Earnings Report: AXIS Capital Holdings

February 6, 2013

Selected earnings highlights* from Bermuda-based AXIS Capital Holdings for the fourth quarter and the full year 2012 are as follows:
———————————— 4th Quarter 2012 —- 4th Quarter 2011
Gross premiums written ———— $752.4 mn ———— $666.5 mn
Net premiums earned ————— $856.05 mn ———– $846.75 mn
Net investment income ————– $86.84 mn————- $102.36 mn
Net realized investment gain/loss -$31.77 mn————- ($3.738 mn)
Income (loss) before tax ————-($21.836 mn)———– $96.624 mn
Net Income/loss to shareholders —($18.551 mn)———— $80.064 mn
—————————————– FY 2012 ——— FY 2011
Gross premiums written ————- $4.1396 bn———- $4.0961 bn
Net premiums earned —————- $3.4154 bn———- $3.3149 bn
Net income (loss) before tax ——– $550.528 mn——— $61.538 mn
Net income (loss) to shareholders– $495.004 mn——— $9.430 mn
Net investment income ————— $380.957 mn——— $362.430 mn
Net realized investment gain/loss — $127.469 mn——— $121.439 mn
*includes both insurance and reinsurance figures from operations

4th quarter combined ratio – 112.2 percent (100.5 percent in Q4 2011);
FY combined ratio – 96.2 percent ( 112.3 percent for FY 2011)

President and CEO Albert Benchimol commented: “We experienced strong results across most parts of our Company in the fourth quarter, but our performance was clearly offset by the impact of Storm Sandy, which led to a small loss for the period. Given 2012 included one of the largest U.S. storm events in history, we believe our operating income of $422 million for the year, representing an operating ROE of 8.2 percent, was an acceptable result. We returned nearly all of our earnings to shareholders, increased our dividend for the 9th year in a row, and ended 2012 with diluted book value per share of $42.97, which represents a 13 percent increase over the prior year.

“Looking beyond the financial impact of Storm Sandy, we made significant progress across many facets of our Company. We grew meaningfully in lines and markets that experienced some of the strongest price corrections in a steadily improving insurance market.

“Additionally, we advanced a number of important business initiatives including renewable energy and global accident and health, while at the same time continuing to lay the groundwork for further profitable growth.

“We have added more balance to our overall portfolio, and expect that our pursuit of new opportunities in 2013 – including our new agriculture and marine reinsurance initiatives and re-entry into select casualty markets – will lead to a larger and more diversified portfolio of risks. We are entering 2013 on a positive note, based on our expectations for continued pricing improvement, our positioning for diversified growth and our excellent financial strength.”

Source: AXIS Capital Holdings

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