profit as well as a doubling of fourth quarter results.

For the fiscal year ended September 30, profit was $237.6 million, or $5.05 per share, versus a loss of $45.7 million or 95 cents per share, for fiscal 1994.

Last year's loss was largely due to a $200 million charge to earnings taken in the third quarter and related to breast implant litigation.

For the insurer's fourth quarter, profit was $86.8 million, or $1.87 cents per share, compared to $44.7 million, or 94 cents per share, for the same period a year earlier.

"This is ACE's tenth anniversary. In a decade of achievement, 1995 stands out,'' said ACE chairman, president and CEO Mr. Brian Duperreault.

In the past year, ACE entered four new lines of business -- financial lines, excess property, aviation insurance and reinsurance of First Line.

Net premiums written during the fourth quarter increased to $105.8 million compared to $90.1 million earlier while quarterly net premiums earned were $110.6 million and $104.4 million respectively.

For the quarter, 18 percent of premiums written were generated from the new lines.

Increases in premiums earned was primarily due to satellite insurance as well as contributions from the new lines of business, ACE said.

For the quarter, about six percent of premiums earned were from the four new lines.

Quarter satellite premiums earned were $13.6 million compared to $6.5 million earlier while the new lines generated $6.3 million in new net premium earned over the quarter.

Year net premiums written were $424.8 million compared to $385.9 million earlier while year net premiums earned were $428.7 million compared to $391.1 million.

Investments and cash at September 30 rose to $3.1 billion compared to $2.5 billion a year earlier.

Net quarter investment income, excluding net realised gains, was $46.6 million compared to $40.7 million.

Year net investment income, excluding realised gains, rose 27.1 percent to $181.4 million for the year, compared to $142.7 million for the year earlier.

Net realised gains for the quarter were $40.5 million compared to $1.4 million while net realised gains for the year were $50.8 million compared to $3.7 million for 1994.

Unpaid losses and loss expenses and incurred but not reported loss reserves at September 30 were $822.1 million and $615.8 million respectively.

Corresponding year ago figures were $572.9 million and $587.5 million respectively.

At September 30, the company had over $1.4 billion in shareholders' equity and over $3.2 billion in assets.

Fully diluted net asset value per share at September 30 was $31.19.

ACE, through its wholly-owned insurance subsidiaries, is the leading provider of excess directors and officers liability (D&O) and a leading provider of high excess liability insurance.