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Daily Insurance Industry News
Sunday 21st of January 2018
February 10, 2012

XL reports Q4 and annual losses

by Richard Kilner

Story link: XL reports Q4 and annual losses

XL Group plc has reported its financial results for the full-year and fourth quarter of 2011.

The firm incurred a quarterly net loss of $515.5m, and an operating net loss of $79.6m.

This compares to net income of $188.1m and an operating profit of $242.4m in the corresponding period last year and net income of $42.4m and operating income of $88.8m in Q3 2011.

XL Group reported an annual operating profit of $89.5m, equating to $0.28 per share, and a net loss of $474.8m ($1.52 per share).

In 2010 the firm achieved annual net income of $585.5m ($1.73 per ordinary share) and an operating profit of $992.3m ($2.91 per share).

The results were significantly affected by a non-cash goodwill impairment charge of $429m in the fourth quarter.

Chief Executive Officer Mike McGavick said that the firm, like many others, was adversely affected by the high level of worldwide catastrophe losses in 2011, and described the annual and fourth quarter results as frustrating.

 

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