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XL Reports Lower Profits, Revenues

Posted on 29 Jul 2009

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On Tuesday Hamilton, Bermuda-based insurer and reinsurer XL Capital Ltd. reported first-half profits of $88.6 million, an 81.6% decline compared with the same period in 2008.

For the second quarter of 2009, it reported $85.5 million in net income, a 64% decrease.

XL Capital Ltd. reported $2.58 billion in property/casualty net premiums written for the first half, a 26.1% decline. For the quarter, it reported $1.08 billion in net premiums written, down 20.7% compared with the 2008 second quarter.

According to an XL statement, premiums fell during the quarter in primarily due to planned reductions in long-term agreements, strengthening of the U.S. dollar, planned reductions in its financial lines business units, and continued competitive pricing in certain lines.

XL reported a 93% combined ratio for the 2009 second quarter for its property/casualty operations, vs. 91.6% for the comparable quarter a year ago.