Solid results for XL Group

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13 August 2012

Dublin-based insurer and reinsurer XL Group has posted solid results for the first half of the year, with a net income of $US397.8 million ($376.4 million), compared with a disaster-related net loss of $US1.6 million ($1.5 million) in the same period last year.

“In absolute and relative terms, this was a solid quarter for XL, demonstrating our continued progress,” CEO Mike McGavick said.

The property and casualty (P&C) gross written premium (GWP) came in at $US4.08 billion ($3.86 billion) for the six months to June 30, compared with $US3.86 billion ($3.65 billion) for the same period in 2011.

Quarterly results show P&C GWP as flat overall at $US1.76 billion ($1.66 billion), rising just 1.6% from the corresponding quarter last year.

XL says this is the “result of new business initiatives and improved pricing in most North America P&C”, largely offset by movements in foreign exchange rates and targeted non-renewals.

XL had a combined ratio of 93% for the first half, up 17% on the first half of last year.