Selected earnings highlights from the Dublin, Ireland-based XL Group plc for the first quarter of 2012 are as follows:
Q1 2012 Q1 2011
*Gross premiums written ———— $2.4036 bn $2.1967 bn
*Net premiums written ————— $2.04172 bn $1.8039 bn
*Net premiums earned ———– $1.4364 bn $1.3613 bn
Net income (loss) ——————- $176.628 mn ($227.284 mn)
Operating net income (loss) ———- $165.231 mn ($162.989 mn)
Net realized investment gain(loss —- $20.803 mn ($66.437 mn)
Net investment income —————- $265.242 mn $280.263 mn
Q1 combined ratio – 95.3 percent (125.8 percent in Q1 2011)
*Property casualty and life
XL Group CEO Mike McGavick commented: “We believe XL’s first quarter 2012 financial results are a solid step forward. In the quarter, we showed improvement in many of our most important metrics. We delivered both lower loss ratios and combined ratios in insurance and reinsurance.
“Our investment portfolio performed well, and we grew book value as we continued to buy back shares. We are pleased with our progress and we are resolved to continue this trend as demand for solutions to complex risks grows and pricing improves. The world-class talent we have assembled at XL is fully energized and focused.”
The complete report and information on accessing the earnings conference call may be obtained on the company’s website
Source: XL Group
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