Xl Group Plc (XL) has reported an 598.39 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $152.84 million, or $0.57 a share in the quarter, compared with $21.88 million, or $0.07 a share for the same period last year.

Revenue during the quarter grew 13.99 percent to $2,755.36 million from $2,417.23 million in the previous year period. Net premium earned for the quarter increased 7.14 percent or $168.18 million to $2,522.79 million.

Benefits, losses and expenses for the quarter were at $2,542.03 million, or 100.76 percent of premium earned from $2,324.55 million or 98.72 percent of premium earned in the last year period. Operating income for the quarter was $213.33 million, compared with $92.67 million in the previous year period.

Net investment income was at $200.53 million for the quarter, down 2.60 percent or $5.35 million from year-ago period. Meanwhile, income from fees and commission for the quarter jumped 65.35 percent or $5.40 million to $13.66 million. The company has booked a loss on investments of $19.88 million in the quarter compared with a loss of $146.95 million for the previous year period.

Commenting on the Company's performance, chief executive officer Mike McGavick said: "We are pleased to start off 2017 with solid performance, focused growth and the continuation of lower operating expenses. As we approach the two year anniversary of the Catlin acquisition, we see the benefits of our increased market presence, our focus on underwriting discipline, our strong culture of innovation and continuous improvement, and a more efficient operating platform. Additionally, our realigned operating model seamlessly went live at the beginning of the year and with it we remained steadfast on superior client experience. As a result, our performance included an accident year combined ratio excluding catastrophes of 89.5%, an improvement of 2.6 points compared to the first quarter of 2016. 2017 is all about delivering on what we have built."