AXIS Capital releases Q2 earnings report

AXIS Capital releases Q2 earnings report

AXIS Capital releases Q2 earnings report | Insurance Business Canada

Insurance News

AXIS Capital releases Q2 earnings report

Results for first half 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.

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“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 capitalising 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.

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