XL Group PLC’s net income rose in the second quarter as the insurer and reinsurer with Hartford operations collected more premiums for property and casualty and life insurance, The Associated Press reports.
The results outpaced investors’ expectations, causing share prices to leap in after-hours trading.
The company, based in Hamilton, Bermuda, said Tuesday that its net income in the quarter ended June 30 rose to $225.7 million, or 69 cents per share, from $191.8 million, or 56 cents per share in the same period a year earlier.
XL’s revenue increased 9 percent, to $1.7 billion from $1.55 billion in the second quarter of 2010.
The increase came as XL wrote more policies for property and casualty and life insurance.
The company paid out $68.3 million on claims related to natural disasters in the quarter, compared to $16.8 million in the same quarter of 2010.
