Book value per ordinary share increased by 26% to $18.89 at June 30, 2009
• P&C operations Combined Ratio of 93.0%
• Total Shareholders’ Equity of $7.5 billion, up from $6.1 billion
• Net income available to ordinary shareholders of $79.9 million or $0.23 per ordinary share
• Operating income1 of $162.6 million or $0.47 per ordinary share, or $0.86 per ordinary share, excluding foreign exchange losses
Commenting on the Company’s performance, Chief Executive Officer, Michael S. McGavick, said:
“Finally! We are pleased to report a quarter in which the strength of the XL franchise shines through clearly, despite challenging market conditions in the sector.
“It is also pleasing to be able to prove that investment portfolio accounting marks can go up as well as down. For the quarter, we are reporting a 26% increase in XL’s book value per ordinary share to $18.89 and a 31% increase in tangible book value per ordinary share to $16.41.
“This was another turbulent quarter for foreign exchange markets with the US Dollar reversing some of its strengthening of recent quarters and the overall impact on XL, inclusive of the income
