Catlin Group FY14 Profit Rises, Lifts Dividend - Quick Facts

(RTTNews) - Specialty property/casualty insurer and reinsurer Catlin Group Ltd. (CGL.L), which is being acquired by Irish re-insurer XL Group Plc (XL) in 2.79 billion pounds deal, reported Tuesday that its fiscal 2014 pre-tax profit grew 13 percent to $488 million from $432 million last year.

Net income to common stockholders increased 7 percent to $418 million from $392 million a year ago.

Gross premiums written grew 12 percent to $5.97 billion from $5.31 billion last year. Net premiums earned improved to $4.16 billion from prior year's $3.95 billion.

Further, the company announced a 5 percent increase in annual dividend to 32.5 pence or 51.2 US cents per share. The Board is also expected to declare a special dividend of approximately 12 pence per share following completion of Box Innovation Group sale.