XL Group Ltd reported its 3Q 2017 results, significantly impacted by the recent nat cat losses, the groups reporting net loss of USD 1.04 billion, compared with net income of USD 70.6 million the previous year.

According to the XL Group statement, the main coordinated of the 3Q results are:

• Net loss attributable to common shareholders of USD 1.04 billion, or USD 4.06 per fully diluted share, for the quarter, compared to net income attributable to common shareholders of USD 70.6 million, or USD 0.25 per fully diluted share, in the prior year quarter
• Operating net loss1 of USD 1.03 billion, or USD 4.00 per fully diluted share, for the quarter, compared to operating net income of USD 122.5 million, or USD 0.44 per fully diluted share, in the prior year quarter
• Natural catastrophe pre-tax losses net of reinsurance, reinstatement and premium adjustments and redeemable non-controlling interest for the quarter of USD 1.48 billion (58.8 points to the loss ratio), compared to USD 97.4 million (4.1 points to the loss ratio), in the prior year quarter. The current quarter natural catastrophe losses are largely attributed to hurricanes Harvey, Irma and Maria
• P&C combined ratio of 146.9% or 89.8% excluding prior year development and natural catastrophe losses for the quarter compared to 93.1% or 91.3% excluding prior year development and natural catastrophe losses in the prior year quarter
• P&C loss ratio excluding prior year development and natural catastrophe losses of 59.5% for both the current quarter and the prior year quarter
• Net favorable development was USD 30.9 million or 1.1 loss ratio points, in the current quarter, compared to net favorable development of USD 53.6 million, or 2.3 loss ratio points, in the prior year quarter
• Fully diluted book value per common share of USD 38.27 at September 30, 2017, a decrease of USD 3.88, or 9.2%, from fully diluted book value per common share of USD 42.15 at June 30, 2017
• Fully diluted tangible book value per common share2 of USD 29.70 at September 30, 2017, a decrease of USD 4.01, or 11.9%, from fully diluted tangible book value per common share of USD 33.71 at June 30, 2017
• YTD Annualized ROE1, was (7.5)% for the nine months ended September 30, 2017 and 1.6% , for the nine months ended September 30, 2016.
• YTD Annualized Operating ROE1,3 excluding and including AOCI was (8.9)% and (8.1)%, respectively, for the nine months ended September 30, 2017 and 4.2% and 3.8%, respectively, for the nine months ended September 30, 2016. Excluding Catlin-related integration costs these return rates would have been (8.0)% and (7.3)%, respectively, for the nine months ended September 30, 2017 and 6.1% and 5.5%, respectively for the nine months ended September 30, 2016

Commenting on the Company's performance, XL's Chief Executive Officer Mike McGAVICK said:

"The natural catastrophes that mark the third quarter bring a unique devastation to those impacted and we continue the important work of helping our clients rebuild in these times of need.

The financial impact of these events was, of course, significant to our financial results in the quarter. At the same time, excluding these events, our underlying results show continued progress as demonstrated by improvement in the ex-cat P&C combined ratio, insurance combined ratio and insurance loss ratio versus the prior year quarter.

As we look at the global re/insurance markets today, with a view that we will see new levels of appropriate sustainable pricing, we believe we are well positioned by  virtue of our diverse portfolio, global relevance and disciplined underwriting."

The full pree release is available here.