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Member, Beacon International Group, Ltd.
DUBLIN—XL Group P.L.C. on Wednesday reported first quarter profits of 2012 of $165.2 million, compared with a catastrophe-driven net loss of $162.9 million during the same period a year ago, XL said Tuesday.
The Dublin-based insurer and reinsurer recorded a combined ratio of 95.3% for the quarter, compared with 125.8% a year prior, while net written premium rose 14.6% to $1.96 billion from those of the same period the previous year. But the company’s net investment income for the quarter fell 5.4% from that of the same period a year earlier to $265.2 million. XL cited lower yields as a result of lower reinvestment rates and cash flows from the investment portfolio for the decline.
“We believe XL’s first quarter 2012 financial results are a solid step forward,” XL CEO Mike McGavick said in a statement. “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.”
DUBLIN—XL Group P.L.C. suffered a net loss of $474.8 million in 2011, the Dublin-based insurer and reinsurer reported Thursday.