XL Capital reveals return to annual profits
XL Capital Ltd has revealed its results for the 2009, and for the final quarter of that year.
In Q4 operating income was recorded at $235.8, equivalent to $0.69 per ordinary share, with a quarterly net loss of $40.3m or $0.12 per common share.
The quarterly net loss has been attributed to $254.8m of post-tax losses in investments.
For the year as a whole, operating income was $917.3m, or $2.69 per ordinary share.
The firm enjoyed a net profit for 2009 of $206.6m, or $0.61 per share, a huge turn around from the hefty $2.55bn net loss incurred for 2008.
Chief Executive Officer Mike McGavick responded to the results by stating that both the quarterly and annual figures showed the firm to be re-emerging as a leading P&C company.
Category: Financials, Insurance News
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