XL profits more than double
XL Group plc has reported its financial results for the fourth quarter and full-year 2010, including quarterly net income attributable to shareholders of $188.1m, equating to $0.57 per ordinary share.
This is more than twice the $77.5m net income ($0.23 per ordinary share) the firm achieved in the preceding quarter and marks a return to Q4 profitability after the $40.3m net loss incurred in Q4 2009.
Quarterly operating income rose from $217.4m to $242.4m.
Annual net income attributable to shareholders was $585.5m ($1.73 per ordinary share), almost thrice the 2009 annual profit of $206.6m ($0.61 per share).
Annual operating income fell from $992.3m ($2.91 per share) in 2009 to $809.7m ($2.40 per share) in 2010.
Chief Executive Officer Mike McGavick has said that the firm’s new business in China offers the potential for strategic growth, adding that he believed the firm was in a solid position to meet current challenges.
Category: Financials, Insurance News
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