2016 Half-Year Results: XL Group outperforms despite 57% drop in operating profits

XL Group became the latest carrier to report significantly lower second quarter operating earnings driven by preannounced catastrophe losses.

The XL Catlin combine said operating profits were $106.4mn, representing a 57 percent decline on the $245.8mn generated in Q2 2015.

But at 0.37 a share, the performance was well ahead of Wall Street analysts’ consensus of $0.16 a share.

Janney analyst Ryan Byrnes said he expected XL shares to have a “positive bias” in trading tomorrow following the outperformance.

“While…Read more @ Insurance Insider