AXIS Capital 2016 Q3 Net Income: $177M

October 28, 2016

Bermuda-based AXIS Capital Holdings Limited reported net income available to common shareholders for the third quarter of 2016 of $177 million, or $1.96 per diluted common share, compared with $248 million, or $2.50 per diluted common share, for the third quarter of 2015.

Net income available to common shareholders for the nine months ended September 30, 2016, was $335 million, or $3.61 per diluted common share, compared with $467 million, or $4.65 per diluted common share, for the corresponding period of 2015.

The net income available to common shareholders for the three and nine month periods ended September 30, 2015 included $280 million of termination fees received following the termination of the amalgamation agreement with PartnerRe Ltd. as well as reorganization and related expenses of $46 million.

Operating income for the third quarter of 2016 was $161 million, or $1.78 per diluted common share, compared to $51 million, or $0.51 per diluted common share, for the third quarter of 2015. For the nine months ended September 30, 2016, AXIS Capital reported operating income of $309 million, or $3.34 per diluted common share, compared with $281 million, or $2.79 per diluted common share, for the first nine months of 2015.

Commenting on the third quarter 2016 financial results, Albert Benchimol, President and CEO of AXIS Capital, said: ”We are pleased to report continued improvements in our operations and results, culminating in quarterly operating earnings of $1.78 per diluted share and book value per diluted share of $59.77. This represents growth in diluted book value per share, adjusted for dividends, of 4% in the quarter and 14% over the last twelve months.

“Our results speak to optimizations we’ve made across our businesses to build a more resilient portfolio. All three of our businesses – AXIS Insurance, AXIS Re and AXIS Accident & Health — delivered improved year-over-year results, and ongoing positive performance indicators reaffirm we are on a strong path forward and focused on delivering consistent, attractive returns to our shareholders.

“We continue to take tangible actions to position AXIS for accelerated growth in a transformed insurance marketplace, and are seeing attractive opportunities, notwithstanding a challenging environment.

“Our efforts to further strengthen AXIS’ position as a leading specialty insurer and reinsurer were highlighted by the successful launch of Harrington Re with The Blackstone Group this past July, our continued expansion in international markets, and the investments we are making in our marketing and client services.”

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