Axis Capital Holdings has seen its profit rise $44 million year-on-year for the third quarter to $279.1 million.

That represents a record net income for the quarter available to common shareholders of $270 million, compared to $226 million a year ago. For shareholders that equates to $1.65 per share.

John Charman, chief executive officer and president of Axis Capital, said: "For our eighth quarter in a row, our quality underwriting portfolio, good investment earnings and overall favorable loss experience delivered record profitability.

"Our diluted book value per share has increased 15 percent from the start of the year and 22 percent over the last twelve months. We believe our global, diversified underwriting platform will continue to deliver market outperformance during 2008."

The company's combined ratio fells from 77.7 percent to 74.1 percent.

Operating income for the third quarter of 2007 was $271 million, or $1.66 per diluted share, compared with $228 million, or $1.38 per diluted common share, for the third quarter of 2006. This same item excluding foreign exchange gains, net of tax, for the third quarter of 2007 was $264 million, or $1.62 per diluted common share, compared with $231 million, or $1.40 per diluted common share, for the third quarter of 2006.

Axis also saw its gross written premiums improve by just over $20 million to $755.2 million.