XL Group (XL) Tops Q4 EPS by 7c

XL Group (NYSE: XL) reported Q4 EPS of $0.45, $0.07 better than the analyst estimate of $0.38.

• Net income attributable to common shareholders of $28.8 million, or $0.11 per fully diluted share, for the quarter, and net loss attributable to common shareholders of $560.4 million, or $2.16 per fully diluted share, for the full year
• A non-recurring tax charge of $100.5 million related to the revaluation of the net deferred tax asset as a result of the reduced U.S. corporate income tax rate enacted under the U.S. Tax Cuts and Jobs Act was recorded against net income attributable to common shareholders this quarter
• Operating net income1 of $116.1 million, or $0.45 per fully diluted share, for the quarter, and operating net loss1 of $521.6 million, or $2.01 per fully diluted share, for the full year
• Natural catastrophe pre-tax losses net of reinsurance, reinstatement and premium adjustments and redeemable non-controlling interest for the quarter of $315.2 million (11.5 points to the loss ratio), compared to $246.1 million (10.1 points to the loss ratio) in the prior year quarter, and $2.0 billion (19.7 points to the loss ratio) for the full year, compared to $636.3 million (6.6 points to the loss ratio) for the prior year
• P&C combined ratio of 99.0%, or 89.5% excluding prior year development (\"PYD\") and natural catastrophe losses, for the current quarter compared to 94.8%, or 89.1%, respectively, for the prior year quarter
• P&C combined ratio of 108.3%, or 90.2%, excluding PYD and natural catastrophe losses, for the full year compared to 94.2%, or 90.7%, respectively, for the prior year
• Net favorable PYD was $54.2 million (2.0 points to the loss ratio) in the current quarter, compared to $105.9 million (4.3 points to the loss ratio) in the prior year quarter, and $147.8 million (1.4 points to the loss ratio) for the full year, compared to $301.5 million (3.1 points to the loss ratio) in the prior year
• Fully diluted book value per common share of $38.04 at December 31, 2017, a decrease of $0.23, or 0.6%, from fully diluted book value per common share of $38.27 at September 30, 2017, and a decrease of $2.29, or 5.7%, from fully diluted book value per common share of $40.33 at December 31, 2016
• Fully diluted tangible book value per common share2 of $29.44 at December 31, 2017, a decrease of $0.26, or 0.9%, from fully diluted tangible book value per common share of $29.70 at September 30, 2017, and a decrease of $2.77, or 8.6%, from fully diluted tangible book value per common share of $32.21 at December 31, 2016

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

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