DUBLIN (dpa-AFX) - XL Group plc (XL) reported that its fourth-quarter net income attributable shareholders was $81.4 million, compared to net loss of $515.5 million in the prior year quarter, primarily due to a non-cash charge for the partial impairment of goodwill in the prior year quarter, combined with improved underwriting results in the latest-quarter and net realized gains on investments and derivatives in the latest-quarter compared to losses during the prior year quarter.
Net income per share for the quarter was $0.27, compared to a loss of $1.62 last year.
Operating net income for the quarter was $38.9 million, compared to operating net loss of $79.6 million in the prior year quarter, primarily due to improved underwriting results in the latest-quarter, notwithstanding higher levels of catastrophe losses, combined with higher than normal tax expenses in the prior year quarter.
Operating net income for the quarter was $0.13 per share compared to Operating net loss of $0.25 per share in the same quarter last year. Analysts polled by Thomson Reuters expected the company to report a loss of $0.35 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter declined to $1.91 billion from $1.73 billion in the year ago quarter. Seven analysts had consensus revenue estimate of $1.45 billion for the quarter.
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