Ace Limited reported record first quarter income of $489 million compared to $437 million in the same quarter last year.

The Bermuda-based company was impacted during the quarter by an $80 million settlement over probes of insurance industry business practices.

Broken down, income per share was $1.46 compare to $1.48 in the same quarter last year.

Operating income was $477 million or $1.43 per share, compared with $455 million or $1.54 per share for the same quarter of last year.

Evan Greenberg, President and Chief Executive Officer of ACE Limited, commented: ?We had an excellent quarter. All divisions of Ace performed well. Both operating and net income achieved record highs even after charges related to an investigation settlement.?

He anticipates revenue growth to pick up in the second quarter.

?We are well-diversified, and while certain of our businesses are under growth pressure, we have growth opportunity in other areas of our business ,? he said. Details of the ACE settlement, which are to be announced shortly, will be a ?major step in achieving closure and finality to what has been a difficult two years for our company and the industry,? said Mr. Greenberg.

Ace was amongst a group of insurers accused in fabricating quotes to insurance broker Marsh & McLennan Cos. to stifle competition. Last year, Ace restated its 2000 to 2005 net income to fix contracts that should have been accounted for as deposits rather than insurance.

In its report card Ace also revealed:? Gross premiums written: $4.51 billion compared to $4.54 billion in the same period a year ago

? Net premiums written: $3.31 billion compared to $3.36 billion in the same period a year ago

? Net investment income: $369 million, a 29 percent increase from $285 million a year ago

? Combined ratio: 90.6 percent compared to 88.9 percent during the same period a year ago