XL Group (XL) Tops Q2 EPS by 8c, Miss on Revenues

XL Group (NYSE: XL) reported Q2 EPS of $0.96, $0.08 better than the analyst estimate of $0.88. Revenue for the quarter came in at $3.53 billion versus the consensus estimate of $3.63 billion.

• Net income attributable to common shareholders of $301.6 million, or $1.14 per fully diluted share, for the quarter, compared to $43.8 million, or $0.15 per fully diluted share, in the prior year quarter
• Operating net income1 of $255.1 million, or $0.96 per fully diluted share, for the quarter, compared to $106.4 million, or $0.37 per fully diluted share, in the prior year quarter
• P&C combined ratio of 92.3% for the quarter compared to 96.0% in the prior year quarter
• P&C loss ratio of 60.8% for the current quarter compared to 64.6% in the prior year quarter
• Catastrophe pre-tax losses net of reinsurance and reinstatement premiums for the quarter of $92.1 million (3.7 points to the loss ratio), compared to $240.1 million (9.8 points to the loss ratio), in the prior year quarter
• Integration costs related to the acquisition of Catlin Group Limited (\"Catlin\"), completed on May 1, 2015 (\"Catlin Acquisition\"), totaled approximately $39.1 million for the quarter compared to $52.1 million in the prior year quarter. Integration costs related to the Catlin Acquisition were completed in the second quarter of 2017
• Fully diluted book value per common share of $42.15 at June 30, 2017, an increase of $1.05, or 2.6%, from fully diluted book value per common share of $41.10 at March 31, 2017
• Fully diluted tangible book value per common share2 of $33.71 at June 30, 2017, an increase of $0.88, or 2.7%, from fully diluted tangible book value per common share of $32.83 at March 31, 2017
• Annualized return on average common shareholders\' equity (\"ROE\") was 10.9% for the quarter compared with 1.5% for the prior year quarter
• QTD Annualized operating ROE1,3 excluding and including average accumulated other comprehensive income (\"AOCI\") was 10.1% and 9.3% for the current quarter and 4.1% and 3.6% in the prior year quarter, respectively. Excluding Catlin related integration costs these return rates would have been 11.4% and 10.5% in the current quarter of 2017 and 5.9% and 5.3% in the prior year quarter, respectively
• YTD Annualized Operating ROE1,3 excluding and including AOCI was 7.7% and 7.1% for the six months annualized and 3.9% and 3.6% in the prior year six months annualized, respectively. Excluding Catlin related integration costs these return rates would have been 9.0% and 8.3% for the six months annualized at June 30, 2017 and 5.8% and 5.3% for the six months annualized at June 30, 2016, respectively

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

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