Insurer Ace Ltd 2nd-qtr net rises 15 pct

NEW YORK (Reuters) - Insurer Ace Ltd (ACE.N) said on Tuesday that second-quarter earnings rose 15 percent, beating expectations, helped by growth in premiums and a recent acquisition.

Ace, which recently moved its holding company to Switzerland, said net income increased to $746 million, or $2.20 a share, from $649 million, or $1.93 a share, in the year-earlier quarter.

Excluding net realized gains, the insurer earned $2.18 a share. On that basis, analysts looked for $1.90, according to Reuters Estimates.

The stock was up 1.6 percent in after-hours trading following the results. Ace shares are down 22 percent so far this year, roughly in line with the KBW Insurance index .KIX.

Ace said results were bolstered by the completion of its takeover of Combined Insurance Co, formerly a unit of Aon Corp (AOC.N), in April.

Including Combined Insurance, net premiums written and earned rose 17 percent and 14 percent, respectively. They rose 4 percent and 1 percent, respectively, excluding the new acquisition.

(Reporting by Christian Plumb; editing by Carol Bishopric/Jeffrey Benkoe)