fourth-quarter profit, meeting expectations, because of gains from investments. The company reported operating income of $143.0 million, or $1.13 a share. That compared with profits of $32.3 million, or 25 cents a share, in last year's fourth quarter. The results met analysts' average forecast of $1.13 cents a share, according to research firm First Call/Thomson Financial.

XL's quarterly net income, fell to $648,000, or a penny a share. That compares with $60.6 million, or 47 cents per share, in the same quarter a year ago. XL took one-time charges of $124.6 million, or 98 cents a share, in the fourth quarter. The charges were for reserve adjustments, employee severance costs, the realignment of operations and the discontinuation of some operations. XL realised after-tax investment gains of $1.12 a share. Revenues slipped to $634.7 million down from $686.0 million last quarter.

Brain O'Hara