XL Capital reports Q1 results

by Richard Kilner

Story link: XL Capital reports Q1 results

XL Capital Ltd has announced its financial results for the first quarter of the year.

The firm recorded net income of $128m, equating to $0.37 per ordinary share, a decline from the $178.4m net income achieved in the same quarter last year and and a welcome return to the black after Q4 2009 saw a quarterly net loss of $40.3m.

Operating income stood at $149.6, or $0.44 per ordinary share, down from Q4 2009 when it was recorded at $235.8m.

Chief Executive Officer Mike McGavick has expressed his pleasure at XL Capital’s solid quarterly results, which he has attributed to the firm’s sound approach to risk management and disciplined underwriting.

McGavick went on to say that the firm’s profit was trending in the right direction, and stated his confidence in the firm’s ability to build upon its success into the future.