AXIS Capital’s 2022 Fourth Quarter Results
AXIS Capital Holdings Limited announced financial results for the fourth quarter ended December 31, 2022.
A spokesperson said, “Net income available to common shareholders for the fourth quarter of 2022 was $41 million, or $0.48 per diluted common share, compared to net income available to common shareholders of $197 million, or $2.31 per diluted common share, for the fourth quarter of 2021.
“Net income available to common shareholders for the year ended December 31, 2022 was $193 million, or $2.25 per diluted common share, compared to net income available to common shareholders of $588 million, or $6.90 per diluted common share, for the same period in 2021.”
Commenting on the fourth quarter 2022 financial results, Albert Benchimol, President and CEO of AXIS Capital, said, “This was a strong quarter to cap a milestone year for AXIS, one in which we emerged as a leading specialty underwriter that is well positioned to drive consistent, profitable growth in our chosen markets. This was evidenced in our fourth quarter and full year results which speak to the work that we’ve done in prior years to transform our business, enabling us to grow in profitable specialty markets, reduce our exposure to catastrophes, and create a more agile and responsive operating infrastructure.
“During a year where the industry was again negatively impacted by heavy catastrophe activity, the Russia-Ukraine War, and financial and social inflation, we improved our combined ratio by 1.7 points to 95.8%, continuing a multi-year improvement in our core performance. Moreover, during the year, we continued to advance the positive momentum in our results, generating record premium production, a lower expense ratio, and increased underwriting income.
“Our specialty insurance business continued to deliver stellar performance, producing improvement across virtually all metrics in the quarter and the year, and we advanced our leadership position in specialty markets that are expected to remain attractive in 2023 and beyond. In addition, during the year and quarter, we took critical steps forward to focus AXIS Re as a specialist reinsurer and had a good 1.1 renewal period which speaks to the strength of our customer relationships and the value that we bring to the market. Stepping back, as we look to the future, we believe AXIS is exceedingly well-positioned to compete in a market where there is consistent and rising demand for specialty coverage.
“Finally, I would like to extend a heartfelt thank you to our colleagues, customers, shareholders, analysts, and our board of directors. In a few short months, after having served as President and CEO of AXIS for eleven years, I will transition the role to Vince Tizzio. I couldn’t be more proud of what our team has accomplished nor more excited for the path that we’re on. Moreover, in Vince, we have an excellent leader with a strong vision for the future and the dynamism and tenacity to make it happen. We look to the year ahead with confidence as we begin an exciting new chapter for AXIS.”
