XL Announce 2012 Third Quarter Results
Bermuda-based XL Group plc reported its third quarter 2012 results, showing a net income and operating net income of $171.9 million and $188.0 million, respectively, compared to net income and operating net income of $42.4 million and $88.8 million, respectively, in the prior year quarter.
Net investment income for the quarter was $239.5 million compared to $290.1 million in the prior year quarter and $262.6 million for the second quarter of 2012. The decline against the prior year quarter was primarily due to lower yields as a result of lower reinvestment rates.
Commenting on the Company’s performance, Chief Executive Officer Mike McGavick said: “XL’s strong third quarter results are another step in the right direction. Our P&C combined ratio of 92.2 percent was more than nine points better than the same period last year.
“This resulted from lower underlying loss ratios, in part due to a lower number of large losses; fewer catastrophes; and, to a lesser extent, positive prior year development. We are resolved to maintain this progress.”
Mr. McGavick also added: “Our thoughts are with those still dealing with the effects of Sandy. As we all witnessed, this was simply a massive event by any measure. We will continue to work with our clients, brokers and partners to provide any assistance we can.”
