AXIS Report First Quarter Net Income: $98M
Bermuda-based AXIS Capital Holdings Limited reported net income available to common shareholders for the first quarter of 2019 of $98 million, or $1.16 per diluted common share, compared to net income of $63 million, or $0.75 per diluted common share, for the first quarter of 2018.
Operating income for the first quarter of 2019 was $105 million, or $1.24 per diluted common share, compared to operating income of $123 million, or $1.46 per diluted common share, for the first quarter of 2018.
EX-PGAAP operating income for the first quarter of 2019 was $112 million, or $1.33 per diluted common share, compared to ex-PGAAP operating income of $138 million, or $1.65 per diluted common share, for the first quarter of 2018.
Commenting on the first quarter 2019 financial results, Albert Benchimol, President and CEO of AXIS Capital, said: “We are pleased to again deliver double digit operating ROE on an ex-PGAAP basis, and to report first quarter results that are more in-line with the solid performance we produced during most of 2018.
“Notwithstanding increasing loss estimates for the Japanese windstorms Jebi and Trami, our underlying underwriting results improved across nearly all of our lines. This progress reflects our disciplined actions in recent years to strengthen our market position and improve portfolio profitability and volatility, a commitment that continues into 2019, as we invest in new strategic capabilities and further pare back on volatile and less profitable business.
“Meanwhile, we are achieving significant progress on our various operational initiatives. We are now in the final stages of the successful integration of Novae into our business, and we entered 2019 as a single syndicate.
“We achieved combined net savings from the integration and transformation activities of $69 million on an annualized basis, against our target of $100 million. Additionally, we continue to increase our digital, technology and new product capabilities, and improve our ability to leverage data to support our underwriting – all to better serve our clients and partners in distribution.
“As improving market conditions create an encouraging tailwind to our efforts, we are optimistic about our outlook and remain confident that we are well on our way to advancing our relevance, increasing profitable growth, and positioning AXIS for success in a transformed insurance marketplace.”
