Results round-up: AXIS, Markel, Arch report financials
Results round-up: AXIS, Markel, Arch report financials | Insurance Business Australia
Insurance News
Results round-up: AXIS, Markel, Arch report financials
Find out if they enjoyed profits or were hit with losses
Insurance News
By
Terry Gangcuangco
The results season for the first quarter of 2023 is in full swing, with insurers Arch Capital Group, AXIS Capital Holdings, and Markel Corporation among the latest to publish their quarterly financials.
Arch
Net income available to Arch common shareholders in Q1 amounted to US$705 million, an increase from 2022’s US$186 million. After-tax operating income available to common shareholders was also higher at US$654 million.
For the three months ended March 31, Arch’s insurance segment enjoyed an increase of 81% in underwriting income; the reinsurance segment, 95.4%. Underwriting income for the group grew 24.5% to US$570 million in the period.
AXIS
Insurance group AXIS, which will have a new chief executive starting May 4, reported improved net income available to common shareholders in the first quarter, from US$142 million last year to US$173 million this time around.
Operating income in the three-month span went up from US$180 million to US$200 million, while net investment income jumped from US$91 million to US$134 million. Total underwriting income stood at more than US$139 million, with the insurance segment contributing US$103 million and the rest coming from reinsurance.
Markel
Revealing a major turnaround is Markel, which bounced back from 2022’s comprehensive loss to shareholders worth US$512 million to over US$646 million in comprehensive income for Q1 2023. The result was attributed to positive bottom-line contributions from all of Markel’s operating engines.
“The first quarter of 2023 saw all three engines – insurance, investments, and Markel Ventures – meaningfully contribute to our strong operating results,” said CEO Thomas S. Gayner. “Markel Ventures achieved impressive organic revenue and profitability growth.
“In insurance, we continue to grow while maintaining our decades-long approach to disciplined underwriting. Our investment income continues to benefit from higher interest rates, and we experienced favourable returns in our equity portfolio.”
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