Tuesday, February 12, 2013

XL swings back to profit

AppId is over the quota
AppId is over the quota
8 February 2013 |By Newsdesk

Insurer post $464m cat loss for 2012

XL Group swung back to profit in 2012 despite recording catastrophe losses of $464.3m.

Net income climbed to $730.4m or $2.10 per share last year (2011: net loss of $403.9m or $1.52 per share).

The Dublin-based insurer posted after-tax profits of $81.4 m or 27 cents per share in the fourth quarter (Q4 2011: net loss of $515.5m or $1.62 per share).

Combined ratio improved to 96.3% for the year (2011: 107.5%).

Gross written premiums rose to $7.2bn (2011: $6.9bn).

XL chief executive Mike McGavick said: “We are pleased to announce fourth quarter and full year results that clearly demonstrate XL’s progress, particularly in our delivery of solid earnings and growth in book value.

“Despite the meaningful impact of Storm Sandy, the broad and painful effects of which we are all aware, XL produced both net and operating income in the quarter and once again demonstrated our dedication to disciplined underwriting and enterprise risk management.

“The full year results also illustrated the steady improvement of our Insurance segment and the continuing solid performance of our Reinsurance segment. We are committed to maintaining this progress.”

Book value increased to $35.18 per share last year (2011: $29.81 per share).

XL bought back 18.3 million shares worth $401.7m during 2012. An additional $98.3m shares were purchased in 2013.

5 February 2013

29 January 2013

22 January 2013

8 August 2012



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Title Post: XL swings back to profit
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