Selected earnings highlights from the Bermuda-based AXIS Capital Holdings for the second quarter and the first half of 2012 are as follows:
Q2 2012 Q2 2011
Gross premiums written ———— $1.014375 bn $1.046163 bn
Net premiums written ————— $801.575 mn $850.139 mn
Net premiums earned ————- $850.603 mn $840.014 mn
Net income/loss* ———————- $168.152 mn $101.068 mn
Operating income ———————- $112.832 mn $83.057 mn
Net investment income ————— $74.449 mn $100.018 mn
Net realized investment gains ——- $30.405 mn $37.477 mn
Q2 combined ratio – 92.3 percent (98.9 percent in Q2 2011)
1st Half 2012 1st Half 2011
Gross premiums written ———— $2.539545 bn $.594593 bn
Net premiums written ————— $2.168762 bn $2.250519 bn
Net premiums earned ————— $1.696968 bn $1.628215 bn
Net income/loss ——————— $290.150 mn ($282.692 mn)
Operating income [loss) ———— $248.569 mn ($315.809 mn)
Net investment income ————- $190.472 mn $210.673 mn
Net realized investment gains —— $44.896 mn $67.621 mn
1st half combined ratio – 93.6 percent (129.1 percent in 1st half 2011)
CEO and President Albert Benchimol commented: “We are pleased to report diluted book value per share, at $40.55, reached a new record at the end of the second quarter. Diluted book value per share growth, including dividends paid, was 12.8 percent over the last twelve months.
“The market environment for our businesses is showing ongoing improvement, and our underwriting operations are executing as expected in the current transitional market. Growth is strong in markets that have shown improvement in pricing and in lines where investment in product or geographic expansion in recent years is gaining traction. In other areas, which are for the most part stable or showing modest improvement, we have been actively optimizing portfolio composition to expand margin. We are confident that we have strategically and tactically positioned ourselves to deliver continued significant value growth to shareholders.”
Source: AXIS Capital
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