AXIS Capital Reports Fourth Quarter Results
Bermuda-based AXIS Capital Holdings Limited reported net loss attributable to common shareholders for the fourth quarter of 2018 of $198 million, or $[2.37] per diluted common share, compared to net loss of $38 million, or $[0.46] per diluted common share, for the fourth quarter of 2017.
Net income available to common shareholders for the year ended December 31, 2018 was $0.4 million, compared to net loss attributable to common shareholders of $416 million, or $[4.94] per diluted common share, for the same period in 2017.
Commenting on the fourth quarter 2018 financial results, Albert Benchimol, President and CEO of AXIS Capital, said: “In 2018, we delivered improved full-year underwriting performance, both with and without cats. Following three quarters in which we achieved tangible progress toward delivering on our financial goals, however, heavy attritional property and catastrophe activity led to unsatisfactory results in the fourth quarter.
“Throughout the past year we took a number of significant actions to strengthen our portfolio and, over the past few months, we’ve accelerated these initiatives. Additionally, we anticipate that recent improvements in pricing and market discipline will also have a positive impact on the pace of our improvements.
“2018 was a year in which we made significant progress in advancing our strategy and in strengthening our business. We furthered our relevance and positioning in key markets, including transitioning our London operations to a leading position at Lloyd’s with the integration of Novae, and we scaled up a transformation program that is improving our efficiency and our agility in a rapidly evolving market.”
