August 7, 2012 / 8:36 PM / 5 years ago

XL Group 2nd-qtr profit tops estimates

1 Min Read

* Second-quarter oper EPS $0.71 vs est $0.56

* Second-quarter net premiums earned up 7 pct

* Company buys back 6.1 mln shares in the quarter

Aug 7 (Reuters) - Reinsurer XL Group Plc posted a second-quarter profit above analysts' expectations, helped by higher premium revenue from its property and casualty segment.

Net income was $221.2 million, or 71 cents per share, compared with $225.7 million, or 69 cents per share, a year earlier.

Operating income was 71 cents per share.

Analysts on average expected the company to earn 56 cents per share, according to Thomson Reuters I/B/E/S.

Net premiums earned from property and casualty business rose 7 percent to $1.40 billion.

During the quarter, XL Group bought back 6.1 million shares for a total of $125 million, it said in a statement.

The company's shares closed at $21.37 on Tuesday on the New York Stock Exchange.

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