AXIS Capital announces losses in Q4

AXIS Capital announces losses in Q4 | Insurance Business Australia

Insurance News

AXIS Capital announces losses in Q4

Better figures posted for the full year

Insurance News

By
Terry Gangcuangco

AXIS Capital has suffered losses in the fourth quarter of 2023.

Here’s how the insurance group fared in the quarter and year ended December 31:

Metric

Q4 2023

Q4 2022

FY 2023

FY 2022

Net income available / (loss) attributable to common shareholders

US$(150 million)

US$41 million

US$346 million

US$193 million

Operating income / (loss)

US$(107 million)

US$167 million

US$486 million

US$498 million

In Q4, AXIS reported US$26 million in pre-tax catastrophe and weather-related losses, net of reinsurance. The company’s gross written premium (GWP) increased by 1% to US$1.8 billion. For the full year, GWP was up 2% to US$8.4 billion. Pre-tax catastrophe and weather-related losses, net of reinsurance, amounted to US$138 million.

Segment-wise, the insurance operations at AXIS posted an underwriting loss in Q4; insurance underwriting income for the year was down 20%. The reinsurance segment also took a beating in the quarter, to the tune of US$212 million in underwriting loss. Similarly, the year generated a negative result in terms of reinsurance underwriting.

Commenting on the numbers, AXIS president and chief executive Vince Tizzio highlighted the positives.

He said in a release: “This was a transformative year for AXIS, one where we further elevated all aspects of how we operate and go to market, and we believe the company is on a clear path to becoming a specialty underwriting leader.

“We’re capitalising on favourable conditions in our chosen specialty markets while exhibiting underwriting discipline and strong cycle management. This was evidenced by our operating income of US$486 million and a 4.5 point year-over-year improvement in the current accident year combined ratio to 91.8%.”

What do you think about this story? Share your thoughts in the comments below.