XL Group posts first-quarter net income of nearly $256 million

XL Group P.L.C. posted first-quarter net income of $255.7 million, a decline of 27.1% from the first quarter of 2013, the company said.

Net written premiums totaled $1.92 billion for the quarter, down 6.0% from the same period last year, while net investment income slipped 5.4% to $233.1 million.

Total revenue at the Dublin-based reinsurer for the three months ended March 31 were $1.79 billion, down 4.0% from the same period last year, the company said Thursday.

The company's first quarter combined ratio was 89.7% compared with 87.7% in the year-ago quarter.

First-quarter net income and operating net income declined “primarily due to lower underwriting profit in the current quarter, partially offset by higher net income from investment funds and investment manager operating affiliates as compared to the prior-year quarter,” XL said in a statement. XL also said its property/casualty combined ratio for the quarter of 89.7% was two percentage points higher than a year earlier.