AXIS Capital reports fourth quarter and full year 2021 results

For the fourth quarter of 2021, the Company reports:

Improvement of 2.3 points in current accident year combined ratio, excluding catastrophe and weather-related losses, compared to the prior year, to 89.5%Annualized return on average common equity of 16.4%, and annualized operating return on average common equity of 15.1%Book value per diluted common share of $55.78

For the year ended 2021, the Company reports:

Net income available to common shareholders of $588 million, or $6.90 per diluted common share, and operating income of $436 million, or $5.12 per diluted common shareImprovement of 3.5 points in current accident year combined ratio, excluding catastrophe and weather-related losses, compared to the prior year, to 88.7%Return on average common equity of 12.2%, and operating return on average common equity of 9.1%

Commenting on the fourth quarter 2021 financial results, Albert Benchimol, President and CEO of AXIS Capital, said:

“This was a strong fourth quarter highlighted by an annualized operating ROE of 15%, a good finish to a year of meaningful progress. Our results provide further evidence that our work in recent years to reposition our portfolio is delivering its intended outcome, and we’re committed to sustaining this momentum and producing consistent profitable growth.

In addition to driving significant improvement to our combined ratio, we continued to optimize balance and volatility in our portfolio as we drive PMLs lower across the entire curve. Further, we continued to capitalize on favorable market conditions to build upon our well-established positions in some of the best performing specialty insurance markets.

Within our Insurance segment, we delivered both record new business growth and total premium, as we produced the largest and most diversified insurance portfolio in the Company’s history. Our insurance business produced a combined ratio of 91.6% for the full year, and we’re focused on delivering performance in-line with the top ranks of the specialty insurance sector. Within our Reinsurance segment, which reported a full year combined ratio of 99%, we took substantial portfolio actions during the year and into the 1/1 renewals to improve the quality and reduce the volatility of the book, and we will continue to do so in 2022.

I’m proud of the commitment and agility demonstrated by our team, as we continued to navigate through a dynamic environment while producing the high level of service that our customers have come to expect from AXIS. We’re excited for the future and focused on building on our progress and further increasing the value that we deliver to all of our stakeholders.”

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