XL Capital reported a 44 percent increase in net income for the second quarter, with $124 million of prior-year favorable loss development giving a major boost to results.

The Bermuda-based insurer and reinsurer reported second-quarter net income of $544.5 million, or $3.00 per share, compared with $377.1 million, or $2.10 per share, for second-quarter 2006.

Property-casualty underwriting profit rose 59 percent, or $96 million, to $232 million, with the $124 million of favorable development more than offsetting $30 million of pre-tax losses incurred for catastrophes in the quarter--storms in Australia and flooding in the United Kingdom.

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