XL misses 1Q profit forecasts

DUBLIN (AP) _ XL Group PLC (XL) on Wednesday reported first-quarter net income of $21.9 million.

The Dublin-based company said it had net income of 7 cents per share. Earnings, adjusted for investment costs, were 34 cents per share.

The results did not meet Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 49 cents per share.

The insurance and reinsurance company posted revenue of $2.53 billion in the period.

XL shares have declined slightly more than 8 percent since the beginning of the year, while the Standard & Poor's 500 index has increased 2.5 percent. In the final minutes of trading on Wednesday, shares hit $35.87, a decrease of 5 percent in the last 12 months.

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on XL at http://www.zacks.com/ap/XL

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