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AXIS Capital Holdings Limited: AXIS Capital Reports Second Quarter Net Income Available to Common Shareholders of $228 Million, or $2 67 Per Diluted Common Share
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Axis books $116m profit as catastrophes take toll
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AXIS Capital Holdings Limited: Axis Capital Reports First Quarter Net Income Available to Common Shareholders of $116 Million, or $1.36 Per Diluted Common Share
Operating income of $83 million, or $0.97 per diluted common share
Improvement of 4.3 points in current accident year combined ratio, excluding catastrophe and weather-related losses, compared to the prior year
Annualized return on average common equity ( ROACE ) of 9.9% and annualized operating ROACE of 7.1%
Book value per diluted common share of $53.03, an increase of $3.25, or 7%, compared to March 31, 2020
AXIS Capital Holdings Limited ( AXIS Capital or the Company ) (NYSE: AXS) today announced financial results for the first quarter ended March 31, 2021.
Commenting on the first quarter 2021 financial results, Albert Benchimol, President and CEO of AXIS Capital, said:
Unhappy New Year Insurers Report Estimated Q1 Catastrophe Losses
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AXIS Capital Estimates Q1 Pre-Tax Catastrophe Losses of $105M-$115M April 15, 2021
Bermuda-based AXIS Capital Holdings Ltd. announced a preliminary, pre-tax first quarter net loss estimate for catastrophes and other weather-related events in the range of $105 million to $115 million, or $95 million to $105 million, after-tax.
The pre-tax net loss estimate includes an amount of $80 million to $90 million for Winter Storms Uri and Viola, principally related to the state of Texas, and is consistent with industry insured losses of approximately $13 billion to $14 billion.
The Company also reaffirmed no change to its net loss estimate established for the COVID-19 pandemic in 2020.
Separately, AXIS Capital noted continuing improvements in its current accident year loss ratios, excluding catastrophe and weather-related losses for its insurance and reinsurance segments consistent with the progress observed in 2020.