XL Catlin gains access to Monaco
XL Group has announced that net income for the first three months of 2017 came to $152.8 million, a substantial increase on the $21.8 million it posted for the same period of 2016.
Operating net income for the period came to $136.1 million, again up on the $103.4 million it made over the first quarter of 2016.
Gross written premiums for the company’s P&C operations came to $4.62 billion for the first quarter of the year, up slightly on the $4.36 billion written over the same period of 2016.
Net premiums written fell slightly, going from $3.06 billion in the first quarter of 2016 to $2.97 billion in the first quarter of 2017. Despite this net premiums earned over the first three months of 2017 came to $2.52 billion, a slight increase on the $2.35 billion it reported for the first quarter of 2016.
However, net investment income fell slightly, going from $205.8 million in the first quarter of 2016 to $200.5 million in the same period of 2017.
At the same time XL Group reported that integration costs related to its takeover of Catlin Group in 2015 totalled around $33.9 million for the quarter compared to $55 million in the prior year quarter.
“We are pleased to start off 2017 with solid performance, focused growth and the continuation of lower operating expenses,” said XL Group CEO Mike McGavick. “As we approach the two year anniversary of the Catlin acquisition, we see the benefits of our increased market presence, our focus on underwriting discipline, our strong culture of innovation and continuous improvement, and a more efficient operating platform.
"Additionally, our realigned operating model seamlessly went live at the beginning of the year and with it we remained steadfast on superior client experience. As a result, our performance included an accident year combined ratio excluding catastrophes of 89.5 percent, an improvement of 2.6 points compared to the first quarter of 2016. 2017 is all about delivering on what we have built.”
XL Group, XL Catlin, First quarter 2017 results, UK, Europe, North America, Asia Pacific, Mike McGavick