Reinsurer XL Group Plc, with operations in Hartford, posted quarterly operating profit that beat Wall Street expectations by a huge margin on higher premiums from its property and casualty segment, Reuters reports.
The company sees first-quarter loss of $75 million to $95 million related to Australian floods.
Operating income, excluding investment gains or losses, rose to $242.4 million, or 74 cents share, from operating income of $217.4 million, or 63 cents a share, a year ago.
Analysts on average had expected the company to post earnings of 67 cents a share, according to Thomson Reuters I/B/E/S.
Net income attributable to common shareholders fell to $188.1 million, or 57 cents a share, compared with a net loss of $40.3 million, or 12 cents a share, a year ago.
Net investment income was down 8 percent to $290.4 million. The company attributed the decline to the impact of lower interest rates in the United States on its property and casualty business and forex rates.
Property and Casualty net premium earned rose 2.4 percent to $1.28 billion on higher premium contribution from its insurance segment.
Net premium earned from life operations declined 24 percent to $95 million.
