XL bounces back to the black in Q2

by Richard Kilner

Story link: XL bounces back to the black in Q2

XL Group has reported its financial results for the second quarter, including net income of $226m, equating to $0.69 per ordinary share.

This is better than the $192m made in the corresponding period last year, and a huge improvement on the firm’s Q1 net loss of $228m.

The firm was hit hard by the exceptionally large number of catastrophes in the early part of the year, as were many other insurers.

In the first six months of the year the firm suffered a net loss of $1.6m, compared to net profits of $320m in the corresponding period in 2010.

Chief Executive Officer Mike McGavick welcomed the firm’s strong quarterly performance, and said that the firm’s management of risk had helped it achieve a better catastrophe loss experience than most of its peers.