XL Group (XL) Tops Q2 EPS by 4c

XL Group (NYSE: XL) reported Q2 EPS of $0.84, $0.04 better than the analyst estimate of $0.80.

Highlights:

• Operating net income1 of $245.8 million, or $0.84 per share, for the quarter on a fully diluted basis
• Net income attributable to ordinary shareholders and net income attributable to ordinary shareholders excluding the impact of the Life Retrocession Arrangements2 of $915.0 million and $598.0 million, respectively, for the quarter. As a result of the Life Retrocession Arrangements, XL's net income is impacted by the gains or losses on the Life Funds Withheld Assets2, with an equal and opposite accounting adjustment in XL's comprehensive income such that there is no effect on XL's book value
• Gain of $340.4 million related to the sale of our interest in our operating affiliate ARX Holding Corp. ("ARX")
• P&C combined ratio of 89.9% for the quarter, compared to 88.3% in the prior year quarter
• Natural catastrophe pre-tax losses net of reinsurance and reinstatement premiums in the quarter of $59.9 million, compared to $34.6 million in the prior year quarter
• Annualized operating return on average ordinary shareholders' equity3 excluding and including average unrealized gains and losses on investments was 10.0% and 8.7%, respectively, for the quarter
• Fully diluted tangible book value per ordinary share4 of $32.53 at June 30, 2015, a decrease of $4.26, or 11.6%, from December 31, 2014. The reduction results from the goodwill and intangible assets acquired from Catlin Group Limited ("Catlin") in exchange for cash and equity consideration
• Share buybacks totaled 2.9 million ordinary shares for $110.0 million during the quarter

For earnings history and earnings-related data on XL Group (XL) click here.

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