ACE recorded a 2009 consolidated operating loss of $244 million. The loss for the year of $692 million includes net interest expense of $300 million, a non-cash loss of $630 million on ACE’s investment in Air Canada and foreign exchange gains of $531 million.
In the fourth quarter of 2009, ACE recorded a consolidated operating loss of $5 million. The loss for the quarter of $656 million primarily reflects the non-cash loss of $630 million on ACE’s investment in Air Canada.
