AXIS Capital Holdings 2021 Third Quarter Results

October 28, 2021 | 0 Comments

AXIS Capital Holdings Limited announced financial results for the third quarter ended September 30, 2021.

Commenting on the third quarter 2021 financial results, Albert Benchimol, President and CEO of AXIS Capital, said: “Once again our industry was challenged by severe weather events and our focus continues to be on supporting our clients and the communities that have been impacted.

“In the face of these challenges, we continued to deliver, accelerating momentum in our progress highlighted by eight consecutive quarters of year-over-year improvement in our combined ratio ex-cat and weather. Notably, AXIS generated net operating income for the quarter, and our lower market share of the events demonstrates the progress that we’ve made in reducing our net exposure to catastrophes. Our results were underscored by strong top line growth, disciplined underwriting, and solid investment income.

“AXIS is well positioned in key specialty markets and we’re increasingly confident that favorable conditions will continue through 2022 and likely beyond, providing us with an attractive path to further profitable growth.”

Third Quarter Consolidated Results

  • Net income available to common shareholders for the third quarter of 2021 was $47 million, or $0.56 per diluted common share, compared to net loss attributable to common shareholders of $[73] million, or $[0.87] per diluted common share, for the third quarter of 2020.
  • Net income available to common shareholders for the nine months ended September 30, 2021 was $391 million, or $4.59 per diluted common share, compared to a net loss attributable to common shareholders of $[146] million, or $[1.73] per diluted common share, for the same period in 2020.
  • Operating income1 for the third quarter of 2021 was $1 million, or $0.01 per diluted common share1, compared to an operating loss of $[65] million, or $[0.77] per diluted common share, for the third quarter of 2020.
  • Operating income for the nine months ended September 30, 2021 was $254 million, or $2.98 per diluted common share1, compared to an operating loss of $[158] million, or $[1.88] per diluted common share, for the same period in 2020.
  • Adjusted for dividends declared, the book value per diluted common share decreased by $0.22, or 0.4%, compared to June 30, 2021.
  • Adjusted for dividends declared, the book value per diluted common share increased by $1.79, or 3.3%, over the past twelve months.

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