XL Group Q2 Profit Tops Estimates - Quick Facts

(RTTNews) - XL Group plc (XL) reported second quarter net income attributable to ordinary shareholders of $915.0 million or $3.11 per share compared to a loss of $279.3 million or $1.03 per share, last year. The company noted that its current year includes a $340.4 million gain on the sale of its interest in an operating affiliate as well as a $239.2 million favorable impact from the life retrocession derivative, which is offset by a decrease in accumulated comprehensive income. The prior year included a $621.3 million after tax loss on the sale of life reinsurance subsidiary.

Net income attributable to ordinary shareholders excluding the impact of the Life Retrocession Arrangements was $598.0 million, for the quarter. Operating net income was $245.8 million or $0.84 per share, for the quarter.

On average, 20 analysts polled by Thomson Reuters expected the company to report profit per share of $0.80 for the quarter. Analysts' estimates typically exclude special items.

Net premiums earned from P&C Operations was $2.06 billion compared to $1.44 billion, prior year. Analysts expected revenue of $1.85 billion, for the quarter.