AXIS Capital 2015 Q2 Net Income: $63 Million
Bermuda-based AXIS Capital Holdings Limited reported net income available to common shareholders for the second quarter of 2015 of $63 million, or $0.63 per diluted common share, compared with $191 million, or $1.79 per diluted common share, for the second quarter of 2014.
Net income available to common shareholders for the six months ended June 30, 2015, was $219 million or $2.17 per diluted common share, compared with $328 million, or $3.03 per diluted common share, for the corresponding period of 2014.
Operating income for the second quarter of 2015 was $94 million, or $0.93 per diluted common share, compared to $173 million, or $1.63 per diluted common share, for the second quarter of 2014. For the six months ended June 30, 2015, AXIS Capital reported operating income of $230 million, or $2.27 per diluted common share, compared with $310 million, or $2.86 per diluted common share, for the first six months of 2014.
Commenting on the second quarter 2015 financial results, Albert Benchimol, President and CEO of AXIS Capital, said: “We are pleased to report second quarter operating income of $94 million, or $0.93 per diluted share, and annualized operating ROE of 7.0%. Adjusted for dividends, diluted book value grew 7% over the last twelve months.
“Notwithstanding a more challenging market environment, we continued to make progress on our underwriting initiatives, and deliver growth in the more attractive lines and markets. Our reinsurance segment is responding to the secular and cyclical changes in the reinsurance market through proactive exposure management.
“Our insurance results this quarter reflect our recent portfolio enhancement activities, as underlying improvements allowed us to absorb the impact of rate and loss trends, as well as unusually high large loss experience in the marine line of business.
“We are confident our ongoing progress in distribution and portfolio management initiatives position us strongly to differentiate our value proposition for all of our stakeholders.”
