Bermuda-based XL Capital Ltd. has announced changes and enhancements to the financial reporting presentation of its Financial Products and Services (FP&S) segment.
“The purpose of these changes is to provide a clearer, more comprehensive presentation of the results of operations of the FP&S segment and to comply with segment reporting requirements following the appointment of Paul S. Giordano as Chief Executive Officer of FP&S operations in November, 2004,” said the bulletin. “The changes made involve the realignment of FP&S’ Life and Annuity operations, together with the consolidation of both XL Financial Solutions and XL’s Political Risk businesses within the FP&S segment. In addition, the Company has adopted a presentation format for certain credit default swaps for its Financial Guaranty business, consistent with accepted financial guaranty industry practice.”
XL said it would adopt the new standards “beginning with the Company’s first quarter 2005 results, which will be released on April 26, 2005.” It also noted that “in order to facilitate comparability to historical results, the Company has republished its fourth quarter 2004 financial supplement, re-presented to reflect these changes.
“In addition, the Company has published an accompanying slide presentation that outlines each of these changes, along with the impact of these changes on XL’s 2005 earnings guidance.”
Both of these documents are available at the Investor Relations section of XL Capital Ltd.’s Website at: http://www.xlcapital.com/.
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