Axis Capital has reported a record diluted book value for their common shares of $44.67 in the first quarter, up four percent since the end of 2012 and 13 percent high than at the same time a year ago.For the first three months of this year the company posted a net income, after income tax expenses, of $311.5 million compared to $135.8 million in the first quarter of 2012.The improvement was achieved through higher revenues and a $132 million reduction in expenses.Axis’ operating income was $227 million, or $19.2 per diluted common share, up from $135 million ($1.07 per diluted common share) a year ago.“Axis had a very good first quarter, with solid contributions from both our insurance and reinsurance segments. Overall, gross premiums written were up 15 percent,” said company president and CEO Albert Benchimol.“Both segments contributed strong and diversified premium growth as well as solid underwriting profits.“Our operating ROE for the quarter was 17.1 percent and we ended the quarter with record diluted book value per share of $44.67, an increase of four percent from year-end 2012 and 13 percent over the last twelve months.”He added: “We continue to find good risks in an improving marketplace and are very pleased with the progress of our newer initiatives in both insurance and reinsurance.“We believe the combination of attractive opportunities and our strong capital position should allow us to both continue on a path of profitable growth and return to our shareholders the bulk of our earnings for this year, in the form of dividends and share repurchases.“We remain focused on executing on our plan of diversified growth, lower earnings volatility, and superior economic value creation for the benefit of our shareholders.”Gross premiums written rose 15 percent to $1.7 billion.Another highlight for the company during the first quarter was an annualised return on average common equity of 22.7 percent.