XL Group has reported a 57% increase in half-year profit, despite high natural catastrophe losses in the second quarter.

The Dublin-based insurer and reinsurer’s net income was $US623.49 million ($699 million) for the six months to June 30, up from $US397.78 million ($446.08 million) in the corresponding period last year.

Property and casualty (P&C) gross written premium (GWP) grew 7% to $US4.35 billion ($4.87 billion), while life GWP dropped to $US154 million ($172 million) from $US179 million ($202 million).

Total revenue increased 7% to $US3.76 billion ($4.21 billion), including significant investment gains.

The second-quarter P&C combined ratio was 93.78%, compared with 90.8% in the second quarter last year.

CEO Mike McGavick says second-quarter results were hit by high natural catastrophe losses, following low disaster losses in the first quarter.