XL swaps loss for profit
XL Group has announced a profit of $397.8m [£255.2m] for the first six months of 2012, reversing a loss of $1.6m in the same period last year.
The improvement came despite the fact that profit for the second quarter of the year of $221.2m was below the $225.7m achieved in the comparable three months of 2011.
XL's combined operating ratio improved significantly to 90.8% for the quarter and 93% for the half year, from 94.9% and 110.1% in 2011 respectively.
The provider's gross written premiums for the quarter were broadly flat at $1.763bn (Q2 2011: $1.762bn) but up for the half year at $4.08bn (H1 2011: $3.86bn).
The insurer highlighted
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