XL Group posts first-half net income of $397.8 million

DUBLIN—XL Group P.L.C. on Wednesday reported first half net income of $397.8 million on Wednesday, compared with a disaster-induced net loss of $1.6 million in same period in 2011.

Net written premiums also increased to $3.31 billion in the first six months of 2012, up from $3.03 billion in the same period tallied a year prior. The Dublin-based insurer and reinsurer recorded a combined ratio improved to 93% for the half, compared with the 110.1% ratio achieved in the first six months of last year.

On a quarterly basis, XL saw second quarter net income of $221.1 million, down slightly from $225.7 million the company earned in the same period a year ago. Net written premiums in the quarter were $1.35 billion, up slightly from the $1.31 billion in the same period a year ago. XL’s combined ratio improved to 90.8% in the quarter, compared to 94.9% in the same period a year ago.

"In absolute and relative terms, this was a solid quarter for XL, demonstrating our continued progress,” XL CEO Mike McGavick said in a statement. “Our semi-annual reserve review resulted in both insurance and reinsurance releases. And we grew book value as we continued to buy back shares. We are resolved to continue this progress across all of our businesses."