XL Group reports Q4 2013 net income of $300.8 million

XL Group plc (NYSE:XL) 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 property and casualty combined ratio for the quarter was 93.3%, 12.6 percentage points lower than in 2012, when it was 105.9%.

For the year ended Dec. 31, 2013, the P&C combined ratio of 92.5% was 3.8 percentage points lower than in 2012, when it was 96.3%.

“2013 was another year of solid progress, strengthened results and improvement for XL,” the company’s chief executive officer Mike McGavick commented in a press release on the earnings.

“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.”

Gross premiums written for the last quarter were $1.46 billion, down slightly from the same quarter of 2012. For the full year, gross premiums totaled $7.42 billion, up from $7.18 billion in 2012.

Net premiums written for the year were down slightly, from $5.96 billion in 2012 to $5.90 billion last year.

“During the quarter, the Insurance segment continued to experience growth in the North American business group, most notably in Property lines, robust new business in our emerging Political Risk and Crisis Management businesses and favorable pricing and renewals across the majority of the businesses,” XL’s statement notes.

“The Reinsurance segment GPW increased 4.4% from the prior year quarter, predominantly driven by new casualty business in the International business group, partially offset by higher catastrophe related reinstatement premiums in the prior year quarter associated with Storm Sandy.”