Axis profit climbs to $63m

Make text smaller Make text larger

  • Earnings report: Axis CEO Albert Benchimol

    Earnings report: Axis CEO Albert Benchimol


Axis Capital Holdings Limited made a profit of $63 million, or 75 cents per share, in the first quarter, compared to $5 million, or 6 cents per common share, for the corresponding quarter in 2017.

The Bermudian company’s operating income for the quarter was $123 million, up from $51 million in the first three months of last year.

Albert Benchimol, CEO of Axis Capital, said: “Over the past several years, Axis has taken action to become a relevant and leading player in a select number of attractive specialty insurance and reinsurance markets, positioned to deliver superior results across a wide range of market conditions.

“This quarter’s results demonstrate the benefits of our portfolio optimisation initiatives and overall earnings potential, highlighted by broad-based improvement in underwriting profitability across our operations.

“Our efforts to realise Axis’ potential are generating traction. Earlier this year we launched a new phase of our transformation efforts, an enterprise-wide programme to further modernise all of our functions and position Axis to lead in a transforming industry.

“We are focused on getting better, smarter, and faster in serving our clients and partners in distribution. We will, on the one hand, be more efficient in the delivery of our differentiated services, and on the other, invest in greater analytics, technology and development for our staff.

“Through the combined impact of the Novae integration and our transformation efforts, we expect to deliver savings of $100 million by year-end 2020, even as we continue to invest in leading capabilities.”

The company’s combined ratio fell to 90.8 per cent, improving from 102.1 per cent for the same period in 2017.

You must be registered or signed-in to post comment or to vote.

Published May 1, 2018 at 8:00 am (Updated Apr 30, 2018 at 8:17 pm)

Axis profit climbs to $63m

What you
Need to
Know
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon

  • Take Our Poll

    • "What are your views on stop-and-search in today's Bermuda?"
    • Inconvenient but necessary
    • 69%
    • Wholly unproductive
    • 10%
    • Unfair targeting of young black males
    • 21%
    • Total Votes: 4697
    • Poll Archive

    Today's Obituaries

    eMoo Posts