AXIS Reports Second Quarter Income Of $85M

July 28, 2017 | 0 Comments

Bermuda-based AXIS Capital Holdings Limited reported net income available to common shareholders for the second quarter of 2017 of $85 million, or $1.01 per diluted common share, compared to $119 million, or $1.29 per diluted common share, for the second quarter of 2016. Net income available to common shareholders for the six months ended June 30, 2017 was $90 million, or $1.05 per diluted common share, compared with $158 million, or $1.69 per diluted common share, for the corresponding period in 2016.

Non-GAAP operating income for the second quarter of 2017 was $110 million, or $1.31 per diluted common share, compared to $47 million, or $0.51 per diluted common share, for the second quarter of 2016. For the six months ended June 30, 2017, AXIS Capital reported non-GAAP operating income of $161 million, or $1.89 per diluted common share, compared with non-GAAP operating income of $149 million, or $1.59 per diluted common share for the first six months of 2016.

Commenting on the second quarter 2017 financial results, Albert Benchimol, President and CEO of AXIS Capital, said: “This quarter we continued to take tangible actions and make strong progress in advancing our strategy to build long-term profitable growth for AXIS. We are reporting operating ROE of 8.6% and growth in book value per share, adjusted for dividends, of 3% for the second quarter. Our underwriting results absorbed the impact of a higher frequency of Property losses and the continuing effect of the Ogden rate change, which reflects the benefits associated with our portfolio construction activities.”

“We continue to enhance the AXIS franchise, dedicating more resources to data and analytics, recruiting top talent, and expanding our activities with strategic capital partners to do more for our clients and brokers and earn attractive fee income, and furthering our strategy of growing scale and relevance in attractive markets.”

“In addition to organic growth in targeted lines of business during the quarter, we closed on the acquisition of Aviabel, a European specialty aviation [re]insurer and, earlier this month, we announced our offer to acquire Novae Group plc, a diversified specialty [re]insurer operating through Lloyd’s of London. Our proposed acquisition of Novae would accelerate strategic initiatives and strengthen our positioning in the important London market for international specialty risks.”

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