Ireland-based XL Group has achieved its best result in 15 years, according to CEO Mike McGavick.

The company reported an annual operating net profit of $US999.2 million ($1.28 billion) for last year, marginally up on 2013’s $US942.9 million ($1.21 billion).

Mr McGavick says XL’s “very strong” year featured further progress in insurance and “an extraordinary” performance in reinsurance.

The property and casualty combined operating ratio was 88.2%, compared with 92.5% in 2013.

“Many of our results were the best we have achieved in more than 15 years,” Mr McGavick said.

“Insurance results included a combined operating ratio of 94.4%, the best performance since 2007, and a loss ratio of 63.2%. Our reinsurance segment achieved a stellar 73.3% combined operating ratio, one of its best performances.”

Mr McGavick says results were aided by “one of the lowest catastrophe years we have seen in years”.

Last month XL announced it would acquire insurance and reinsurance group Catlin for $US2.79 billion ($3.51 billion) in a cash and share deal.