Ace says second-quarter net profit fell 12.5% to $US779 million ($826 million) on weaker earnings in its North American agriculture and global reinsurance divisions.

Gross written premium (GWP) was $US6 billion ($6.4 billion), little changed from $6.03 billion ($6.39 billion) in the corresponding period last year.

The sum was underpinned by the overseas property and casualty (P&C) business.

Chairman and CEO Evan Greenberg says Ace is expanding in Thailand and Brazil, and global P&C net premiums written, excluding agriculture, gained 7% in constant dollars.

“Our ability to generate sustained premium revenue growth reflects our deepening presence and capabilities in important long-term growth markets of the world.”

North American GWP increased to $US2.35 billion ($2.49 billion) from $US2.33 billion ($2.47 billion), while overseas general insurance GWP grew to $US2.22 billion ($2.35 billion) from $US2.1 billion ($2.2 billion).

Agriculture GWP fell to $US601 million ($636 million) from $US749 million ($794 million).

P&C underwriting income grew 10.3% to $US478 million ($506.6 million), while the division’s combined operating ratio improved slightly to 87.5% from 87.9%.

Agriculture underwriting income fell to $US27 million ($28.6 million) from $US35 million ($37.1 million) and global reinsurance operating income dropped to $US146 million ($154.7 million) from $US156 million ($165 million).