ACE Ltd. yesterday reported net operating income of $511 million for the full year ended December 31, 2002 compared with a loss of $69 million last year, (including a loss of $559 million after tax related to the September 11, 2001 tragedy).

Net operating earnings per share for 2002 were $1.80 compared with a net operating loss per share of $0.40 per share for 2001.

Net income including realised losses for the year was $77 million compared with a net loss of $146 million for fiscal 2001.

Earnings per share were $0.19 for the current year compared with a loss per share of $0.74 last year.

The fully diluted book value per share of the company at December 31, 2002 was $24.16 compared with $23.59 at year-end 2001.

•Full report in tomorrow's paper