current page:home>Markets in Detail>Currencies>Article

XL Capital's 3Q Profit Sinks 21 Percent

This Site:en.yinlu.net Source:en.yinlu.net Writer: Time:2007-10-24

NEW YORK (AP) -- XL Capital Ltd. said Tuesday its profit sank 21 percent in the third quarter, as the insurer lost money investing the insurance premiums it collected.

XL Capital earned $328 million, or $1.82 per share, compared with profit of $415.8 million, or $2.32 per share, in the third quarter of 2006. Excluding an investment loss, profit was $3.13 per share.

Analysts polled by Thomson Financial forecast profit of $2.41 per share.

The insurer lost $160.2 million on investments in the third quarter because of the flight from risk that paralyzed financial markets this summer. XL Capital invested in certain contracts and credit products that lost value when demand for riskier investments dried up.

The company's insurance business earned $129.7 million, a jump of more than 17 percent. XL Capital freed up $60.7 million that had been reserved to pay claims that never appeared.

XL Capital's insurance premiums shrank 9.4 percent. The company cited competitive market conditions.

The company's reinsurance business earned $107.2 million, an 8.4 percent decline from the year-ago period.

XL Capital spent 85.3 cents of each premium dollar to administer claims, compared with 86.7 cents in last year's third quarter.

Shares of XL Capital fell 36 cents to $74.53 Tuesday.

上一篇：Workers Comp Attorney Wants Retraction 下一篇：Aflac 3Q Earnings Climb 14 Percent

[

Collection] [

Commend] [

Comment On(0Item)] [Back Top] [Print] [Close]

Hot Article

·Bank of Japan Rate Hike May No
·British Pound: Are UK Banks in
·ECB: Still Keeping the Market
·Calpine Mulling Stock-Rights O
·More People Leaving Money to T
·Dubai Bid for N.Z. Airport in
·Japan Unemployment Rate Improv
·Japanese Stocks Climb; Dollar
·Dollar Rises Versus Yen in Asi
·Chinese Stocks Close at New Re
·AP Executive Morning Briefing
·Euro Edges Higher Against Doll
·Yen Weakens as Carry Back in P
·Philippine Shares Rise 1.4 Per
·Municipal Wi-Fi Faces Financia
·FOREX News and Overnight Techn
·Hermes 1H Net Profit Up 9 Perc
·Dollar Mixed, Gold Higher in E
·Sector Snap: Gold Producers
·Kenya Ex-President Hit With Gr

Correlation Article

·Aflac 3Q Earnings Climb 14 Per
·Unisys Shares Fall on 3Q Reven
·US Dollar Drops on Dow Rallies
·Market Spotlight: Railroads
·US Fed: Will They Do The Unexp
·Soybean Prices Rise on Supply
·Yen Crosses Bounce Could Be a
·Homes Leveled in Calif. Mounta
·US Dollar Decline Viewed as De
·Paulson: Chinese Recalls Causi
·Alaska Officials Discuss Mine
·Crane Co. Swings to 3rd-Quarte
·UK Factory Orders Drop, Risk T
·Wall Street Headed to Higher O
·Most Asian Markets Bounce Back
·Dollar Falls to Euro
·US Dollar Mostly Lower in Euro
·Dollar Drifts Down as Risk App
·Oil slips below $86
·China Shares Rebound, Gaining