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Axis Capital announces first-quarter financial results

Vince Tizzio, president and CEO of AXIS Capital (File photograph)

Bermudian-based Axis Capital Holdings Ltd announced strong financial results for the first quarter.

Vince Tizzio, president and chief executive of Axis Capital said: “The results of the first quarter once again evidence that Axis is elevating its financial performance, producing consistent returns and strong metrics.

“Reflecting the increased resiliency and consistency of our portfolio, Axis delivered 18.2 per cent annualised operating [return on equity] and a combined ratio of 91.1 per cent. We continued to capitalise on generally favourable market conditions, growing gross premiums written by 11 per cent over the prior year period.

For the first quarter of 2024, Axis reports:

• Annualised return on average common equity of 32.1 per cent and annualised operating (return on average capital employed) of 18.2 per cent

• Income tax benefit of $125 million, inclusive of a net deferred tax benefit of $163 million attributable to Bermuda's Corporate Income Tax

• Book value per diluted common share of $57.13, an increase of $3.07, or 5.7 per cent, compared with December 31, 2023

• Combined ratio of 91.1 per cent

“Our specialty insurance business continues to perform very strongly, achieving a combined ratio of 86.6 per cent and record first quarter premium production of $1.6 billion, fuelled by double-digit premium growth across both our North America and London-based global markets divisions.

“During the quarter, both our insurance and reinsurance businesses leant into our targeted markets, while exhibiting strong cycle management and underwriting discipline.

“We also further invested in our global underwriting platform, tapping into new revenue channels including expanding our specialty product set in North America, while launching the first-ever dedicated global energy transition syndicate at Lloyd’s.

“In addition, we continued to strengthen our operational capabilities through our ‘How We Work’ programme to build a more efficient, connected, and data-driven Axis.”

For the full report, clickhere

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Published May 06, 2024 at 4:00 am (Updated May 06, 2024 at 7:24 am)

Axis Capital announces first-quarter financial results

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