HAMILTON, Bermuda,
Oct. 24, 2017 /PRNewswire/ --
- Net loss attributable to common shareholders of $1.04 billion, or $4.06 per fully diluted share, for the quarter,
compared to net income attributable to common shareholders of
$70.6 million, or $0.25 per fully diluted share, in the prior year
quarter
- Operating net loss1 of $1.03 billion, or $4.00 per fully diluted share, for the quarter,
compared to operating net income of $122.5
million, or $0.44 per fully
diluted share, in the prior year quarter
- Natural catastrophe pre-tax losses net of reinsurance,
reinstatement and premium adjustments and redeemable
non-controlling interest for the quarter of $1.48 billion (58.8 points to the loss ratio),
compared to $97.4 million (4.1 points
to the loss ratio), in the prior year quarter. The current quarter
natural catastrophe losses are largely attributed to hurricanes
Harvey, Irma and Maria
- P&C combined ratio of 146.9% or 89.8% excluding prior
year development and natural catastrophe losses for the quarter
compared to 93.1% or 91.3% excluding prior year development and
natural catastrophe losses in the prior year quarter
- P&C loss ratio excluding prior year development and
natural catastrophe losses of 59.5% for both the current quarter
and the prior year quarter
- Net favorable development was $30.9
million or 1.1 loss ratio points, in the current quarter,
compared to net favorable development of $53.6 million, or 2.3 loss ratio points, in the
prior year quarter
- Fully diluted book value per common share of $38.27 at September 30, 2017, a decrease of
$3.88, or 9.2%, from fully diluted
book value per common share of $42.15
at June 30, 2017
- Fully diluted tangible book value per common
share2 of $29.70 at
September 30, 2017, a decrease of $4.01, or 11.9%, from fully diluted tangible book
value per common share of $33.71 at
June 30, 2017
- YTD Annualized ROE1, was (7.5)% for the nine
months ended September 30, 2017 and 1.6% , for the nine months
ended September 30, 2016.
- YTD Annualized Operating ROE1,3 excluding and
including AOCI was (8.9)% and (8.1)%, respectively, for the
nine months ended September 30, 2017 and 4.2% and 3.8%,
respectively, for the nine months ended September 30, 2016.
Excluding Catlin-related integration costs these return rates would
have been (8.0)% and (7.3)%, respectively, for the nine months
ended September 30, 2017 and 6.1% and 5.5%, respectively for
the nine months ended September 30, 2016
XL Group Ltd ("XL" or the "Company") (NYSE: XL) today
reported its third quarter 2017 results.
Commenting on the Company's performance, XL's Chief Executive
Officer Mike McGavick said:
"The natural catastrophes that mark the third quarter bring a
unique devastation to those impacted and we continue the important
work of helping our clients rebuild in these times of need.
The financial impact of these events was, of course, significant
to our financial results in the quarter. At the same time,
excluding these events, our underlying results show continued
progress as demonstrated by improvement in the ex-cat P&C
combined ratio, insurance combined ratio and insurance loss ratio
versus the prior year quarter.
As we look at the global re/insurance markets today, with a view
that we will see new levels of appropriate sustainable pricing, we
believe we are well positioned by virtue of our diverse portfolio,
global relevance and disciplined underwriting."
Third Quarter
Summary
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(U.S. dollars in
thousands, except per share amounts)
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Three Months
Ended
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Nine Months
Ended
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September
30,
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September
30,
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(Unaudited)
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(Unaudited)
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2017
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2016
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$
Change
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%
Change
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2017
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2016
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$
Change
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%
Change
|
Net income (loss)
attributable
to common
shareholders
|
$
|
(1,043,689)
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|
$
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70,601
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$
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(1,114,290)
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N/M
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$
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(589,226)
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$
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136,268
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$
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(725,494)
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N/M
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Per average common
share outstanding-basic
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$
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(4.06)
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$
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0.26
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$
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(4.32)
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N/M
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$
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(2.26)
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$
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0.48
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$
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(2.74)
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N/M
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Per average common
share outstanding-fully diluted
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$
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(4.06)
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$
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0.25
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$
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(4.31)
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N/M
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$
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(2.26)
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$
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0.48
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$
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(2.74)
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N/M
|
Operating net income
(loss)
|
$
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(1,028,862)
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$
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122,454
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$
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(1,151,316)
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N/M
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$
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(637,639)
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$
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332,289
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$
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(969,928)
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N/M
|
Per average common
share outstanding-fully diluted
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$
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(4.00)
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$
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0.44
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$
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(4.44)
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N/M
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$
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(2.44)
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$
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1.16
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$
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(3.60)
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N/M
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- Net loss attributable to common shareholders of $1,043.7 million, or $4.06 per fully diluted share, and operating net
loss of $1,028.9 million, or
$4.00 per fully diluted share, for
the quarter, compared to net income attributable to common
shareholders of $70.6 million, or
$0.25 per fully diluted share, and
net operating income of $122.5
million, or $0.44 per fully
diluted share in the prior year quarter, respectively, both
primarily driven by significant catastrophe losses during the
quarter.
- Net investment income for the quarter was $202.8 million, compared to $209.8 million in the prior year quarter. Net
investment income for the quarter, excluding the Life Funds
Withheld Assets was $172.0 million,
compared to $170.8 million in the
prior year quarter. This increase was primarily due to higher
reinvestment rates in the quarter from active sector rotation and
portfolio management activities, slightly offset by negative
foreign exchange movements.
- Net income from affiliates was $62.5
million for the quarter, compared to $24.6 million in the prior year quarter,
primarily due to the rebalancing of the investment portfolio,
better individual fund results and more benign markets for hedge
fund strategies in the current quarter.
- Operating expenses were 19.5% or $99.1
million favorable compared to the prior year quarter
primarily driven by the absence of integration costs during the
current quarter compared to $54.5
million in the prior year quarter, a reduction to variable
compensation costs resulting from the catastrophe loss impact on
Group results and a $7.9 million
favorable impact resulting from foreign exchange movement.
- Income tax benefit of $60.1
million was recognized during the quarter. Effective
tax rate on net income of 5.4% for the quarter, compared to 20.1%
the prior year quarter. The decrease from the prior year quarter is
primarily driven by the impact of the current quarter's catastrophe
losses.
- Fully diluted book value per common share decreased by
$3.88 from the end of the prior
quarter to $38.27, driven by
significant catastrophe losses. Fully diluted tangible book value
per common share also decreased by $4.01 from the end of the prior quarter to
$29.70.
- Share buybacks4 totaled approximately 2.7
million shares at an average price of $44.00 per share or $120.9
million during the quarter, compared to 6.6 million shares
or $221.8 million in the prior year
quarter. During the nine months ended September 30th, 2017, share buybacks totaled
approximately 13.8 million shares at an average price of
$41.36 per share or $571.5 million. At September 30, 2017,
$529.1 million of common shares
remained available for purchase under our share buyback
program.
P&C
Operations
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(U.S. dollars in
thousands)
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Three Months
Ended
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September 30,
2017
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September 30,
2016
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(Unaudited)
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(Unaudited)
|
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Insurance
|
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Reinsurance
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Total
P&C
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Insurance
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Reinsurance
|
|
Total
P&C
|
Gross premiums
written
|
$
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2,311,090
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|
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$
|
704,641
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$
|
3,015,731
|
|
|
$
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2,153,379
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|
|
$
|
565,541
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|
|
$
|
2,718,920
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|
Net premiums
written
|
$
|
1,660,304
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|
|
$
|
665,917
|
|
|
$
|
2,326,221
|
|
|
$
|
1,615,132
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|
|
$
|
518,166
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|
|
$
|
2,133,298
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Net premiums
earned
|
$
|
1,677,189
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|
|
$
|
940,567
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$
|
2,617,756
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|
|
$
|
1,653,461
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|
|
$
|
778,216
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$
|
2,431,677
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Underwriting profit
(loss)
|
$
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(545,481)
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$
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(681,495)
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$
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(1,226,976)
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|
$
|
61,683
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|
|
$
|
105,168
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|
$
|
166,851
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|
|
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|
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|
Loss ratio
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102.8%
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142.7%
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|
|
117.2%
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64.6%
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54.4%
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|
|
61.3%
|
|
Underwriting expense
ratio
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29.7%
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|
|
29.8%
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|
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29.7%
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|
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31.7%
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|
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32.1%
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31.8%
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Combined
ratio
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132.5%
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172.5%
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146.9%
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|
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96.3%
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|
|
86.5%
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|
|
93.1%
|
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|
|
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Nine Months
Ended
|
|
September 30,
2017
|
|
September 30,
2016
|
|
(Unaudited)
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(Unaudited)
|
|
Insurance
|
|
Reinsurance
|
|
Total
P&C
|
|
Insurance
|
|
Reinsurance
|
|
Total
P&C
|
Gross premiums
written
|
$
|
7,582,060
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|
|
$
|
3,609,707
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|
|
$
|
11,191,767
|
|
|
$
|
7,169,363
|
|
|
$
|
3,439,650
|
|
|
$
|
10,609,013
|
|
Net premiums
written
|
$
|
4,910,096
|
|
|
$
|
3,042,326
|
|
|
$
|
7,952,422
|
|
|
$
|
4,899,258
|
|
|
$
|
3,018,246
|
|
|
$
|
7,917,504
|
|
Net premiums
earned
|
$
|
4,964,808
|
|
|
$
|
2,686,522
|
|
|
$
|
7,651,330
|
|
|
$
|
4,944,055
|
|
|
$
|
2,367,772
|
|
|
$
|
7,311,827
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Underwriting profit
(loss)
|
$
|
(412,113)
|
|
|
$
|
(476,294)
|
|
|
$
|
(888,407)
|
|
|
$
|
179,174
|
|
|
$
|
265,059
|
|
|
$
|
444,233
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss ratio
|
77.8%
|
|
|
86.2%
|
|
|
80.8%
|
|
|
64.0%
|
|
|
56.7%
|
|
|
61.6%
|
|
Underwriting expense
ratio
|
30.5%
|
|
|
31.5%
|
|
|
30.8%
|
|
|
32.4%
|
|
|
32.1%
|
|
|
32.3%
|
|
Combined
ratio
|
108.3%
|
|
|
117.7%
|
|
|
111.6%
|
|
|
96.4%
|
|
|
88.8%
|
|
|
93.9%
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
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|
- P&C gross premiums written ("GPW") in the third quarter
increased 10.9% compared to the prior year quarter. Excluding the
impact of foreign exchange, GPW increased by 11.5%
- The Insurance segment GPW increased 7.3% from the prior year
quarter driven primarily by growth in International and North
America Property lines, Accident & Health, North America
Construction and Fine Art & Specie. These increases were
partially offset by decreases in North
America programs and Excess & Surplus lines. Excluding
the impact of foreign exchange, Insurance GPW increased 8.2%.
- The Reinsurance segment GPW increased by 24.6% from the prior
year quarter due to additional new business written in the quarter
and reinstatement premiums from the recent catastrophic activity.
The increase in new business was primarily from the Casualty line
of business predominantly within the Bermuda and EMEA regions. In addition,
significant new business was written within the Property Treaty
line of business from both the North
America and Latin America
regions. Excluding the impact of foreign exchange and reinstatement
premiums, Reinsurance GPW increased by 6.8%.
- The P&C loss ratio excluding prior year development and the
impact of catastrophe losses in the current quarter was 59.5%, the
same as in the prior year quarter. On the same basis, the Insurance
segment loss ratio in the current quarter was 61.1% compared to
61.7% in the prior year quarter, while the Reinsurance segment was
56.4% in the current quarter compared to 54.9% in the prior year
quarter.
- The P&C combined ratio excluding prior year development and
the impact of catastrophe losses in the current quarter was 89.8%,
compared to 91.3% for the prior year quarter. On the same
basis, the Insurance segment combined ratio in the current quarter
was 90.4%, compared to 93.3% for the prior year quarter, while the
Reinsurance segment was 88.6% in the current quarter, compared to
87.1% for the prior year quarter.
- The P&C prior-year net favorable development resulting from
the current quarter was $30.9
million, or 1.1 loss ratio points, compared to net favorable
development of $53.6 million, or 2.3
loss ratio points, in the prior year quarter. This reflects
favorable development of $8.8 million
in the Insurance segment and $22.1
million in the Reinsurance segment. Insurance releases were
largely attributable to better than expected attrition loss
experience in aerospace. Reinsurance releases were mainly
attributable to the better than expected experience primarily in
short tail lines including property catastrophe and specialty lines
with a lesser contribution from certain casualty reserve
adjustments.
Further details of the results for the quarter may be found in
the Company's Financial Supplement and Earnings Presentation, each
of which is dated October 24, 2017 and is available on the
Investor Relations section of XL's website at www.xlgroup.com.
A conference call to discuss the Company's results will be held
at 6:00 p.m. Eastern Time on Tuesday,
October 24, 2017. The conference call can be accessed through
a dial-in number or through a live webcast. To listen to the
conference call, please dial (210) 795-0624 or (866) 617-1526:
Passcode: "XL GLOBAL". The webcast will be available at
www.xlgroup.com and will be archived on XL's website from
approximately 9:00 p.m. Eastern Time
on October 24, 2017, through midnight
Eastern Time on November 23, 2017. A telephone replay
of the conference call will also be available beginning at
approximately 9:00 p.m. Eastern Time
on October 24, 2017, until midnight
Eastern Time on November 23, 2017, by dialing (402)
344-6812 or (800) 489-7581. The following passcode will be
required: 102617
About XL Group Ltd
XL Group Ltd (NYSE: XL), through its subsidiaries and under the
"XL Catlin" brand, is a global insurance and reinsurance company
providing property, casualty and specialty products to industrial,
commercial and professional firms, insurance companies and other
enterprises throughout the world. Clients look to XL Catlin
for answers to their most complex risks and to help move their
world forward. To learn more, visit www.xlgroup.com.
This press release contains forward-looking statements.
Statements that are not historical facts, including statements
about XL's beliefs, plans or expectations, are forward-looking
statements. These statements are based on current plans, estimates
and expectations, all of which involve risk and uncertainty.
Statements that include the words "expect," "estimate," "intend,"
"plan," "believe," "project," "anticipate," "may," "could," or
"would" and similar statements of a future or forward-looking
nature identify forward-looking statements. Actual results may
differ materially from those included in such forward-looking
statements and therefore you should not place undue reliance on
them. A non-exclusive list of the important factors that could
cause actual results to differ materially from those in such
forward-looking statements includes (a) the continuation of
downward trends in rates for property and casualty insurance and
reinsurance; (b) changes in the size of our claims relating to
unpredictable natural or man-made catastrophe losses due to the
preliminary nature of some reports and estimates of loss and damage
to date, and in particular our loss estimates and industry
loss estimates relating hurricanes Harvey, Irma and Maria, given
the complexities and nature of these particular events, including
the magnitude, proximity and recent occurrence of these events,
limited claims data received to date, the likelihood of longer
development periods associated with the specific characteristics of
these events and the geographic and infrastructure limitations
related to the areas impacted, among other matters; (c) changes in
the number of insureds and ceding companies impacted or the
ultimate number and value of individual claims relating to natural
catastrophe events due to the preliminary nature of reports and
estimates of loss and damage to date; (d) changes in the amount or
type of business that we write, whether due to our actions, changes
in market conditions or other factors, and the amount of premium
attributable to such business; (e) the availability, cost or
quality of ceded reinsurance, and the timely and full
recoverability of such reinsurance, or other amounts due to us, or
changes to our projections related to such recoverables; (f) actual
loss experience from insured or reinsured events and the timing of
claims payments being faster or the receipt of reinsurance
recoverables being slower than we anticipated; (g) increased
competition on the basis of pricing, capacity, coverage terms or
other factors, such as the increased inflow of third party capital
into reinsurance markets, which could harm our ability to maintain
or increase business volumes or profitability; (h) greater
frequency or severity of claims and loss activity than our
underwriting, reserving or investment practices anticipate based on
historical experience or industry data; (i) the impact of changes
in the global financial markets, such as the effects of inflation
on our business, including on pricing and reserving, changes in
interest rates, credit spreads, foreign currency exchange rates and
future volatility in the world's credit, financial and capital
markets that adversely affect the performance and valuation of our
investments, future financing activities and access to such
markets, our ability to pay claims or general financial condition;
(j) our ability to successfully implement our business strategy;
(k) our ability to successfully attract and raise additional third
party capital for existing or new investment vehicles; (l) changes
in credit ratings and rating agency policies or practices, which
could trigger cancelation provisions in our assumed reinsurance
agreements or impact the availability of our credit facilities; (m)
the potential for changes to methodologies, estimations and
assumptions that underlie the valuation of our financial
instruments that could result in changes to investment valuations;
(n) changes to our assessment as to whether it is more likely than
not that we will be required to sell, or have the intent to sell,
available-for-sale fixed maturity securities before their
anticipated recovery; (o) unanticipated constraints on our
liquidity, including the availability of borrowings and letters of
credit under credit facilities that inhibit our ability to support
our operations, including our ability to underwrite policies and
pay claims; (p) the ability of our subsidiaries to pay dividends to
XL Group Ltd, XLIT Ltd. and Catlin Insurance Company Ltd; (q)
changes in regulators or regulations applicable to us, including as
a result of the completion of our redomestication from Ireland to
Bermuda, such as changes in regulatory capital balances that our
operating subsidiaries must maintain, or to our brokers or
customers; (r) the effects of business disruption, economic
contraction or economic sanctions due to unpredictable global
political and social conditions such as war, terrorism or other
hostilities, or pandemics; (s) the actual amount of new and renewal
business and acceptance of our products and services, including new
products and services and the materialization of risks related to
such products and services; (t) changes in the distribution or
placement of risks due to increased consolidation of insurance and
reinsurance brokers; (u) bankruptcies or other financial concerns
of companies insofar as they affect P&C insurance and
reinsurance coverages or claims that we may have as a counterparty;
(v) the loss of key personnel; (w) the effects of mergers,
acquisitions and divestitures, including our ability to modify our
internal control over financial reporting, changes to our risk
appetite and our ability to realize the value or benefits expected,
in each case, as a result of such transactions; (x) the economic,
political, monetary and operational impacts of the "Brexit"
referendum held on June 23, 2016 in which the U.K. electorate voted
to withdraw from the European Union ("E.U."), including
unanticipated costs or complications associated with our decision
to redomesticate XL Insurance Company SE from the U.K. to Ireland,
or the possibility that this redomestication or other
Brexit-related decisions do not have the results anticipated;(y)
changes in general economic, political or monetary conditions,
including new or continued sovereign debt concerns in Euro-Zone
countries or emerging markets such as Brazil or China, or
governmental actions for the purposes of stabilizing financial
markets; (z) changes in applicable tax laws, tax treaties or tax
regulations or the interpretation or enforcement thereof; (aa)
judicial decisions and rulings, new theories of liability or
emerging claims coverage issues, legal tactics and settlement
terms; (bb) the effects of climate change (such as changes to
weather patterns, sea levels or temperatures) on our business,
which our modeling or risk management practices may not adequately
address due to the uncertain nature of climate change; and (cc) the
other factors set forth in our reports on Form 10-K and Form 10-Q
and other documents on file with the Securities and Exchange
Commission. XL undertakes no obligation to update publicly any
forward looking statement, whether as a result of new information,
future developments or otherwise.
XL intends to use its website as a means of disclosing
material non-public information and for complying with its
disclosure obligations under Regulation FD. Such disclosures will
be included on the website in the Investor Relations section.
Accordingly, investors should monitor such portions of XL's
website, in addition to following its press releases, SEC filings
and public conference calls and webcasts.
_______________________
1Operating net income (loss) is defined
as net income (loss) attributable to common shareholders excluding:
(1) our net investment income - Life Funds Withheld Assets, (as
defined in Footnote 5 below), (2) our net realized (gains) losses
on investments sold - excluding Life Funds Withheld Assets, (3) our
net realized (gains) losses on investments sold (including OTTI)
and net unrealized (gains) losses on investments, Trading - Life
Funds Withheld Assets, (4) our net realized and unrealized (gains)
losses on derivatives, (5) our net realized and unrealized (gains)
losses on life retrocession embedded derivative and derivative
instruments - Life Funds Withheld Assets, (6) our share of items
(2) and (4) for our insurance company affiliates for the periods
presented, (7) our foreign exchange (gains) losses, (8) our
expenses related to the Catlin Acquisition, (9) our gain on the
sale of our interest in ARX Holding Corp., (10) our gain on the
sale of our wholly-owned subsidiary XL Life Insurance and Annuity
Company and the partial sale of our holdings in New Ocean Capital
Management, (11) our loss on the inception of the U.S. Term Life
Retro Arrangements, (12) our net (gains) losses on the early
extinguishment of debt, (13) our net (gains) losses from the
repurchase of preference shares, and (14) a provision (benefit) for
income tax on items excluded from operating income. "Operating net
income", "annualized operating return on average common
shareholders' equity including and excluding average AOCI, both
inclusive and exclusive of integration costs" are non-GAAP
financial measures. See the schedule entitled "Reconciliation
of Non-GAAP Financial Measures" on pages [11] and [12] of this
press release for a reconciliation of net income (loss)
attributable to common shareholders to "operating net income" and
the calculation of "annualized operating return on average common
shareholders' equity including and excluding average AOCI, both
inclusive and exclusive of integration costs", which are based on
operating net income.
2Fully diluted tangible book value per
common share is a non-GAAP financial measure. See page [12]
of this press release for a reconciliation of fully diluted
tangible book value per common share to fully diluted book value
per common share.
3Common shareholders' equity is defined
as total shareholders' equity less non-controlling interest in
equity of consolidated subsidiaries.
4Share buybacks include the related
commission expense paid to brokers and purchases associated with
settling employee withholding taxes incurred in connection with the
vesting of share-based compensation awards. These items are
excluded from the calculation of the remaining amount available for
purchase under our share buyback program.
5 On May 1,
2014, our wholly-owned subsidiary, XL Insurance
(Bermuda) Ltd ("XLIB") (on
June 9, 2016, XLIB and XL Re Ltd
amalgamated to form XL Bermuda Ltd), entered into a sale and
purchase agreement with GreyCastle Holdings Ltd. ("GreyCastle")
providing for the sale of 100% of the common shares of XLIB's
wholly-owned subsidiary, XLLR, for $570
million in cash. This transaction was completed on
May 30, 2014. As a result of the
transaction, we have ceded the majority of our life reinsurance
business to XLLR via 100% quota share reinsurance (the "GreyCastle
Life Retro Arrangements"). The designated investments that support
the GreyCastle Life Retro Arrangements, which are written on a
funds withheld basis ("Life Funds Withheld Assets"), are included
within "Total investments available for sale" and "Fixed
maturities, trading at fair value" on our balance sheet.
Investment results for these assets - including interest income,
unrealized gains and losses, and gains and losses from sales - are
passed directly to the reinsurer pursuant to a contractual
arrangement that is accounted for as a derivative. Net income
attributable to common shareholders excluding the contribution from
the GreyCastle Life Retro Arrangements is a non-GAAP measure.
See the schedule entitled "Reconciliation of Non-GAAP Financial
Measures" on pages [11] and [12] of this press release for a
reconciliation of net income (loss) attributable to common
shareholders to net income (loss) attributable to common
shareholders excluding the Contribution from the GreyCastle Life
Retro Arrangements. During 2015, we entered into another
reinsurance agreement (the "U.S. Term Life Retro Arrangements")
ceding the vast majority of the remaining life reinsurance
business.
XL Group
Ltd
|
Unaudited
Consolidated Statements Of Income
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
September
30,
|
|
(U.S. dollars in
thousands)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
(Note 1)
|
|
|
|
(Note 1)
|
|
Revenues:
|
|
|
|
|
|
|
|
|
Net premiums
earned
|
$
|
2,620,902
|
|
|
$
|
2,434,037
|
|
|
$
|
7,660,610
|
|
|
$
|
7,320,859
|
|
|
Net investment
income:
|
|
|
|
|
|
|
|
|
Net investment income
- excluding Life Funds Withheld Assets
|
171,983
|
|
|
170,834
|
|
|
516,386
|
|
|
511,402
|
|
|
Net investment income
- Life Funds Withheld Assets
|
30,796
|
|
|
38,937
|
|
|
95,599
|
|
|
119,643
|
|
|
Total net investment
income
|
$
|
202,779
|
|
|
$
|
209,771
|
|
|
$
|
611,985
|
|
|
$
|
631,045
|
|
|
Total net realized
gains (losses) on investments and unrealized
gains (losses) on
investments, trading securities
|
43,274
|
|
|
143,676
|
|
|
137,188
|
|
|
341,043
|
|
|
Net realized and
unrealized gains (losses) on derivative instruments
|
(20,434)
|
|
|
5,490
|
|
|
(28,409)
|
|
|
2,774
|
|
|
Net realized and
unrealized gains (losses) on life retrocession
embedded derivative
and derivative instruments - Life Funds
Withheld
Assets
|
(31,662)
|
|
|
(225,610)
|
|
|
(116,359)
|
|
|
(691,432)
|
|
|
Net income (loss)
from investment affiliates
|
57,656
|
|
|
12,156
|
|
|
126,735
|
|
|
20,756
|
|
|
Fee income and
other
|
11,469
|
|
|
8,600
|
|
|
35,355
|
|
|
27,724
|
|
|
Total
revenues
|
$
|
2,883,984
|
|
|
$
|
2,588,120
|
|
|
$
|
8,427,105
|
|
|
$
|
7,652,769
|
|
|
Expenses:
|
|
|
|
|
|
|
|
|
Net losses and loss
expenses incurred
|
$
|
3,066,723
|
|
|
$
|
1,491,803
|
|
|
$
|
6,179,262
|
|
|
$
|
4,506,674
|
|
|
Claims and policy
benefits
|
10,592
|
|
|
5,875
|
|
|
25,478
|
|
|
16,294
|
|
|
Acquisition
costs
|
445,685
|
|
|
403,888
|
|
|
1,315,138
|
|
|
1,227,675
|
|
|
Operating
expenses
|
409,356
|
|
|
508,458
|
|
|
1,350,172
|
|
|
1,546,360
|
|
|
Foreign exchange
(gains) losses
|
55,017
|
|
|
(1,695)
|
|
|
46,038
|
|
|
(54,614)
|
|
|
Loss (gain) on sale
of subsidiary
|
—
|
|
|
(3,670)
|
|
|
—
|
|
|
(3,670)
|
|
|
(Gain) loss on the
early extinguishment of debt
|
1,582
|
|
|
—
|
|
|
1,582
|
|
|
—
|
|
|
Interest
expense
|
33,919
|
|
|
49,445
|
|
|
138,648
|
|
|
157,486
|
|
|
Total
expenses
|
$
|
4,022,874
|
|
|
$
|
2,454,104
|
|
|
$
|
9,056,318
|
|
|
$
|
7,396,205
|
|
|
Income (loss) before
income tax and income (loss) from operating affiliates
|
$
|
(1,138,890)
|
|
|
$
|
134,016
|
|
|
$
|
(629,213)
|
|
|
$
|
256,564
|
|
|
Income (loss) from
operating affiliates
|
4,872
|
|
|
12,410
|
|
|
61,185
|
|
|
46,478
|
|
|
Provision (benefit)
for income tax
|
(60,132)
|
|
|
17,749
|
|
|
(18,034)
|
|
|
42,511
|
|
|
Net income
(loss)
|
$
|
(1,073,886)
|
|
|
$
|
128,677
|
|
|
$
|
(549,994)
|
|
|
$
|
260,531
|
|
|
Non-controlling
interests
|
(30,197)
|
|
|
58,076
|
|
|
39,232
|
|
|
124,263
|
|
|
Net income (loss)
attributable to common shareholders
|
$
|
(1,043,689)
|
|
|
$
|
70,601
|
|
|
$
|
(589,226)
|
|
|
$
|
136,268
|
|
|
|
|
XL Group
Ltd
|
Key Financial
Data
|
|
|
|
|
|
Selected balance
sheet and other data:
|
|
|
|
(U.S. dollars in
thousands except share and per share amounts)
|
At
|
|
At
|
|
September 30,
2017
|
|
December 31,
2016
|
|
(Unaudited)
|
|
(Note
1)
|
Total investments
available for sale
|
$
|
33,023,505
|
|
|
$
|
31,919,126
|
|
Cash and cash
equivalents
|
3,030,088
|
|
|
3,426,988
|
|
Investments in
affiliates
|
2,100,378
|
|
|
2,177,645
|
|
Unpaid losses and
loss expenses recoverable
|
6,962,787
|
|
|
5,491,297
|
|
Goodwill and other
intangible assets
|
2,227,014
|
|
|
2,203,653
|
|
Total
assets
|
63,790,208
|
|
|
58,434,102
|
|
|
|
|
|
Unpaid losses and
loss expenses
|
29,988,337
|
|
|
25,939,571
|
|
Deposit
liabilities
|
1,030,290
|
|
|
1,116,233
|
|
Future policy benefit
reserves
|
3,656,859
|
|
|
3,506,047
|
|
Funds withheld
liability on GreyCastle Life Retro Arrangements, net of
future
policy benefit
reserves recoverable (Note 2)
|
920,571
|
|
|
998,968
|
|
Unearned
premiums
|
8,344,536
|
|
|
7,293,028
|
|
Notes payable and
debt
|
3,210,063
|
|
|
2,647,677
|
|
|
|
|
|
Total shareholders'
equity
|
11,528,510
|
|
|
12,960,679
|
|
Common shareholders'
equity
|
9,939,847
|
|
|
10,938,512
|
|
Common shares
outstanding (Note 3)
|
255,980,636
|
|
|
266,927,220
|
|
|
|
|
|
Basic book value per
common share
|
$
|
38.83
|
|
|
$
|
40.98
|
|
Fully diluted book
value per common share
|
$
|
38.27
|
|
|
$
|
40.33
|
|
Fully diluted
tangible book value per common share (Note 4)
|
$
|
29.70
|
|
|
$
|
32.21
|
|
|
|
|
|
Note 1:
Certain items have been reclassified to conform to the current
period presentation.
|
Note 2: On May
1, 2014, our wholly-owned subsidiary, XL Insurance (Bermuda) Ltd
("XLIB") (on June 9, 2016, XLIB and XL Re Ltd amalgamated to form
XL Bermuda Ltd), entered into a sale and purchase agreement with
GreyCastle Holdings Ltd. ("GreyCastle") providing for the sale of
100% of the common shares of XLIB's wholly-owned subsidiary, XLLR,
for $570 million in cash. This transaction was completed on May 30,
2014. As a result of the transaction, we have ceded the majority of
our life reinsurance business to XLLR via 100% quota share
reinsurance (the "GreyCastle Life Retro Arrangements"). The
designated investments that support the GreyCastle Life Retro
Arrangements, which are written on a funds withheld basis ("Life
Funds Withheld Assets"), are included within "Total investments
available for sale" and "Fixed maturities, trading at fair value"
on our balance sheet. Investment results for these assets -
including interest income, unrealized gains and losses, and gains
and losses from sales - are passed directly to the reinsurer
pursuant to a contractual arrangement that is accounted for as a
derivative. Net income attributable to common shareholders
excluding the contribution from the GreyCastle Life Retro
Arrangements is a non-GAAP measure. See the schedule entitled
"Reconciliation of Non-GAAP Financial Measures" on pages [11] and
[12] of this press release for a reconciliation of net income
(loss) attributable to common shareholders to net income (loss)
attributable to common shareholders excluding the Contribution from
the GreyCastle Life Retro Arrangements. During 2015, we
entered into another reinsurance agreement (the "U.S. Term Life
Retro Arrangements") ceding the vast majority of the remaining life
reinsurance business.
|
Note 3: Common
shares outstanding include all common shares issued and outstanding
(as disclosed on the face of the balance sheet) as well as all
director share units outstanding.
|
Note 4: Fully
diluted tangible book value per common share is a non-GAAP
financial measure. See page [12] of this press release for a
reconciliation of fully diluted tangible book value per common
share to fully diluted book value per common share.
|
XL Group
Ltd
|
Reconciliation of
Non-GAAP Financial Measures
|
|
|
|
|
The following is a
reconciliation of XL's net income (loss) attributable to common
shareholders to operating net income (loss) and also includes
the calculation of annualized
return on average common shareholders' equity including and
excluding average AOCI, both inclusive and exclusive of
integration costs and
based on operating net income (loss) for the three and nine months
ended September 30, 2017 and 2016. (Notes 3 and 5)
|
|
|
|
|
(U.S. dollars in
thousands except share and per share amounts)
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September
30,
|
|
September
30,
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
(Note 1)
|
|
|
|
(Note 1)
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Net income (loss)
attributable to common shareholders
|
$
|
(1,043,689)
|
|
|
$
|
70,601
|
|
|
$
|
(589,226)
|
|
|
$
|
136,268
|
|
Net realized and
unrealized (gains) losses on life retrocession
embedded derivative
and derivative instruments - Life Funds
Withheld
Assets
|
31,662
|
|
|
225,610
|
|
|
116,359
|
|
|
691,432
|
|
Net realized (gains)
losses on investments and net unrealized
(gains) losses on
investments, Trading - Life Funds Withheld
Assets
|
(11,548)
|
|
|
(85,281)
|
|
|
(52,075)
|
|
|
(271,596)
|
|
Net investment income
- Life Funds Withheld Assets
|
(30,796)
|
|
|
(38,937)
|
|
|
(95,599)
|
|
|
(119,643)
|
|
Foreign exchange
revaluation (gains) losses on and other income
and expense items
related to Life Funds Withheld Assets
|
(8,543)
|
|
|
(1,535)
|
|
|
(26,711)
|
|
|
(5,729)
|
|
Net income (loss)
attributable to common shareholders excluding
Contribution from
GreyCastle Life Retro Arrangements (Note 2)
|
$
|
(1,062,914)
|
|
|
$
|
170,458
|
|
|
$
|
(647,252)
|
|
|
$
|
430,732
|
|
Net realized (gains)
losses and OTTI on investments - excluding Life Funds Withheld
Assets
|
(31,726)
|
|
|
(58,395)
|
|
|
(85,113)
|
|
|
(69,447)
|
|
Net realized and
unrealized (gains) losses on derivatives
|
20,434
|
|
|
(5,490)
|
|
|
28,409
|
|
|
(2,774)
|
|
Net realized and
unrealized (gains) losses on investments and
derivatives related
to the Company's insurance company affiliates
|
(89)
|
|
|
—
|
|
|
(2,025)
|
|
|
2,231
|
|
Exchange (gains)
losses excluding Life Funds Withheld Assets
|
63,560
|
|
|
(160)
|
|
|
72,749
|
|
|
(48,885)
|
|
Loss (gain) on sale
of subsidiary
|
—
|
|
|
(3,670)
|
|
|
—
|
|
|
(3,670)
|
|
(Gain) loss from the
early extinguishment of debt
|
1,582
|
|
|
—
|
|
|
1,582
|
|
|
—
|
|
(Gain) loss from
repurchase of preference shares
|
(14,290)
|
|
|
—
|
|
|
(14,290)
|
|
|
—
|
|
Provision (benefit)
for income tax on items excluded from operating income
|
(5,419)
|
|
|
19,711
|
|
|
8,301
|
|
|
24,102
|
|
Operating net income
(loss) (Note 3)
|
$
|
(1,028,862)
|
|
|
$
|
122,454
|
|
|
$
|
(637,639)
|
|
|
$
|
332,289
|
|
Integration
costs
|
—
|
|
|
54,462
|
|
|
73,067
|
|
|
161,566
|
|
Provision (benefit)
for income tax on integration costs
|
—
|
|
|
(4,630)
|
|
|
(7,745)
|
|
|
(13,738)
|
|
Operating net income
(loss) (excluding integration costs)
|
$
|
(1,028,862)
|
|
|
$
|
172,286
|
|
|
$
|
(572,317)
|
|
|
$
|
480,117
|
|
Per common share
results:
|
|
|
|
|
|
|
|
Net income (loss)
attributable to common shareholders
|
$
|
(4.06)
|
|
|
$
|
0.25
|
|
|
$
|
(2.26)
|
|
|
$
|
0.48
|
|
Operating net income
(loss) (Note 3)
|
$
|
(4.00)
|
|
|
$
|
0.44
|
|
|
$
|
(2.44)
|
|
|
$
|
1.16
|
|
Weighted average
common shares outstanding:
|
|
|
|
|
|
|
|
Basic
|
257,022,141
|
|
|
273,659,957
|
|
|
261,202,516
|
|
|
282,441,805
|
|
Diluted (Note
4)
|
261,298,363
|
|
|
277,094,453
|
|
|
265,266,184
|
|
|
286,125,400
|
|
Return on common
shareholders' equity:
|
|
|
|
|
|
|
|
Opening common
shareholders' equity attributable to XL Group Ltd
|
$
|
11,080,553
|
|
|
$
|
11,685,188
|
|
|
$
|
10,938,512
|
|
|
$
|
11,677,079
|
|
Closing common
shareholders' equity attributable to XL Group Ltd
|
$
|
9,939,847
|
|
|
$
|
11,612,166
|
|
|
$
|
9,939,847
|
|
|
$
|
11,612,166
|
|
Average common
shareholders' equity attributable to XL Group Ltd for the
period
|
$
|
10,510,200
|
|
|
$
|
11,648,677
|
|
|
$
|
10,439,180
|
|
|
$
|
11,644,623
|
|
Opening
AOCI
|
$
|
921,166
|
|
|
$
|
1,408,587
|
|
|
$
|
715,546
|
|
|
$
|
686,616
|
|
Closing
AOCI
|
$
|
968,928
|
|
|
$
|
1,519,805
|
|
|
$
|
968,928
|
|
|
$
|
1,519,805
|
|
Average AOCI for the
period
|
$
|
945,047
|
|
|
$
|
1,464,196
|
|
|
$
|
842,237
|
|
|
$
|
1,103,211
|
|
Average common
shareholders' equity attributable to XL Group Ltd excluding average
AOCI
|
$
|
9,565,153
|
|
|
$
|
10,184,481
|
|
|
$
|
9,596,943
|
|
|
$
|
10,541,413
|
|
Annualized Net Income
(loss)
|
$
|
(4,174,756)
|
|
|
$
|
282,404
|
|
|
$
|
(785,635)
|
|
|
$
|
181,691
|
|
Annualized operating
net income (loss) (Note 3)
|
$
|
(4,115,448)
|
|
|
$
|
489,816
|
|
|
$
|
(850,185)
|
|
|
$
|
443,052
|
|
Annualized operating
net income (loss) (excluding integration costs) (Note 3 and
5)
|
$
|
(4,115,448)
|
|
|
$
|
689,143
|
|
|
$
|
(763,089)
|
|
|
$
|
640,156
|
|
Annualized return on
average common shareholders' equity
|
(39.7)%
|
|
|
2.4%
|
|
|
(7.5)%
|
|
|
1.6%
|
|
Annualized operating
return on average common shareholders' equity (Note 3)
|
(39.2)%
|
|
|
4.2%
|
|
|
(8.1)%
|
|
|
3.8%
|
|
Annualized operating
return on average common shareholders' equity excluding average
AOCI (Note 3)
|
(43.0)%
|
|
|
4.8%
|
|
|
(8.9)%
|
|
|
4.2%
|
|
Annualized operating
return on average common shareholders' equity excluding integration
costs (Notes 3 and 5)
|
(39.2)%
|
|
|
5.8%
|
|
|
(7.3)%
|
|
|
5.5%
|
|
Annualized operating
return on average common shareholders' equity excluding integration
costs and AOCI (Notes 3 and 5)
|
(43.0)%
|
|
|
6.8%
|
|
|
(8.0)%
|
|
|
6.1%
|
|
|
|
|
|
|
|
|
|
Book value per
common share:
|
September 30,
2017
|
|
June 30,
2017
|
|
September 30,
2017
|
|
December 31,
2016
|
Closing common shares
outstanding - basic
|
255,980,636
|
|
|
258,489,379
|
|
|
255,980,636
|
|
|
266,927,220
|
|
Closing common shares
outstanding - diluted
|
259,717,348
|
|
|
262,858,782
|
|
|
259,717,348
|
|
|
271,224,790
|
|
Book value per common
share
|
$
|
38.83
|
|
|
$
|
42.87
|
|
|
$
|
38.83
|
|
|
$
|
40.98
|
|
Fully diluted book
value per common share
|
$
|
38.27
|
|
|
$
|
42.15
|
|
|
$
|
38.27
|
|
|
$
|
40.33
|
|
Goodwill and other
intangible assets
|
$
|
2,227,014
|
|
|
$
|
2,219,390
|
|
|
$
|
2,227,014
|
|
|
$
|
2,203,653
|
|
Tangible book
value
|
$
|
7,712,833
|
|
|
$
|
8,861,163
|
|
|
$
|
7,712,833
|
|
|
$
|
8,734,859
|
|
Fully diluted
tangible book value per common share
|
$
|
29.70
|
|
|
$
|
33.71
|
|
|
$
|
29.70
|
|
|
$
|
32.21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note 1:
Certain amounts have been reclassified to conform to the current
period presentation.
|
Note 2:
Investment results for the Life Funds Withheld Assets - including
interest income, unrealized gains and losses, and gains and losses
from sales - are passed directly to the reinsurer pursuant to a
contractual arrangement that is accounted for as a derivative.
Changes in the fair value of the embedded derivative associated
with these GreyCastle Life Retro Arrangements are reflected within
"Net realized and unrealized (gains) losses on life retrocession
embedded derivative and derivative instruments - Life Funds
Withheld Assets" in the reconciliation above.
|
Note 3:
Defined as net income (loss) attributable to common shareholders
excluding: (1) our net investment income - Life Funds Withheld
Assets, (2) our net realized (gains) losses on investments sold -
excluding Life Funds Withheld Assets, (3) our net realized (gains)
losses on investments sold (including OTTI) and net unrealized
(gains) losses on investments, Trading - Life Funds Withheld
Assets, (4) our net realized and unrealized (gains) losses on
derivatives, (5) our net realized and unrealized (gains) losses on
life retrocession embedded derivative and derivative instruments -
Life Funds Withheld Assets, (6) our share of items (2) and (4) for
our insurance company affiliates for the periods presented, (7) our
foreign exchange (gains) losses, (8) our expenses related to the
Catlin Acquisition, (9) our gain on the sale of our interest in ARX
Holding Corp., (10) our gain on the sale of our wholly-owned
subsidiary XL Life Insurance and Annuity Company and the partial
sale of our holdings in New Ocean Capital Management, (11) our loss
on the inception of the U.S. Term Life Retro Arrangements, (12) our
net (gains) losses on the early extinguishment of debt, (13) our
net (gains) losses from the repurchase of preference shares, and
(14) a provision (benefit) for income tax on items excluded from
operating income. We believe that showing "operating net income
(loss)", "annualized operating return on average common
shareholders' equity including and excluding average AOCI, both
inclusive and exclusive of integration costs" enables investors and
other users of our financial information to analyze our performance
in a manner similar to how we analyze our performance. In this
regard, we believe that providing only a GAAP presentation of net
income (loss) would make it more difficult for users of our
financial information to evaluate our underlying business. We also
believe that equity analysts and certain rating agencies that
follow us (and the insurance industry as a whole) exclude these
items from their analyses for the same reasons, and they request
that we provide this non-GAAP financial information on a regular
basis. A reconciliation of our net income (loss) attributable to
common shareholders to operating net income (loss) is provided
above.
|
Note 4:
Diluted weighted average number of common shares outstanding is
used to calculate per share data except when it is anti-dilutive to
earnings per share or when there is a net loss. When it is
anti-dilutive or when a net loss occurs, basic weighted average
common shares outstanding is utilized in the calculation of net
loss per share and net operating loss per share.
|
Note 5:
Integration costs related to the Catlin Acquisition were completed
in the second quarter of 2017.
|
Comment on Regulation G
XL presents its operations in ways it believes will be most
meaningful and useful to investors, analysts, rating agencies and
others who use XL's financial information in evaluating XL's
performance. This press release contains the presentation of
(i) operating net income (loss) ("Operating Net Income"), which is
defined as net income (loss) attributable to common shareholders
excluding:(1) our net investment income - Life Funds Withheld
Assets, (2) our net realized (gains) losses on investments sold -
excluding Life Funds Withheld Assets, (3) our net realized (gains)
losses on investments sold (including OTTI) and net unrealized
(gains) losses on investments, Trading - Life Funds Withheld
Assets, (4) our net realized and unrealized (gains) losses on
derivatives, (5) our net realized and unrealized (gains) losses on
life retrocession embedded derivative and derivative instruments -
Life Funds Withheld Assets, (6) our share of items (2) and (4) for
our insurance company affiliates for the periods presented, (7) our
foreign exchange (gains) losses, (8) our expenses related to the
Catlin Acquisition, (9) our gain on the sale of our interest in ARX
Holding Corp., (10) our gain on the sale of our wholly-owned
subsidiary XL Life Insurance and Annuity Company and the partial
sale of our holdings in New Ocean Capital Management, (11) our loss
on the inception of the U.S. Term Life Retro Arrangements, (12) our
net (gains) losses on the early extinguishment of debt, (13) our
net (gains) losses from the repurchase of preference shares, and
(14) a provision (benefit) for income tax on items excluded from
operating income; (ii) annualized return on average common
shareholders' equity ("ROE") based on operating net income (loss)
("Operating ROE") including and excluding average AOCI, both
inclusive and exclusive of integration costs"; and (iii) Fully
diluted tangible book value per common share (common
shareholders' equity excluding goodwill and intangible assets
divided by the number of shares outstanding at the period end date
combined with the dilutive impact of potential future share issues
at any period end). These items are "non-GAAP financial measures"
as defined in Regulation G. The reconciliation of such measures to
the most directly comparable GAAP financial measures in accordance
with Regulation G is included in this press release on pages [11]
and [12].
Although the investment of premiums to generate income (or loss)
and realize capital gains (or losses) is an integral part of XL's
operations, the determination to realize capital gains (or losses)
is independent of the underwriting process. In addition,
under applicable GAAP accounting requirements, losses can be
recognized as the result of other than temporary declines in value
and from goodwill impairment charges without actual
realization. In this regard, certain users of XL's financial
information, including certain rating agencies, evaluate earnings
before tax and capital gains to understand the profitability of the
operational sources of income without the effects of these two
variables. Furthermore, these users believe that, for many
companies, the timing of the realization of capital gains is
largely a function of economic and interest rate conditions.
Net realized and unrealized (gains) losses on derivatives
include all derivatives entered into by XL other than certain
credit derivatives and the life retrocession embedded derivative.
With respect to credit derivatives, because XL and its insurance
company operating affiliates generally hold financial guaranty
contracts written in credit default derivative form to maturity,
the net effects of the changes in fair value of these credit
derivatives are excluded (similar with other companies' treatment
of such contracts), as the changes in fair value each quarter are
not indicative of underlying business performance.
Net investment income - Life Funds Withheld Assets, and net
realized (gains) losses on the life retrocession embedded
derivative and derivative instruments - Life Funds Withheld Assets,
have been excluded because, as a result of the GreyCastle Life
Retro Arrangement, XL no longer shares in the risks and rewards of
the underlying performance of the Life Funds Withheld Assets that
support these retrocession arrangements. The returns on the
Life Funds Withheld Assets are passed directly to the reinsurer
pursuant to a contractual arrangement that is accounted for as a
derivative. Therefore, net investment income from the Life
Funds Withheld Assets and changes in the fair value of the embedded
derivative associated with these GreyCastle Life Retro Arrangements
are not relevant to XL's underlying business performance.
Foreign exchange (gains) losses in the income statement are only
one element of the overall impact of foreign exchange fluctuations
on XL's financial position and are not representative of any
economic gain or loss made by XL. Accordingly, it is not a
relevant indicator of financial performance and it is excluded.
In summary, XL evaluates the performance of and manages its
business to produce an underwriting profit. In addition to
presenting net income (loss), XL believes that showing operating
net income (loss) enables investors and other users of XL's
financial information to analyze XL's performance in a manner
similar to how management of XL analyzes performance. In this
regard, XL believes that providing only a GAAP presentation of net
income (loss) would make it much more difficult for users of XL's
financial information to evaluate XL's underlying business. Also,
as stated above, XL believes that the equity analysts and certain
rating agencies that follow XL (and the insurance industry as a
whole) exclude these items from their analyses for the same reasons
and they request that XL provide this non-GAAP financial
information on a regular basis.
Operating ROE is a widely used measure of any company's
profitability that is calculated by dividing annualized operating
net income for any period other than a fiscal year when actual
operating income is used by the average of the opening and closing
common shareholders' equity. XL establishes target Operating ROEs
for its total operations, segments and lines of business. If XL's
Operating ROE targets are not met with respect to any line of
business over time, XL seeks to re-evaluate these lines. Operating
ROE including and excluding average AOCI, both inclusive and
exclusive of integration costs, are additional measures of Company
profitability. The most significant component of this
exclusion is the mark to market fluctuations on XL's investment
portfolio that have not been realized through sales, and/or
distortions to XL's performance from integration costs related to
the acquisition of Catlin. By providing these additional
measures, users of our financial statements have the ability to
include or exclude these items when considering our performance
either on a standalone basis or for purposes of peer performance
comparison.
XL believes that fully diluted tangible book value per common
share is a financial measure important to investors and other
interested parties who benefit from having a consistent basis for
comparison with other companies within the industry. However,
this measure may not be comparable to similarly titled measures
used by companies either outside or inside of the insurance
industry.
Contact:
|
Abbe
Goldstein
|
Christine
Weirsky
|
|
Investor
Relations
|
Media
Relations
|
|
(203)
964-3573
|
(610)
968-9395
|
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SOURCE XL Group Ltd