Earnings Reports: Everest Re, XL Group

February 10, 2012

Everest Re                                         Q4 2011         Q4   2010          
Gross premiums written                  $1.10 bn        $990.0 mn
Full year  -  2011         2010
              N/A                N/A
Net premiums earned  —-             $1.005 bn      $1.020 bn  
Full year – 2011           2010
            $4.10134 bn  $3.9346 bn      
Net income/loss* ————— $41.402 mn     $302.533 mn             
Full year -  2011            2010
            ($80.486 mn)  $702.613 mn
Operating income/loss**  —–      ($50.684 mn)  $257.838 mn
Full year   2011           2010
          ($93.60 mn)  $518.129 mn 
                                                      Q4 2011         Q4 2010
Investment gain/loss —-      $137.283 mn   $32.591 mn                   
Full year   2011          2010
           $6.923 mn  $101.911 mn
Net investment income ——-     $126.253 mn  $184.865 mn
Full year  2011             2010
          $620.041 mn  $653.4635 mn   

Q4 Loss ratio – 101.4 percent (70.6 percent in Q4 2010);
Full year – 90.9 percent (2010 – 74.9 percent)

* includes tax benefits
** after tax

Chairman and CEO Joseph V. Taranto commented: “While catastrophe losses have had a significant impact on our results this year, our balance sheet remains strong with capital still in excess of $6 billion, a testament to the strength of our franchise. This served us well during January renewals as we constructed a portfolio that enjoyed better rates and terms and, accordingly, we are optimistic about the prospects for 2012.”

The complete report may be found on the company’s web site. 

Source: Everest Re

XL Group                                        Q4 2011         Q4   2010          
Gross premiums written* ——     $1.356 bn     $1.408 bn
Full year  -  2011         2010
              $7.292 bn    $6.762 bn
Net premiums earned  —-             $1.476 bn      $1.377 bn  
Full year – 2011           2010
            $5.690 bn     $5.413 bn      
Net income (loss)—————– ($515.537 mn)     $188.12 mn             
Full year -  2011            2010
         ($474.760 mn)  $585.472 mn
Operating income/loss   —-        ($79.625 mn)  $242.434 mn
Full year   2011           2010
          $89.464 mn  $809.650 mn 
                                                  Q4 2011           Q4 2010
Investment gain/loss —-   ($50.024 mn)   ($104.486 mn)                   
Full year   2011           2010
         ($188.359 mn) ($270.803 mn)
Net investment income/loss — $270.895 mn  $290.390 mn
Full year  2011             2010
          $1.1378 bn   $1.198 bn   
*Combined life and non-life

Q4 Combined ratio – 108.2 percent (91.4 percent in Q4 2010);
Full year – 107.5 percent (2010 – 94.8 percent)

CEO Mike McGavick commented: “XL was clearly impacted in 2011, like companies throughout the property and casualty industry, by a year that suffered from one of the largest aggregate worldwide catastrophe losses in history, including, most recently, the devastating Thailand floods.

“While we believe XL’s catastrophe loss profile, relative to our peers, showed the effectiveness of our risk management process, we also again experienced an unacceptable level of non-catastrophe insurance losses in isolated underwriting areas. We have added new leaders and talented teams to these areas, and are sharply focused on delivering improved results. We will not shy away from our 2011 results, including a frustrating fourth quarter and full year 2011, and a significant non-cash charge to eliminate the Insurance segment’s goodwill reflecting continuing low valuations in our sector. But, we do want to ensure our results are viewed within the broader perspective of our goals and strategy.

“In 2011, XL made significant progress executing our strategy and – although our actions have not yet taken hold in our financial performance – we are confident in the path we are on. Our Reinsurance segment again contributed strong results amid improving pricing. Key insurance businesses such as our Professional and Specialty businesses continued their multi-year track records of excellence.

“We pursued deliberate, careful growth opportunities in China and Brazil and significantly strengthened our distribution approach. Our investment portfolio now closely reflects our P&C core, and we further reduced our life portfolio’s exposure to turbulence in the European investment markets. We believe XL is well-positioned with operating and capital strength and we look forward to fulfilling our vision for XL and its shareholders.”
                  
The complete report may be found on the company’s website.   

Source: XL Group

 

Add a Comment

Your email address will not be published. Required fields are marked *

*

More News
More News Features