Premise: April 22 Insurer ACE Ltd reported a quarterly profit that beat analysts' estimates as commercial insurance rates continued to improve in the United States. The company's net income fell to $953 million, or $2.77 per share, for the first quarter from $973 million, or $2.84 per share, a year earlier. The company's operating income was $2.17 per share. Analysts on average had expected operating income of $1.94 per share, according to Thomson Reuters I/B/E/S.
Hypothesis: the company was losing money two years ago