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.
Commercial insurance rates in the United States had been worse.
The text says "commercial insurance rates continued to improve in the United States", meaning they HAD BEEN worse; the model missed the past tense.
( z1 have-degree :ARG1 ( z2 rate :mod ( z3 commerce ) :mod ( z4 insure ) :location ( z5 country :name ( z6 name :op "United" :op "States" ) ) ) :ARG2 ( z7 bad :ARG1 z2 ) :ARG3 ( z8 more ) )