AXIS Report Second Quarter Net Income: $93M
Bermuda-based AXIS Capital Holdings reported net income available to common shareholders for the second quarter of 2018 of $93 million, or $1.11 per diluted common share, compared to net income of $85 million, or $1.01 per diluted common share, for the second quarter of 2017.
Net income available to common shareholders for the six months ended June 30, 2018 was $155 million, or $1.85 per diluted common share, compared to $90 million, or $1.05 per diluted common share, for the same period in 2017.
Operating income for the second quarter of 2018 was $106 million, or $1.27 per diluted common share, compared to operating income of $110 million, or $1.31 per diluted common share, for the second quarter of 2017. For the six months ended June 30, 2018, AXIS Capital reported operating income of $229 million, or $2.73 per diluted common share, compared to operating income of $161 million, or $1.89 per diluted common share for the same period in 2017.
Commenting on the second quarter 2018 financial results, Albert Benchimol, President /CEO of AXIS Capital, said: ”The momentum of our transformation and portfolio optimization is evidenced in our second consecutive quarter of double digit ex-PGAAP ROACE2, as we further integrate Novae into our business and enhance our operating platform to deliver superior and sustainable profitability.
“As a result of our strong market position, we continue to attract and retain high-quality business, allowing us to deliver better risk adjusted returns despite ongoing challenging market conditions.
“In recent years, AXIS has taken a series of actions to improve efficiency and position the Company to be profitable under a wide range of market conditions. Our team’s efforts continue to gain real traction towards building a unique and differentiated hybrid underwriting platform that will drive long-term profitable growth.
“We still have plenty of work ahead of us, but we are showing encouraging results. We have a sound strategy focusing on attractive specialty lines, leadership and relevance in key markets, and a talented team focused on delivering outstanding expertise and service to our customers and partners in distribution, and superior results to our shareholders. As long as we remain focused on the steadfast execution of our strategy, the future for AXIS is very exciting.”
