Axis Capital Reports 2020 Third Quarter Results
AXIS Capital Holdings Limited announced financial results for the third quarter ended September 30, 2020.
Commenting on the third quarter 2020 financial results, Albert Benchimol, President and CEO of AXIS Capital, said: “This was a quarter in which the world and our industry were impacted by exceptional levels of cat loss activity. First and foremost, our thoughts are with the people and communities that were directly affected by these events, and we’re committed to providing our customers with top caliber claims service as we help to support their rebuilding efforts.
“The losses that we experienced during the quarter were consistent with our reduced catastrophe exposure, reflecting the changes that we’ve made in recent years to re-position our portfolio. We continue to see positive trends in our underlying performance, highlighted by a year-over-year improvement of 5.2 points to our current accident year combined ratio ex-cat and weather this quarter, bringing the year-to-date reduction to 4.5 points.
“This is encouraging progress and we look to the future with great optimism. AXIS is well positioned in its chosen markets, we have excellent relationships with our producers, and we’re seeing strong pricing momentum, highlighted by a 16% rate increase during the quarter in our Insurance segment. We’re confident that AXIS is on a strong path forward, as we continue to build a world class leader in specialty risks.”
Consolidated Results
- Net loss attributable to common shareholders for the third quarter of 2020 was $73 million, or [$0.87] per diluted common share, compared to net income available to common shareholders of $28 million, or $0.33 per diluted common share, for the third quarter of 2019.
- Net loss attributable to common shareholders for the nine months ended September 30, 2020 was $146 million, or [$1.73] per diluted common share, compared to net income available to common shareholders of $292 million, or $3.46 per diluted common share, for the same period in 2019.
- Operating loss1 for the third quarter of 2020 was $65 million, or [$0.77] per diluted common share1, compared to operating loss of $33 million, or [$0.39] per diluted common share, for the third quarter of 2019.
- Operating loss for the nine months ended September 30, 2020 was $158 million, or [$1.88] per diluted common share, compared to operating income of $209 million, or $2.48 per diluted common share, for the same period in 2019.
- Adjusted for dividends declared, the book value per diluted common share increased by $0.07, compared to June 30, 2020.
- Adjusted for dividends declared, the book value per diluted common share increased by $0.13, over the past twelve months.
