XL Group Net Income Jumps To $1.06 Billion
XL Group has reported a net income of $300.8 million for the fourth quarter of 2013, up from $81.4 million in the comparable quarter of 2012. Net income for the full year was $1.06 billion, up from $651 million in 2012.
The dramatic increase in profitability was “primarily due to lower natural catastrophe losses in the current quarter and higher net income from investment funds and investment manager operating affiliates as compared to the prior-year quarter,” the company said in its earnings statement.
XL CEO Mike McGavick said, “2013 was another year of solid progress, strengthened results and improvement for XL. Year-over-year, we grew P&C underwriting profit, improved both our calendar and accident year P&C combined ratios and achieved double digit operating return on equity performance, ex-unrealized gains and losses.
“Our positive assessment regarding 2013 is tempered slightly by a level of large property losses experienced in the quarter, primarily written in North America. But, as we have always taken a long term view as we work toward our goals, we are pleased with what we have achieved, and feel very good about our positioning for the future.”
holy $h**!
we are going broke, while these businesses continue to increase profitability in staggering amounts.
how is ib helping us again?
….because their staff spend money in Bermuda which helps supply jobs for;
- restaurants, taxis, ferries, retail, construction, tech companies, landlords, hotels, grocers etc etc and so forth.
IB directly and indirectly supports thousands of jobs in Bermuda, perhaps including yours.
What is your vision of a Bermuda without IB?
all people who work and reside in bermuda spend money here which helps to supply la de la de da.
obviously their support directly to government is not enough, or are the politicians spending it all on trips?
has bermuda, the host to all these tax evaders, not continued to plunge into debt?
there may be a few bermudians in key positions and otherwise within the company that do ok. likewise a the few landlords.everyone else can fight over the scraps.
A private companies profitability and government debt are two entirely different things and not to be confused with each other. Private entities are not responsible for bailing out our government. These companies are our partners
and should be seen as such.
To your point, there are far more than “a few Bermudians in key positions” that do okay. There are many, and that “many” live and spend in Bermuda just like our non-Bermudian counterparts ……supporting the economy and yes, jobs.
If you don’t want to “fight over scraps” then drop the victim mentality and get a skill(s) that is valuable and useful and people will pay you in accordance with that skill. It’s not rocket science.
we partnered with these companies to allow them to avoid taxation, thus increasing their profitability.
unfortunately, we are the partner that is going broke, or even worse living in debt while watching the other partners profits skyrocketing.
i definitely think that we got the short end of the stick here.
Taxes, multiple donations to name a few. They’re probably successful because their employees do their work and don’t just walk off the job when a position that is no longer necessary is made redundant. I’m guessing you don’t own a business and have no idea what it takes to keep one alive. If they weren’t out to make a profit it would be called a charity not a business, but you show your understanding or lack thereof through your comments today. I bet you would be happy as a pig in s___ with nothing to say if that $1b was deposited into your account without ever having to do anything for it though.
pocket change…
the dramatic profitability was primarily due to lower natural catastrophe losses and higher net income from investments, etc..you would think that reading with comprehension, was a pre requisite for owning or running a business. perhaps not.
i guess that this must be joanne macphee posting under an alias, or someone of like mind at least.
and am i to presume, that you would be appalled to receive even one cent if it wasn’t earned by your very own intelligence, determination, blood, sweat, and tears.
please submit your real name for the national heroes award.
http://bernews.com/2014/01/new-initiative-100000-catlin-marine-grant/
http://bernews.com/2013/12/validus-helps-sponsor-overseas-mission-in-india/
http://bernews.com/2013/12/renre-donate-to-womens-resource-center/
http://bernews.com/2013/12/partnerre-ltd-donates-240000-to-schools/
http://bernews.com/2013/11/video-kpmg-celebrates-make-a-difference-day/
http://bernews.com/2013/11/deloitte-staff-give-back-during-impact-day-2/
I volunteered for the southlands cleanup, majority of the volunteers that were there were from IB companies like Catlin. I guess they just don’t do enough for you while still turning a profit to keep their businesses going. You think I must be Mrs. MacPhee because I answered your question that didn’t go along with your little rant? Clearly this is the first of my comments you have read. Try to be a little more open minded. Also without that $1b I’d be just fine in the lower class like I am and money doesn’t mean everything. I’m also not the one complaining about it.
i know. you are the one telling me how ib spends some of their money, and how much you do to help as well.
i simply said that we are going broke and these companys are experiencing unprecedented jumps in net profit.
what happens if this loophole gets sewn shut and these businesses leave?