XL 2010 Second Quarter Results
XL Group reported its results for the second quarter of 2010. Commenting on the Company’s performance, Chief Executive Officer Mike McGavick said “We are pleased to report another quarter of solid operating results. Our P&C operations delivered a healthy combined ratio of 92.2% which includes 6.8 points of favorable prior period development. The current accident year combined ratio for our P&C operations was 99.0% in the quarter and our top-line remains strong. Our operating income was $242.6 million in the second quarter, compared to $291.4 million in the same quarter last year. Included in operating income was a net charge of $23.5 million for the previously announced termination of the EIB guarantees. This termination continues our progress in eliminating distractions from our core P&C focus”
The full 12-page report is below, click ‘Full Screen’ for greater clarity:
