AXIS Capital Reports $113M Q2 Operating Income
Bermuda-based AXIS Capital Holdings Limited reported net income available to common shareholders for the second quarter of 2012 of $168 million, or $1.35 per diluted common share, compared with $101 million, or $0.79 per diluted common share, for the second quarter of 2011.
A company spokesperson said, “For the six months ended June 30, 2012, AXIS Capital reported net income available to common shareholders of $290 million, or $2.31 per diluted common share.
“During the first six months of 2011, we recognized a net loss to common shareholders of $283 million, or $2.38 per diluted common share. Our results for the first six months of 2011 were adversely impacted by $691 million of net-after tax losses from numerous natural catastrophe and weather events.
“Operating income for the second quarter of 2012 was $113 million, or $0.90 per diluted common share, compared with $83 million, or $0.65 per diluted common share, for the second quarter of 2011. For the six months ended June 30, 2012, AXIS Capital reported operating income of $249 million, or $1.98 per diluted common share, compared with an operating loss of $316 million, or $2.66 per diluted common share, for the first six months of 2011.”
Commenting on the second quarter 2012 financial results, Albert Benchimol, Chief Executive Officer and President of AXIS Capital, stated, “We are pleased to report diluted book value per share, at $40.55, reached a new record at the end of the second quarter. Diluted book value per share growth, including dividends paid, was 12.8% over the last twelve months.
“The market environment for our businesses is showing ongoing improvement, and our underwriting operations are executing as expected in the current transitional market.
“Growth is strong in markets that have shown improvement in pricing and in lines where investment in product or geographic expansion in recent years is gaining traction. In other areas, which are for the most part stable or showing modest improvement, we have been actively optimizing portfolio composition to expand margin.
“We are confident that we have strategically and tactically positioned ourselves to deliver continued significant value growth to shareholders.”
