Exhibit 99.1

ACE REPORTS FOURTH QUARTER 2010 NET INCOME OF $1 BILLION, UP 5%;

OPERATING INCOME OF $702 MILLION AND COMBINED RATIO OF 90.3%;

BOOK VALUE UP 17% FOR THE YEAR, TANGIBLE BOOK VALUE UP 16%;

2010 OPERATING RETURN ON EQUITY OF 13.1%

ZURICH, February 2, 2011 — ACE Limited (NYSE: ACE) today reported net income for the quarter ended December 31, 2010, of $2.92 per share, compared with $2.81 per share for the same quarter last year.⁽¹⁾ Income excluding net realized gains (losses) was $2.05 per share, compared with $2.01 per share for the same quarter last year.⁽²⁾ Book value increased $129 million during the quarter. Book value per share was up 2% from September 30, 2010, and tangible book value per share decreased 2% in the quarter due to the Rain and Hail transaction. Book value and tangible book value per share now stand at $68.59 and $54.63, respectively. Annualized operating return on average equity for the quarter was 13.2%.⁽³⁾ The property and casualty (P&C) combined ratio for the quarter was 90.3%.

Fourth Quarter Summary

(in millions, except per share amounts)

(Unaudited)

Net income for the year ended December 31, 2010, was $9.11 per share, compared with $7.55 per share for 2009. For the year ended December 31, 2010, income excluding net realized gains (losses) was $7.79 per share, compared with $8.17 per share for 2009. Book value increased $3.3 billion, up 17% during the year ended December 31, 2010, while tangible book value increased $2.6 billion, up 16%. Annualized operating return on equity for the year was 13.1%. The P&C combined ratio for the year ended December 31, 2010, was 90.2%.

Full Year Summary

(in millions, except per share amounts)

(Unaudited)

Evan G. Greenberg, Chairman and Chief Executive Officer of ACE Limited, commented: “ACE had a very good fourth quarter and a strong finish to an excellent year, both financially and operationally. During the year, we made important strides to better position our company for the future.

“Our after-tax operating income for the year was nearly $2.7 billion, with strong contributions from both underwriting and investment income, and our book value continued its track record of growth, closing up 17% for the year. Over the last five years, we have grown our per-share book and tangible book value at a compound annual rate of 14.5% and 15.8%, respectively. Our P&C combined ratio for 2010 was 90.2%, which speaks to our strong underwriting culture and cycle management. I believe these standout financial results, which produced an operating return on equity of 13.1%, demonstrate the power of our well-diversified global balance of businesses.

“During the year we added to our executive management ranks, increased the rigor of our underwriting discipline and completed a number of acquisitions that will pay us dividends immediately and, more importantly, over the longer-term. During the quarter, S&P upgraded the financial strength rating of our core operating insurance companies to AA-, acknowledging the strength of our balance sheet and our distinct global franchise. Without a doubt, we ended the year stronger and better positioned to capitalize upon opportunity in 2011 and beyond.

“While the operating environment remains challenging, both economically and competitively, we are optimistic and confident in our ability to continue delivering superior results.”

Operating highlights for the quarter ended December 31, 2010, were as follows ^(1):

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Details of our financial results for our business segments are available in the ACE Limited Financial Supplement. Key segment items for the quarter ended December 31, 2010, include:

The company also issued 2011 guidance. Operating income is expected to range between $6.10 and $6.50 per share. Catastrophe losses included in the estimate are $370 million pre-tax ($300 million after-tax). The operating income projections included in this guidance are for current accident year results only and by definition do not include any estimate for prior period reserve development. For 2010, the comparable operating income per share excluding prior period reserve development and including $0.99 of after-tax catastrophe losses was $6.48.

Please refer to the ACE Limited Financial Supplement dated December 31, 2010, which is posted on the company’s website in the Investor Information section, and access Financial Reports for more detailed information on individual segment performance, together with additional disclosure on reinsurance recoverable, loss reserves, investment portfolio, and capital structure.

ACE will host its fourth quarter earnings conference call and webcast on Thursday, February 3, 2011, beginning at 8:30 a.m. ET. The earnings conference call will be available via live and archived webcast at www.acegroup.com or by dialing 888-318-7470 (within the United States) or 719-325-2392 (international); passcode 7918119. Please refer to the ACE Limited website in the Investor Information section under Calendar of Events for details. A replay of the call will be available for approximately one month. To listen to the replay, dial: 888-203-1112 (in the United States) or 719-457-0820 (international); passcode 7918119.

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Celebrating 25 years of insuring progress, the ACE Group is a global leader in insurance and reinsurance serving a diverse group of clients. Headed by ACE Limited (NYSE:ACE), the ACE Group conducts its business on a worldwide basis with operating subsidiaries in more than 50 countries. Additional information can be found at: www.acegroup.com

Operating Income or Income excluding net realized gains (losses), net of tax is a common performance measurement for insurance companies. We believe this presentation enhances the understanding of our results of operations by highlighting the underlying profitability of our insurance business. We exclude net realized gains (losses) and net realized gains (losses) included in Other income (expense) related to partially-owned entities because the amounts of these gains (losses) do not relate to their respective operations.

Underwriting income is calculated by subtracting losses and loss expenses, policy benefits, policy acquisition costs and administrative expenses from net premiums earned. We use underwriting income and operating ratios to monitor the results of our operations without the impact of certain factors, including net investment income, other income (expense), interest and income tax expense and net realized gains (losses). Life underwriting income includes net investment income. We believe the use of these measures enhances the understanding of our results of operations by highlighting the underlying profitability of our insurance business.

See reconciliation of Non-GAAP Financial Measures on page 26 in the financial supplement. These measures should not be viewed as a substitute for net income determined in accordance with generally accepted accounting principles (GAAP).

NM – not meaningful comparison

Cautionary Statement Regarding Forward-Looking Statements:

Forward-looking statements made in this press release, such as those related to company performance and guidance, recent corporate developments and acquisitions, ACE’s products and product mix, economic outlook and insurance market conditions, reflect the company’s current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties, which may cause actual results to differ materially from those set forth in these statements. For example, the company’s forward-looking statements could be affected by competition, pricing and policy term trends, the levels of new and renewal business achieved, the frequency of unpredictable catastrophic events, actual loss experience, uncertainties in the reserving or settlement process, integration activities and performance of acquired companies, new theories of liability, judicial, legislative, regulatory and other governmental developments, litigation tactics and developments, investigation developments and actual settlement terms, the amount and timing of reinsurance recoverable, credit developments among reinsurers, rating agency action, possible terrorism or the outbreak and effects of war, and economic, political, regulatory, insurance and reinsurance business conditions, as well as management’s response to these factors, and other factors identified in the company’s filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

(tables to follow)

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ACE Limited

Summary Consolidated Balance Sheets

(in millions of U.S. dollars, except per share data)

(Unaudited)

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ACE Limited

Summary Consolidated Financial Data

(in millions of U.S. dollars, except share, per share data, and ratios)

(Unaudited)

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ACE Limited

Consolidated Supplemental Segment Information

(in millions of U.S. dollars)

(Unaudited)

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