AXIS Capital outlines financials forecast

AXIS Capital outlines financials forecast | Insurance Business New Zealand

Insurance News

AXIS Capital outlines financials forecast

“We believe the company is on a clear trajectory,” says CEO and president

Insurance News

By
Terry Gangcuangco

AXIS Capital Holdings, which is releasing its full-year financial results for 2023 on January 31, has published the insurance group’s forecast.

In a release, AXIS announced the following preliminary figures for the year ended December 31, 2023:

Metric

Preliminary result for 2023

Result for 2022

Net income available to common shareholders

US$346 million

US$193 million

Operating income

US$486 million

US$498 million

According to AXIS, it also expects to report an increase in gross written premium for the full year.

“AXIS delivered strong underlying performance in 2023, and we believe the company is on a clear trajectory to becoming a specialty underwriting leader,” president and chief executive Vince Tizzio noted.

“This was a year where we drove consistent premium growth with double-digit increases across the vast majority of our specialty insurance lines, and continued to cultivate a diversified and resilient portfolio, further improved and streamlined our operating model, and grew the tailored products and capabilities that we provide to our customers.”

He also highlighted the firm’s “well-positioned” portfolio and strong capital position.

“We approach the future with confidence, and our team is relentlessly committed to achieving our specialty leadership ambition,” added Tizzio, who assumed his current roles in May 2023.