AXIS Capital Reports Second Quarter Results
AXIS Capital Holdings Limited announced financial results for the second quarter ended June 30, 2020.
Commenting on the second quarter 2020 financial results, Albert Benchimol, President and CEO of AXIS Capital, said: “This was a solid quarter highlighted by continued positive momentum in the underlying performance of our Company.
“We’re encouraged by the progress that we’re seeing in our results, which include a nearly 2 point year-over-year improvement in our current accident year loss ratio ex-cat and weather, and an approximately 3 point reduction to our expense ratio, reflecting our cost discipline. The sustained improvements that we’ve seen in recent quarters is further evidence that the actions that we’ve taken over the past three years to strengthen our portfolio and operating efficiency, and reduce volatility, are increasingly showing through in our results.
“The investments that we’ve made to strengthen AXIS’ market position are also enabling us to capitalize on firming conditions, particularly in markets that are seeing the most impactful changes. Moreover, we’re seeing improved pricing across nearly every line of business that we write, highlighted by average rate increases of 15% in the quarter throughout our Insurance segment.
“I could not be more proud of our colleagues whose hard work and commitment have enabled AXIS to manage seamlessly through the unprecedented changes caused by the pandemic and further advance our strategy, continue to strengthen our performance, and deliver exceptional service to our clients and partners in distribution.”
Consolidated Results
- Net income available to common shareholders for the second quarter of 2020 was $112 million, or $1.33 per diluted common share, compared to net income available to common shareholders of $166 million, or $1.97 per diluted common share, for the second quarter of 2019.
- Net loss attributable to common shareholders for the six months ended June 30, 2020 was $73 million, or [$0.87] per diluted common share, compared to net income available to common shareholders of $265 million, or $3.14 per diluted common share, for the same period in 2019.
- Operating income1 for the second quarter of 2020 was $72 million, or $0.84 per diluted common share1, compared to operating income of $137 million, or $1.62 per diluted common share, for the second quarter of 2019.
- Operating loss for the six months ended June 30, 2020 was $93 million, or [$1.11] per diluted common share, compared to operating income of $242 million, or $2.86 per diluted common share, for the same period in 2019.
- Adjusted for dividends declared, the book value per diluted common share increased by $5.72, or 11%, compared to March 31, 2020.
- Adjusted for dividends declared, the book value per diluted common share increased by $0.73, or 1%, over the past twelve months.
