XL Group reports boosted net income in Q3 2012 over same period last year

Dublin-based global insurer XL Group has reported a net income of $171.9 million for the third quarter of the year, up significantly from the same period in 2011.

The company had reported a net income of just over $42 million for the three months ending Sept. 30, 2011.

Net premiums written for its P&C business during Q3 2012 totaled about $1.3 billion.

“XL’s strong third quarter results are another step in the right direction,” its CEO Mike McGavick noted in a statement outlining the company’s earnings. “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.”

For Q3 2012, XL reported natural catastrophe losses (net of reinsurance and reinstatement premiums) of $32.0 million, compared with $110.6 million for the same period last year.