AXIS Capital Reports 2024 Third Quarter Results
AXIS Capital announced financial results for the third quarter ended September 30, 2024.
Commenting on the third quarter 2024 financial results, Vince Tizzio, President and CEO of AXIS Capital said, “In the aftermath of Hurricanes Helene and Milton, our foremost thoughts are with the people and communities impacted by the storms. At times like this, our industry has an opportunity to demonstrate the value that insurance brings, and I thank our claims team for the excellent work they are doing to support our customers.
“In a high catastrophe quarter for the industry, AXIS produced consistent, profitable results as we continue to deliver on our stated goals from our Investor Day. In the quarter, we generated an annualized operating ROE of 17.3% and a group combined ratio of 93.1%, while delivering double digit growth in diluted book value per share over the last twelve months. We also continue to enhance our operating efficiency through our “How We Work” transformation initiative, leading to a 12.1% G&A ratio, a 1.4 point improvement over the prior year quarter.
“Across the business, we are leaning into attractive growth markets and unlocking new revenue opportunities, while helping our customers navigate a dynamic risk landscape. We head into the final months of 2024 with confidence in our future and a deep commitment to help AXIS realize its best potential as a specialty underwriting leader.”
The spokesperson said, “For the third quarter of 2024, the Company reports:
- Annualized return on average common equity [ROACE] of 13.0% and annualized operating ROACE of 17.3%
- Combined ratio of 93.1%
- Book value per diluted common share of $64.65, an increase of $5.36, or 9.0%, compared to June 30, 2024 and an increase of $13.48, or 26.3% compared to September 30, 2023
“For the nine months ended September 30, 2024, the Company reports:
- Net income available to common shareholders of $765 million, or $8.97 per diluted common share and operating income of $700 million, or $8.21 per diluted common share
- Annualized return on average common equity [ROACE] of 19.9% and annualized operating ROACE of 18.2%
- Combined ratio of 91.6%
- Book value per diluted common share of $64.65, an increase of $10.59, or 19.6%, compared to December 31, 2023
