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CONSOLIDATED STATEMENTS OF INCOME (USD $)
In Thousands, except Per Share data
3 Months Ended9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Sep. 30, 2011
Sep. 30, 2010
Revenues:    
Net premiums earned$ 1,453,326$ 1,365,327$ 4,213,048$ 4,036,573
Net investment income290,106296,730866,874907,648
Realized investment gains (losses):    
Net realized gains (losses) on investments sold4,461(30,793)(6,899)(30,751)
Other-than-temporary impairments on investments(67,513)(27,377)(141,321)(114,627)
Other-than-temporary impairments on investments transferred to (from) other comprehensive income698(10,585)9,885(20,939)
Total net realized gains (losses) on investments(62,354)(68,755)(138,335)(166,317)
Net realized and unrealized gains (losses) on derivative instruments(26,916)12,473(34,299)(27,903)
Income (loss) from investment fund affiliates(7,123)3,10530,27730,367
Fee income and other10,98011,26230,49429,215
Total revenues1,658,0191,620,1424,968,0594,809,583
Expenses:    
Net losses and loss expenses incurred988,059811,9803,020,5082,451,345
Claims and policy benefits139,549144,358410,196391,476
Acquisition costs207,553198,173611,142579,870
Operating expenses246,930236,193773,555710,168
Exchange (gains) losses(39,425)44,540(38,409)(8,819)
Interest expense48,91158,609158,157156,828
Loss on termination of guarantee   23,500
Amortization of intangible assets8854651,3941,394
Total expenses1,592,4621,494,3184,936,5434,305,762
Income (loss) before income tax and income (loss) from operating affiliates65,557125,82431,516503,821
Provision (benefit) for income tax24,71829,81016,747102,622
Income (loss) from operating affiliates35,55214,03595,43946,654
Net income (loss)76,391110,049110,208447,853
Non-controlling interests(33,993)(32,506)(69,431)(32,425)
Net income (loss) attributable to XL Group plc42,398[1]77,543[1]40,777[1]415,428[1]
Preference share dividends [1] [1] [1](34,694)[1]
Gain on redemption of Redeemable Series C preference ordinary shares   16,616
Net income (loss) attributable to ordinary shareholders$ 42,398$ 77,543$ 40,777$ 397,350
Weighted average ordinary shares and ordinary share equivalents outstanding – basic (in Shares)311,714338,724310,793340,927
Weighted average ordinary shares and ordinary share equivalents outstanding – diluted (in Shares)313,848339,819314,842341,764
Earnings per ordinary share and ordinary share equivalent – basic (in Dollars per share)$ 0.14$ 0.23$ 0.13$ 1.17
Earnings per ordinary share and ordinary share equivalent – diluted (in Dollars per share)$ 0.14$ 0.23$ 0.13$ 1.16
[1]During the first quarter of 2011, the Redeemable Series C preference ordinary shares were reclassified as Non-controlling interest - Redeemable Series C preference ordinary shares and Series E preference ordinary shares were reclassified as Non-controlling interest in equity of consolidated subsidiaries on the Company's consolidated balance sheet as a result of changes in ownership structure arising as part of the Company's redomestication of the ultimate parent holding company to Ireland as of July 1, 2010. Accordingly, preference share dividends declared are recorded as Non-controlling interests rather than as Preference share dividends within the consolidated statements of income from July 1, 2010 onwards. See Note 1, "Basis of Preparation and Consolidation" for additional details. During the third quarter of 2011, all outstanding Redeemable Series C preference ordinary shares were repurchased and canceled.