XL Group has solid first quarter, with $350.8 million in net income

XL Group plc (NYSE: XL) has released its financial results for the first quarter of the year, reporting a net income of $350.8 million, up significantly from $176.6 million in the same quarter of 2012.

For the three months ended March 31, 2013, XL reported an operating net income of about $279.9 million, an increase from the $165.23 million reported for Q1 of last year.

The company also reported a property and casualty combined ratio of 87.7%, compared with 95.3% in the first quarter of 2012.

The company’s gross premiums written for the quarter totaled about $2.4 billion, compared with $2.3 billion for the comparable quarter in 2012. Its net premiums written totaled more than $2 billion, and net premiums earned reached nearly $1.5 billion for the quarter, both figures up from Q1 in 2012.

The company attributed the increase in net premiums earned for its insurance business to “increased premiums in North American and Global Professional lines over the last twelve months,” and in its reinsurance business to “ increases in Bermuda Property Catastrophe, partially offset by a reduction in Property Treaty in Latin America.”

“In the first quarter, XL once again delivered solid results — the kind of results we seek to routinely produce,” company CEO Mike McGavick commented in a statement on the results.

“While none of us are ready to declare victory, particularly with the benefit of a quiet catastrophe and large loss quarter, such results make us all the more driven to deliver consistent, quality performance, even as catastrophes and losses normalize.

We are pleased with our progress and are maintaining our diligent, grinding work,” he added.