XL Group wrote more business and comfortably surpassed analysts’ expectations as it swung to a $176.6 million profit in the first quarter.The global business insurer’s net income broke down to 56 cents per share and compared to a net loss of $227.3 million in the catastrophe-hit first quarter of 2011.Operating income came in at $165.2 million, or 52 cents per share compared to the 40 cents estimate of analysts polled by Yahoo Finance. Total revenue was $1.75 billion, also beating the analysts’ consensus of $1.55 billion.XL wrote more business in the first three months of this year, with gross premiums written rising 10.4 percent from last year to $2.32 billion. The company attributed the increase to new business lines, higher retention levels and certain pricing increases.Insurance gross premiums rose 9.3 percent, while the reinsurance segment saw an 11.8 percent gain, with most of the growth coming from the International Casualty line.“We believe XL’s first-quarter 2012 financial results are a solid step forward,” said chief executive officer Mike McGavick.“In the quarter, we showed improvement in many of our most important metrics. We delivered both lower loss ratios and combined ratios in insurance and reinsurance.“Our investment portfolio performed well, and we grew book value as we continued to buy back shares.“We are pleased with our progress and we are resolved to continue this trend as demand for solutions to complex risks grows and pricing improves. The world class talent we have assembled at XL is fully energised and focused.”The Dublin-based companies with its roots in Bermuda, as well as substantial operations still on the Island, said net catastrophe losses in the quarter totalled $20 million, compared to losses of $387.4 million last year. Combined ratio for property and casulty operations, indicating the proportion of premium dollars spent on claims and expenses, was 95.3 percent, compared to 125.8 percent in the first quarter of last year.XL said net investment income for the quarter was $265.2 million compared to $280.3 million last year.Dilued book value per share rose $1.27, or 4.5 percent, to $29.58, during the three months, and an increase of $3.23 over the past 12 months.Share buybacks during the quarter totalled 4.7 million shares for $100 million.XL’s shares rose 11 cents, or 0.5 percent, in New York Stock Exchange trading yesterday, to close at $21.33.