Dublin-based XL Group reported net income of $US1.06 billion ($1.2 billion) last year, up 63% on 2012.

The property and casualty (P&C) operation’s combined operating ratio was 92.5%, compared with 96.3% the previous year.

P&C gross written premium was $US7.42 billion ($8.37 billion), up from $US7.18 billion ($8.1 billion). Investment income fell 5% to $US957.72 million ($1.08 billion).

CEO Mike McGavick says it was “another year of solid progress, strengthened results and improvement… we grew P&C underwriting profit, improved both our calendar and accident-year P&C combined ratios and achieved double-digit operating return-on-equity performance, ex-unrealised gains and losses.

“Our positive assessment regarding 2013 is tempered slightly by a level of large property losses… primarily written in North America.”