AXIS Capital releases earnings report for second quarter

AXIS Capital releases earnings report for second quarter | Insurance Business Canada

Insurance News

AXIS Capital releases earnings report for second quarter

Half-year results also announced

Insurance News

By
Terry Gangcuangco

AXIS Capital Holdings has published its financial results for the quarter and half year ended June 30, 2023.

Here are the numbers for the international specialty insurer and reinsurer:

Metric

Q2 2023

Q2 2022

H1 2023

H1 2022

Net income available to common shareholders

US$143 million

US$27 million

US$316 million

US$169 million

Operating income

US$191 million

US$149 million

US$391 million

US$329 million

Net investment income

US$137 million

US$92 million

US$271 million

US$184 million

In terms of segment performance, the group’s insurance segment saw a 22% increase in underwriting income for the second quarter to US$115 million; 16% to US$218 million in the first six months. The reinsurance segment, meanwhile, enjoyed a 48% growth, to US$34 million, in its Q2 underwriting income. The corresponding sum in the first half was US$70 million – a slight uptick of 4%.

“AXIS delivered strong top- and bottom-line results in the quarter as we further positioned the company as a specialty underwriting leader,” commented AXIS president and chief executive Vince Tizzio in a release.

“Consistent with our strategic priorities, in the quarter we drove profitable growth across our target markets while generating record performance in numerous areas including the best second quarter premium production in our company’s history, as well as both the best-ever premium and new business production for our specialty insurance business.

“In the first half of 2023, we have accelerated the positive momentum in our performance while capitalizing on favourable market conditions across the vast majority of our lines and leveraging our global platform to elevate our business, culminating in the delivery of our strongest ever six-month operating income per share.”

According to the CEO, AXIS is keen on producing consistent growth not only in profitability but also in book value for the firm’s shareholders.

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