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$ACE's 3Q15 average new money rate is 2.9% versus current book yield of 3.6%. For the past 12 months, operating cash flow was $4Bil. $ACE's strong cash flow has offset the impact of lower reinvestment rates and this trend is expected to continue. Cash flow for 3Q15 was $808MM.
No better outlook on $MSFT. Even if the results beat a bit, the stock may move 4 to 6% higher, but won't go above $60.