XL Q1 results hit by catastrophe losses
XL Group plc has reported its financial results for the first quarter of 2011, including an operating net loss of $163m, equating to $0.52 per share.
This contrasts with an operating net profit of $149.6m ($0.44 per ordinary share) achieved in the corresponding period last year.
The firm also incurred a net loss attributable to ordinary shareholders of $228m (a loss of $0.73 per share), compared to a net profit of $128m ($0.37 per share) recorded in Q1 2010.
Chief Executive Officer Mike McGavick responded to the results by stating that they were indicative of the firm’s resilience in the face of numerous substantial global catastrophic events.
McGavick emphasised that the losses incurred from the catastrophes were well within expectations and said that XL was exceptionally well-placed to take advantage of future opportunities as the market improves.
Category: Financials, Insurance News
Visited 1167 times, 4 so far today
Comments (0)
Trackback URL | Comments RSS Feed
There are no comments yet. Why not be the first to speak your mind.