AXIS Capital reports losses in Q4
AXIS Capital reports losses in Q4 | Insurance Business Australia
Insurance News
AXIS Capital reports losses in Q4
Better outcome 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%.”
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