* Q2 EPS $0.71 vs est. $0.64
* Expenses from claims, policy benefits fall 29 pct
* Net losses and loss expenses down 4 pct
* Book value per share up 5 pct sequentially
Aug 3 (Reuters) - Large Bermuda-based reinsurer XL Group Plc, formerly known as XL Capital Ltd, posted second-quarter profit above Wall Street expectations, driven by lower claims and loss expenses.
Second-quarter net income rose to $191.8 million, or 56 cents a share, from $79.9 million, or 23 cents a share, a year back.
On an operating basis, excluding investment losses and gains, XL earned 71 cents a share.
Analysts on average were looking for a profit of 64 cents a share, excluding items, according to Thomson Reuters I/B/E/S.
Expenses from claims and policy benefits dropped 29 percent to $123.4 million, while net losses and loss expenses fell 4 percent to $747.2 million.
The company's book value -- a measure closely watched by investors -- grew 5 percent sequentially to $27.74 a share.
XL shares closed at $17.83 Tuesday on the New York Stock Exchange.
(Reporting by Abhinav Sharma in Bangalore; Editing by Maju Samuel) Keywords: XLGROUP/ (abhinav.sharma@thomsonreuters.com; within U.S +1 646 223 8780; Outside U.S +91 080 4135 5800; Reuters messaging: abhinav.sharma.thomsonreuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
* Expenses from claims, policy benefits fall 29 pct
* Net losses and loss expenses down 4 pct
* Book value per share up 5 pct sequentially
Aug 3 (Reuters) - Large Bermuda-based reinsurer XL Group Plc, formerly known as XL Capital Ltd, posted second-quarter profit above Wall Street expectations, driven by lower claims and loss expenses.
Second-quarter net income rose to $191.8 million, or 56 cents a share, from $79.9 million, or 23 cents a share, a year back.
On an operating basis, excluding investment losses and gains, XL earned 71 cents a share.
Analysts on average were looking for a profit of 64 cents a share, excluding items, according to Thomson Reuters I/B/E/S.
Expenses from claims and policy benefits dropped 29 percent to $123.4 million, while net losses and loss expenses fell 4 percent to $747.2 million.
The company's book value -- a measure closely watched by investors -- grew 5 percent sequentially to $27.74 a share.
XL shares closed at $17.83 Tuesday on the New York Stock Exchange.
(Reporting by Abhinav Sharma in Bangalore; Editing by Maju Samuel) Keywords: XLGROUP/ (abhinav.sharma@thomsonreuters.com; within U.S +1 646 223 8780; Outside U.S +91 080 4135 5800; Reuters messaging: abhinav.sharma.thomsonreuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.