XL Group Announce First Quarter 2014 Results
XL Group reported its first quarter 2014 results, posting a net income of $255.7 million, or $0.91 per share, for the quarter on a fully diluted basis.
Commenting on the Company’s performance, Chief Executive Officer Mike McGavick said: “In the first quarter of 2014, XL produced one of the best quarters since the end of 2008.
“These results included a total P&C combined ratio of 89.7%, total underwriting profit of $145 million, and a loss ratio of 58.9% — all of which demonstrate our continued broad-based improvement.
“This performance also included Insurance segment underwriting profit of $45 million and an Insurance accident year ex-cat combined ratio of 94.6% in the quarter.
“And the 76.3% combined ratio for Reinsurance is particularly satisfying given the difficult market conditions. All in, we like the way these results position us for 2014.”
