XL Group Plc, with subsidiary operations in Hartford, said Tuesday net income for ordinary shareholders grew in the second quarter.
The Hamilton, Bermuda, property-casualty insurer posted ordinary net income in the three months ended June 30 of $191.8 million, or 56 cents a share, more than double the ordinary net of $80 million, or 23 cents a share, in the April-June period a year earlier.
XL Group changed its name from XL Capital during the quarter.
CEO Mike McGavick said XL Group’s operating income was $242.6 million in the second quarter, compared to $291.4 million in the same quarter last year.
Included in operating income, he said, was a net charge of $23.5 million related to XL’s previously announced termination of the guarantees related to European Investment Bank.
“This termination continues our progress in eliminating distractions from our core [property-casualty] focus,” McGavick said in an earnings statement.
