AXIS Reports First Quarter Income Of $63M
Bermuda-based AXIS Capital Holdings Limited reported net income available to common shareholders for the first quarter of 2018 of $63 million, or $0.75 per diluted common share, compared to net income of $5 million, or $0.06 per diluted common share, for the first quarter of 2017.
Operating income1 for the first quarter of 2018 was $123 million, or $1.46 per diluted common share1, compared to operating income of $51 million, or $0.59 per diluted common share, for the first quarter of 2017.
Commenting on the first quarter 2018 financial results, Albert Benchimol, President and CEO of AXIS Capital, said: “Over the past several years, AXIS has taken action to become a relevant and leading player in a select number of attractive specialty insurance and reinsurance markets, positioned to deliver superior results across a wide range of market conditions.
“This quarter’s results demonstrate the benefits of our portfolio optimization initiatives and overall earnings potential, highlighted by broad-based improvement in underwriting profitability across our operations and an annualized ex-PGAAP operating ROACE of 12.0% in the quarter2.
“Our efforts to realize AXIS’ potential are generating traction. Earlier this year we launched a new phase of our transformation efforts, an enterprise-wide program to further modernize all of our functions and position AXIS to lead in a transforming industry.
“We are focused on getting better, smarter, and faster in serving our clients and partners in distribution. We will, on the one hand, be more efficient in the delivery of our differentiated services, and on the other, invest in greater analytics, technology and development for our staff.
“Through the combined impact of the Novae integration and our transformation efforts, we expect to deliver savings of $100 million by year-end 2020, even as we continue to invest in leading capabilities.”
