AXIS Reports Second Quarter Income Of $166M
Bermuda-based AXIS Capital Holdings Limited reported net income available to common shareholders for the second quarter of 2019 of $166 million, or $1.97 per diluted common share, compared to net income of $93 million, or $1.11 per diluted common share, for the second quarter of 2018. Net income available to common shareholders for the six months ended June 30, 2019 was $265 million, or $3.14 per diluted common share, compared to net income of $155 million, or $1.85 per diluted common share, for the same period in 2018.
Operating income for the second quarter of 2019 was $137 million, or $1.62 per diluted common share, compared to operating income of $103 million, or $1.23 per diluted common share, for the second quarter of 2018. For the six months ended June 30, 2019, AXIS Capital reported operating income of $242 million, or $2.86 per diluted common share, compared to operating income of $226 million, or $2.69 per diluted common share, for the same period in 2018.
EX-PGAAP operating income for the second quarter of 2019 was $143 million, or $1.69 per diluted common share, compared to ex-PGAAP operating income of $117 million, or $1.39 per diluted common share, for the second quarter of 2018. For the six months ended June 30, 2019, AXIS Capital reported ex-PGAAP operating income of $255 million, or $3.03 per diluted common share, compared to ex-PGAAP operating income of $253 million, or $3.02 per diluted common share, for the same period in 2018.
Commenting on the second quarter 2019 financial results, Albert Benchimol, President and CEO of AXIS Capital, said: “We are pleased to report strong second quarter results, which were highlighted by continuing improvement in our core underwriting margins, operating ROE of 12.3% ex PGAAP, and 6.0% growth in book value per share.
“Our results speak to the progress made as we continue executing on our strategy to strengthen our market position and improve our underwriting profitability, which includes disciplined corrective actions on under-performing business, and reducing portfolio volatility. Furthermore, the actions we have taken to enhance our franchise in our chosen markets give us excellent opportunities for profitable growth. With our strong presence at Lloyd’s, U.S. E&S markets, professional lines and global reinsurance, we believe AXIS is in a superior position to take advantage of the necessary firming in re/insurance markets.
“In addition, we are continuing to invest in technology and data & analytics – all to enhance our ability to deliver differentiated service and value to our clients and partners in distribution.
“While there is more work that needs to be done, we’re on the right path and are seeing tangible results as we continue to advance on our strategy and focus on driving long-term profitable growth and increased shareholder value.”
