XL Group Ltd Announces First Quarter 2018 Results
Commenting on the Company's performance, XL's Chief Executive Officer
"We are pleased with our solid start to 2018, in-line with our expectations. During the first quarter our performance reflected benefits of our market leadership, focus on underwriting discipline, strong culture of innovation, continuous improvement, and efficiency.
In the quarter we grew gross premiums written more than 6% compared with the first quarter of 2017 and we continued to improve the Insurance loss ratio excluding PYD and the impact of catastrophe losses. We did see a lower Reinsurance margin in the quarter, largely driven by our strategic initiatives including a shift in portfolio mix towards lower volatility and an increase in outward reinsurance protections. With respect to pricing, we are pleased to have achieved broad rate increases throughout our Insurance and Reinsurance portfolio, which will earn into our results over the rest of the year. Also during the quarter we had strong contributions from the investment portfolio, and we continued managing our expenses.
As we look forward to the next phase in XL's journey, with the proposed combination with
Net income attributable to common shareholders of
Operating net income of
Net investment income for the current quarter was
Income from investment affiliates was
Operating expenses during the current quarter of
Income tax expense of
Fully diluted book value per common share decreased by
There were no share buybacks5 during the current quarter. At
Tables omitted. To view tables click here: (http://xlgroup.com/press/xl-group-ltd-announces-first-quarter-2018-results)
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