ACE Limited (NYSE: ACE) today reported net income for the quarter ended September 30, 2009, of $1.46 per share, compared with $0.16 per share for the same quarter last year.(1) Income excluding net realized gains (losses) was $2.07 per share, compared with $1.50 per share.(2) Net realized and unrealized gains after tax were $1.4 billion for the quarter. Book value increased $2.2 billion during the quarter, up 13% from June 30, 2009. Book value per share now stands at $55.71. Annualized return on average equity was 15.9%.(3) The property and casualty (P&C) combined ratio was 88.1%.