AXIS Capital 2016 Q4 Net Income: $131 Million
Bermuda-based AXIS Capital Holdings Limited reported net income available to common shareholders for the fourth quarter of 2016 of $131 million, or $1.48 per diluted common share, compared with net income of $135 million, or $1.39 per diluted common share, for the fourth quarter of 2015.
Net income available to common shareholders for the full year 2016 was $465 million, or $5.08 per diluted common share, compared with $602 million, or $6.04 per diluted common share, for 2015.
The net income available to common shareholders for the full year 2015 included $280 million of termination fees received following the termination of the amalgamation agreement with PartnerRe Ltd. as well as reorganization and related expenses of $46 million.
Commenting on the fourth quarter and full year 2016 financial results, Albert Benchimol, President and CEO of AXIS Capital, said: ”We are pleased to report quarterly operating earnings of $1.14 per diluted share for the quarter and $4.48 for the year, along with year-end book value per diluted share of $58.27.
“The strength of our operating results in the fourth quarter—which included Hurricane Matthew and other U.S. weather-related events, and 11% growth in our full-year operating earnings per share despite continued market pressure and elevated global cat losses—demonstrates the progression of our initiatives to deliver a more stable and growing earnings profile.
“Our growth in diluted book value per share adjusted for dividends was 10% over the year, a strong result in light of the higher interest rates in the quarter.
“Our core operating performance strengthened in both the quarter and full year, as the improvements we have put in place allowed us to absorb higher industry cat losses and to navigate negative market conditions while still delivering for our customers, our partners in distribution, and our shareholders.
“These encouraging financial results were delivered in a year when we made significant advances in our franchise including expanding our presence and reach into Dubai, Continental Europe, and the Latin American markets; further diversifying our portfolio by introducing new products and recruiting new teams; and growing our strategic capital partnerships highlighted by the launch of Harrington Re.
“Through these initiatives and others, we are laying the foundation of a differentiated leader in global specialty risks, achieving intelligent growth in selected markets, optimizing our portfolios, matching risks with the right capital, and delivering solid and stable profitability.
“We are confident that our progress will continue in 2017.”
