XL Capital has reported a “record” year of results, with the...
XL Capital has reported a record year of results, with the year end net income rising from $371.7m in 2003 to $1,126m in 2004.
Net income excluding losses for a major catastrophe year was also a “record”, said XL. The company's 2004 year end results showed net income at $816.7m compared with $293.6m for the full year 2003.
Reported net income for the fourth quarter of 2004 was $288m compared with a net loss of $314.8m a year earlier.
Net income for the quarter excluding net gains and losses was reported as $194.4m compared with a net loss of $349.3m for the 2003 quarter.
The company said despite incurring more than $550m in catastrophe related losses during the year it had achieved strong results.
