AXIS Capital Reports First Quarter Results
AXIS Capital Holdings Limited announced financial results for the first quarter ended March 31, 2020.
Commenting on the first quarter 2020 financial results, Albert Benchimol, President and CEO of AXIS Capital, said: “As our industry and society continue to navigate the challenges brought on by COVID-19, our primary thoughts are with the people, families and communities that have been directly impacted by the pandemic, and with the health and safety of our staff.
“Like all [re]insurers, our financial results have been impacted by COVID-19. The losses from the pandemic overshadowed what otherwise would have been an excellent quarter for AXIS. The first quarter was highlighted by a more than 4 point improvement in our ex-PGAAP current accident year ex-cat combined ratio with better results across our losses, acquisition costs and general and administrative expenses. This continued improvement is driven by our efforts over the past few years to enhance profitability within our portfolio, enhance operating efficiency, and deliver growth across our most attractive lines.
“We have a well-balanced book of business, great relationships with our producers, and – despite the remote work environment – we are continuing to deliver the same high level of service to our customers.
“Our actions are grounded in our corporate purpose, a belief that we exist to help people, organizations and communities during their time of need. We proudly stand by our clients and partners in distribution as we together navigate this transformed environment.”
First Quarter Consolidated Results
- Net loss attributable to common shareholders for the first quarter of 2020 was $185 million, or [$2.20] per diluted common share, compared to net income available to common shareholders of $98 million, or $1.16 per diluted common share, for the first quarter of 2019.
- Operating loss1 for the first quarter of 2020 was $164 million, or [$1.94] per diluted common share1, compared to operating income of $105 million, or $1.24 per diluted common share, for the first quarter of 2019.
- Ex-PGAAP operating loss2 for the first quarter of 2020 was $161 million, or [$1.90] per diluted common share2, compared to ex-PGAAP operating income of $112 million, or $1.33 per diluted common share, for the first quarter of 2019.
- Adjusted for dividends declared, the book value per diluted common share decreased by $5.60, or 10%, compared to December 31, 2019.
- Adjusted for dividends declared, the book value per diluted common share decreased by $1.44, or 3%, over the past twelve months.
