XL Capital announces Q2 results
XL Capital Ltd has announced its financial results for Q2 2009.
The firm recorded a net income for the quarter of $79.9m, equivalent to $0.23 per ordinary share.
Operating income stood at $162.6m, or $0.47 per ordinary share.
Responding to the results, XL Capital’s chief executive officer, Michael S. McGavick, has expressed his pleasure at the firm’s robust performance.
McGavick cited the large increases in book value per ordinary share (up 26%) and tangible book value per ordinary share (up 31%).
He went on to describe the last quarter as a turbulent one, pointing out the varying trends in the relative strength of the US Dollar.
During the quarter XL Capital took the opportunity to reduce the level of risk in its investment portfolio, reducing the firm’s exposure by $3.5bn.
McGavick also expressed his relief at a return to positive growth in shareholder value in the quarter.
It also marks a substantial improvement on the $3.1m profit recorded in Q1, a decline of 99%.
Category: Companies News, Financials, Insurance News
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