- XL Group is maintained at Overweight at Morgan Stanley, but added to the firm's Best Ideas list following a sizable earnings beat reported last night.
- Operating income per share of $1.02 rose from $0.75 a year ago, and bested estimates by $0.18.
- The P&C combined ratio improved 550 basis points from a year ago to 88.3%.
- 5.5M shares were accretively repurchased during Q2 at an average price of $31.96 each (book value is $35.09 as of June 30). As of the end of the quarter, $717.6M remains in the buyback program.
- The conference call is set for 9 ET.
- Shares +1.5% premarket
- Previously: XL Group beats by $0.18, beats on revenue