XL Group has reported a net income of $176.63m, or $0.56 per diluted share, for the first quarter of 2012, compared to a net loss of $227.28m, or $0.73 per diluted share, for the same period in 2011.
The total revenues for the first quarter of 2012 were $1.75bn, compared to $1.61bn for the same period a year ago.
Operating income for the quarter was $165.23m, compared to an operating loss of $162.99m for the same period in the previous year.
Net investment income declined to $265.2m for the quarter, compared to $270.9m for the same period in the year ago period.
Net premiums written rose to $1.96bn for the quarter, compared to $1.71bn for the same period last year.
Premiums earned in the property-and-casualty operations rose to $1.36bn, compared to $1.27bn in the last years’ first quarter.
XL Group CEO Mike McGavick said that in the quarter the company delivered both lower loss ratios and combined ratios in insurance and reinsurance.
"Our investment portfolio performed well, and we grew book value as we continued to buy back shares," McGavick said.