XL Group has more than doubled net profit in the year to December 31 and reported catastrophe losses were below expectations despite the Christchurch earthquake and Australian floods.

The Dublin-based global insurer made a net income of $US585.4 million ($583.2 million), compared with $US206.6 million ($205.8 million) in 2009, reflecting an asset sale and fewer investment losses than the previous year.

XL Insurance last month announced it would expand its Australian business to cover middle market companies as part of its growth strategy in Australia. The group has a dedicated underwriting team in Sydney and has opened a Melbourne office to focus on offering property and casualty policies to companies with revenues of over $50 million.

The parent company reported revenue of $US5.03 billion ($5.01 billion) from net premiums in property and casualty, a slight decrease on 2009, while net premiums from its life operations totalled $US382 million ($380.7 million.)