XL Group more than doubled its third-quarter net income to $US70.6 million ($93.1 million) from $US27.3 million ($36 million) in the previous corresponding period, aided by strong underwriting discipline and operational efficiencies.

Net premium earned grew slightly to $US2.43 billion ($3.2 billion) from $US2.42 billion ($3.2 billion), while operating net income surged to $US122.45 million ($161.4 billion) from $US70.79 million ($93.3 billion).

Its property and casualty (P&C) business recorded gross written premium of $US2.72 billion ($3.6 billion), up from $US2.66 billion ($3.5 billion).

The P&C combined operating ratio strengthened to 93.1% from 95.3% and the underwriting expense ratio improved to 31.8% from 34.4%.

“XL’s third-quarter financial results demonstrated steady progress in our underlying performance,” CEO Mike McGavick said.

“Our clients, brokers and trading partners continued to show confidence in us as we maintain our underwriting discipline.

“This approach, combined with our recently announced planned realignment of our P&C operations, has us confident in our ability to further drive innovation and client service.”

Natural catastrophe pre-tax losses net of reinsurance and reinstatement premiums grew to $US97.4 million ($128.4 million) from $US30.8 million ($40.6 million).

Integration costs arising from the merger with Catlin Group, which XL acquired for £2.79 billion ($4.5 billion) last year, reached $US54.5 million ($71.8 million) during the quarter.

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