HAMILTON, BERMUDA (
) -- XL Capital posted an extra-large profit decline in the second quarter.
The insurer saw profits plunge 66%, sending shares down in after-market trading.
During the quarter, the company earned $80 million, or 23 cents a share, compared with $238 million, or $1.33, in the year-ago period.
Operating income, which excludes investment gains and losses, came in at $163 million, or 47 cents a share, missing analysts' expectations of 62 cents.
Shares of the company closed down 2% to $13.59, and continued to drop 0.5% in after-market trading.
On Monday, rival
due to softer policy sales and higher investment losses.
--Reported by Jeanine Poggi in New York.
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