XL Capital Limited

The impressive results achieved by the group in 2004 are in marked contrast with XL Capital’s fortunes in 2005

The Bermuda based XL Capital group delivered a significantly improved financial result in 2004 compared with the year before or, indeed, any other year in the group’s history: although the group increased its gross premium income by a comparatively modest 14.3% to around $11.0bn last year, improved underwriting and investment results meant that XL Capital boosted its pretax profits by a massive 151.4% from $442.4mn in 2003 to $1,112.2mn in 2004. Significantly, the 2004 result represents the first time that the group exceeded the $1bn mark in either its pre-tax, its net or its comprehensive net income results.