AXIS Reports First Quarter Income Of $137M
Bermuda-based AXIS Capital Holdings Limited reported net income available to common shareholders for the three months ended March 31, 2014, of $137 million, compared with $303 million for the corresponding period of 2013.
Operating income1 for the first quarter of 2014 was $137 million, or $1.24 per diluted common share, compared with $227 million, or $1.92 per diluted common share, for the first quarter of 2013.
Commenting on the first quarter 2014 financial results, Albert Benchimol, President and CEO of AXIS Capital said “AXIS reported first quarter operating income of $1.24 per share and operating ROE of 10.6%. We ended the quarter with diluted book value per share of $47.13, an increase of 3% over the quarter. In addition, we returned to shareholders over $200 million through share repurchases and dividends. This year’s quarter was impacted by lower investment income from alternative investments and higher property losses in the insurance segment.
“While market conditions have weakened a little, there remain many opportunities for profitable business across our core book. We also continue to have success in developing and nurturing new business initiatives. We completed a successful first season of coverage in our Weather & Commodities business, and we recently brought on a new Healthcare Professional Liability team. Our strategy of growing and diversifying our consolidated portfolio is delivering highly satisfactory results.”
