XL Group plc (XL) reported net income for the first quarter of $350.8 million or $1.17 per share, compared to $176.6 million or $0.56 per share for the year-ago quarter.
Operating net income for the first quarter rose to $279.9 million or $0.93 per share from $165.2 million or $0.52 per share in the prior year quarter, mainly due to improved underwriting results in the current quarter, including lower levels of catastrophe and large risk losses, combined with higher affiliate earnings than in the prior year quarter.
Total revenue for the first quarter rose to $1.88 billion from $1.75 billion a year ago.
Analysts polled by Thomson Reuters expected the company to earn $0.65 per share on revenue of $1.51 billion for the first quarter. Analysts' estimates typically exclude special items.
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