XL Group has posted a $US279.3 million ($300.24 million) net loss for the second quarter, following a $US621.3 million ($667.87 million) loss on the sale of its life reinsurance unit.

The subsidiary sold for $US570 million ($612.53 million) in May.

The group net loss compares with net income of $US272.7 million ($293.13 million) in the corresponding period last year.

Property and casualty gross written premium grew 8.6% to $US2.1 billion ($2.25 billion), while the Dublin-based insurer’s combined operating ratio improved to 88.3% from 93.8%.

Second-quarter net investment income grew just 0.12% to $US232.8 million ($250.22 million).

“Through the first half of [the year], XL continued to demonstrate solid financial results and strong positioning,” CEO Mike McGavick said.

“All in, we like the way the year is developing and believe we will continue to harvest the benefits of our work.”