XL Group Posts $300.8 Million Q4 Net Income; $1.1 Billion Full Year

February 6, 2014

XL Group announced a good fourth quarter and an excellent year from its Dublin headquarters.

Highlights for the two accounting periods were listed as follows:

• Operating net income of $286.9 million, or $1.00 per share, and net income of $300.8 million, or $1.05 per share, for the quarter on a fully diluted basis

• Operating net income of $943.0 million, or $3.23 per share, and net income of $1.1 billion, or $3.63 per share, for the full year on a fully diluted basis

• P&C combined ratio of 93.3 percent for the quarter, compared to 105.9 percent in the prior year quarter, and a full year P&C combined ratio of 92.5 percent compared to 96.3 percent in the prior year

• Natural catastrophe pre-tax losses net of reinsurance and reinstatement premiums in the quarter of $94.3 million compared to $351.8 million in the prior year quarter

• Operating return on ordinary shareholders’ equity2 excluding and including unrealized gains and losses on investments were 12.5 percent and 11.5 percent, respectively, annualized for the quarter, and 10.3 percent and 9.2 percent, respectively, for the full year

• Fully diluted tangible book value per ordinary share3 of $33.86 at December 31, 2013, an increase from September 30, 2013 of $0.90, or 2.7 percent, and an increase of $0.51, or 1.5 percent, from December 31, 2012, including a decrease in unrealized investment gains, net of tax, of $695.4 million for the full year

• Share buybacks totaled 4.9 million ordinary shares for $150.0 million during the quarter

CEO Mike McGavick commented: “2013 was another year of solid progress, strengthened results and improvement for XL. Year-over-year, we grew P&C underwriting profit, improved both our calendar and accident year P&C combined ratios and achieved double digit operating return on equity performance, ex-unrealized gains and losses.

“Our positive assessment regarding 2013 is tempered slightly by a level of large property losses experienced in the quarter, primarily written in North America. But, as we have always taken a long term view as we work toward our goals, we are pleased with what we have achieved, and feel very good about our positioning for the future.”

Source: XL Group

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