XL reports improved Q1 performance

by Richard Kilner

Story link: XL reports improved Q1 performance

XL Group plc has reported that in Q1 2012 the firm made a net income of $176.6m, equating to $0.56 per share.

This compares very favourably with the Q1 2011 result, which saw the firm incur a net loss of $228m (a loss of $0.73 per share).

It is also a vast improvement on the $515.5m net loss the firm recorded in Q4 2011.

Quarterly operating net income was $165.2m ($0.52 per share), almost the mirror image of the operating net loss of $163m, ($0.52 per share), the firm suffered in the corresponding period last year.

Chief Executive Officer Mike McGavick described XL’s first quarter results as a solid step forward, including lower loss ratios and combined ratios in insurance and reinsurance.

McGavick expressed pleasure at the progress the firm had made and emphasised that XL was resolved to seeing the positive trend continue.