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XL Group reports profits in Q3

XL Group has reported a net income attributable to ordinary shareholders of $77.5m, or $0.23 per ordinary share for the third quarter of 2010, compared to a net loss of $11.4m, or a loss of $0.03 per ordinary share, for the third quarter of 2009.

The results include after-tax realized losses on investments of $71.9m for the third quarter of 2010, compared to $310.8m for the corresponding quarter of 2009, and after-tax foreign exchange losses of $37.9m for the third quarter of 2010, compared to after-tax foreign exchange gains of $13.8m in the prior year quarter.

The company posted an operating income of $175m for the third quarter of the 2010, compared to $292.6m for the same quarter of 2009.

Total revenues were $1.62bn for the third quarter of 2010, compared to $1.48bn for the same period in the last year.

XL Group CEO Mike McGavick said, the company has delivered another quarter of solid operating results in a market that continues to be challenging.

“This demonstrates our underwriting discipline in a challenging market. However, despite this solid underwriting discipline, we continue to feel the impact that the prolonged soft market has on earnings, McGavick said.