AXIS announces Third Quarter 2023 Results

Authored by AXIS

For the third quarter of 2023, the Company reports:

Annualized return on average common equity (“ROACE”) of 16.1% and annualized operating ROACE of 18.0%Improvement of 11.6 points in the combined ratio to 92.7%Catastrophe and weather-related losses ratio of 3.2%, a decrease of 13.4 points

For the nine months ended September 30, 2023, the Company reports:

Net income available to common shareholders of $496 million, or $5.77 per diluted common share and operating income of $593 million, or $6.90 per diluted common shareAnnualized return on average common equity (“ROACE”) of 15.4% and annualized operating ROACE of 18.4%Improvement of 4.7 points in the combined ratio to 91.7%Catastrophe and weather-related losses ratio of 2.9%, a decrease of 6.0 pointsBook value per diluted common share of $51.17, an increase of $4.22, or 9.0%, compared to December 31, 2022

AXIS Capital Holdings Limited has announced financial results for the third quarter ended September 30, 2023.

Commenting on the third quarter 2023 financial results, Vince Tizzio, President and CEO of AXIS Capital said:

“AXIS delivered another strong quarter as we produced excellent results across multiple measures. The quarter was highlighted by record operating earnings per share on both a third quarter and year-to-date basis. The continued positive momentum in our performance reflects the progress we’ve made in enhancing our integrated underwriting strategy to drive outstanding cycle management, deliver consistent profitable results and generate increased book value per share.

“During the quarter, we continued to grow in our chosen markets across both our insurance and reinsurance businesses, while capitalizing on favorable market conditions across nearly all our lines. This included achieving our highest-ever third quarter production on record for our specialty insurance business, coupled with an 88.2% combined ratio in the quarter. The repositioning of AXIS Re as a more focused and less volatile specialist continues to take hold as evidenced by a 92.7% combined ratio and solid new business growth in our key areas.