XL Group, a Bermuda-based reinsurer, has reported a net income attributable to ordinary shareholders of $225.66m or $0.69 per share, for the second quarter of 2011, compared to $191.81m or $0.56 per share in the same quarter last year.
The total revenues for the second quarter of the 2011 were $1.69bn, compared to $1.55bn for the corresponding quarter of 2010.
Operating income for the quarter was $243.1m or $0.75 per share, up from $242.6m or $0.71 per share in the year ago quarter.
Net investment income for the quarter was $296.5m compared to $302.6m in the prior year quarter and $280.3m for the first quarter of 2011.
The P&C combined ratio excluding prior year development and the impact of natural catastrophe losses for the quarter was 99.4%, compared to 97.6% for the prior year quarter.
XL Group CEO Mike McGavick said XL’s strong second quarter performance was built on a broad foundation, as all of the key value drivers contributed to an annualized operating ROE of 10.3%.
"Our risk management discipline has put XL’s catastrophe loss experience, measured as a percentage of shareholders’ equity, among the best of our peers for both the second quarter and the year to date," McGavick added.