AXIS Capital reveals earnings and ‘refreshed’ brand
AXIS Capital reveals earnings and ‘refreshed’ brand | Insurance Business Canada
Insurance News
AXIS Capital reveals earnings and ‘refreshed’ brand
New tagline launched through global campaign
Insurance News
By
Terry Gangcuangco
AXIS Capital Holdings has announced a ‘refreshed’ brand and the company’s financial results for the third quarter of 2023.
Interim financials
According to the insurance group’s earnings release, here’s how AXIS performed in the three months and nine months ended September 30:
Metric
Q3 2023
Q3 2022
9M 2023
9M 2022
Net income / (loss) available / attributable to common shareholders
US$181 million
US$(17 million)
US$496 million
US$152 million
Operating income
US$202 million
US$3 million
US$593 million
US$33 million
Net investment income
US$154 million
US$88 million
US$425 million
US$272 million
In the third quarter, the company’s insurance segment reported an underwriting income worth US$105 million; gross written premium (GWP), US$1.5 billion. Both figures are higher than the corresponding amounts in 2022.
The reinsurance segment, meanwhile, bounced back from an underwriting loss to an underwriting income of US$42 million in Q3. GWP grew by 15% in the period.
“AXIS delivered another strong quarter as we produced excellent results across multiple measures,” president and chief executive Vince Tizzio said. “The quarter was highlighted by record operating earnings per share on both a third quarter and year-to-date basis.
“The continued positive momentum in our performance reflects the progress we’ve made in enhancing our integrated underwriting strategy to drive outstanding cycle management, deliver consistent profitable results, and generate increased book value per share.”
Brand refresh
Aside from outlining its financial results, AXIS has also launched a global marketing campaign to introduce the firm’s new “Specialty Solutions, Elevated” tagline.
Tizzio said: “‘Specialty Solutions, Elevated’ underscores our focus on supporting customers by delivering innovative specialty solutions that deliver directly on their needs while pursuing our ambition to elevate AXIS as a recognized leader in specialty insurance and reinsurance.
“The new brand identity and campaign illustrate our ability to help customers find solutions in a dynamic risk environment – and turn challenges into opportunities, and opportunities into new possibilities.”
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