREMIUMS. . . . . . . . . . . . . $319.5 million WRITTEN PREMIUMS . . . . . . . . . . . . . $319 million TOTAL ASSETS. . . . . . . . . . . . . . . . . . . . . $2.2 billion LOSSES & LOSS EXPENSES . . . . . . . . . $262 million