XL Group almost doubled its profit in the first quarter, thanks to lower catastrophe and large-risk losses.

The Dublin-based business posted a net profit of $US350.8 million ($339.8 million), up from $US176.6 million ($171.07 million) in the corresponding period last year.

Gross written premium (GWP) in property and casualty operations was $US2.4 billion ($2.32 billion), up 3.45%.

The combined ratio was 87.7%, compared with 95.3% for the first quarter of last year.

GWP in life operations was $US72.97 million ($70.68 million), down 15.82%.

Net investment income fell 7.05% to $US246.5 million ($238.78 million) “due to lower yields as a result of lower reinvestment rates”.

The “solid” results and company progress have pleased CEO Mike McGavick.

“While none of us are ready to declare victory, particularly with the benefit of a quiet catastrophe and large-loss quarter, such results make us all the more driven to deliver consistent, quality performance,” he said.