NU Online News Service, April 29, 10:43 a.m. EDT

XL Capital reported first-quarter net income of $3.1 million, with favorable prior-year development contributing to the upside and investment losses continuing to drag the figure to a minimal level.

Excluding dividends to preferred shareholders, net income to ordinary shareholders was $178.4 million, or 53 cents per ordinary share, down 15.8 percent from $211.9 million, or $1.19 per ordinary share in the 2008 period, the Bermuda-based company reported.

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