AXIS Captial announces financial results for Q2 2023

Authored by AXIS

AXIS Capital Holdings Limited has announced financial results for the second quarter ended June 30, 2023.

Commenting on the second quarter 2023 financial results, Vince Tizzio, President and CEO of AXIS Capital said:

“AXIS delivered strong top- and bottom-line results in the quarter as we further positioned the Company as a specialty underwriting leader. Consistent with our strategic priorities, in the quarter we drove profitable growth across our target markets while generating record performance in numerous areas including the best second quarter premium production in our Company’s history, as well as both the best ever premium and new business production for our specialty insurance business.

“In the first half of 2023, we have accelerated the positive momentum in our performance while capitalizing on favorable market conditions across the vast majority of our lines and leveraging our global platform to elevate our business, culminating in the delivery of our strongest ever six-month operating income per share.

“We’re focused on advancing AXIS as a specialty underwriting leader that produces consistent growth in both profitability and book value for our shareholders.”

For the second quarter of 2023, the Company reports:

Annualized return on average common equity (“ROACE”) of 12.9% and annualized operating ROACE of 17.2%Improvement of 1.9 points in the combined ratio to 91.5%Book value per diluted common share of $50.98, an increase of $0.67, or 1.3%, compared to March 31, 2023

For the six months ended June 30, 2023, the Company reports:

Net income available to common shareholders of $316 million, or $3.68 per diluted common share and operating income of $391 million, or $4.56 per diluted common shareAnnualized return on average common equity (“ROACE”) of 14.7% and annualized operating ROACE of 18.3%Improvement of 1.2 points in the combined ratio to 91.2%Book value per diluted common share of $50.98, an increase of $4.03, or 8.6%, compared to December 31, 2022

To view the full results, CLICK HERE