XL Group 2011 Second Quarter Results
XL Group today [Aug.2] reported its second quarter 2011 results; operating net income of $243.1 million, or $0.75 per share, for the quarter, while net income attributable to ordinary shareholders of $225.7 million, or $0.69 per share for the quarter.
Commenting on the Company’s performance, Chief Executive Officer Mike McGavick said: “XL’s strong second quarter performance was built on a broad foundation, as all of our key value drivers contributed to an annualized operating ROE of 10.3%.”
“Our risk management discipline has put XL’s catastrophe loss experience, measured as a percentage of shareholders’ equity, among the best of our peers for both the second quarter and the year to date. XL continued to pursue profitable underwriting opportunities in both existing and expanded markets, and added teams and leaders in lines we consider attractive.”
“Our semi-annual actuarial review of XL’s P&C risk portfolio, which followed our prudent reserving practices, resulted in continued favorable development. Our operating expense run-rate was in line with the last two quarters. XL’s capital strength supported our underwriting expansion, strategic initiatives and the recommencing of our share buyback program, resulting in second quarter buybacks of 4.3 million shares.”
The full 10-page statement is below, click ‘Fullscreen’ for greater clarity:
