AXIS reports Q2 and half year results

Authored by AXIS

AXIS Capital reports second quarter net income available to common shareholders of $204 million, or $2.40 per diluted common share and operating income of $250 million, or $2.93 per diluted common share

For the second quarter of 2024, the Company reports:

Annualized return on average common equity (“ROACE”) of 16.2% and annualized operating ROACE of 19.9%Improvement of 1.1 points in the combined ratio to 90.4%Book value per diluted common share of $59.29, an increase of $2.16, or 3.8%, compared to March 31, 2024

For the six months ended June 30, 2024, the Company reports:

Net income available to common shareholders of $592 million, or $6.93 per diluted common share and operating income of $470 million, or $5.50 per diluted common shareAnnualized return on average common equity (“ROACE”) of 24.1% and annualized operating ROACE of 19.1%Improvement of 0.4 points in the combined ratio to 90.8%Book value per diluted common share of $59.29, an increase of $5.23, or 9.7%, compared to December 31, 2023

AXIS Capital Holdings Limited has announced financial results for the second quarter ended June 30, 2024.

Commenting on the second quarter 2024 financial results, Vince Tizzio, President and CEO of AXIS Capital said:

“This was an excellent quarter and first half of the year for AXIS defined by consistent, profitable results and strong diluted book value per share growth as we pursued our ambition of achieving specialty underwriting leadership. In the quarter, we delivered on our stated goals, producing an annualized operating ROE of 20%, record operating EPS of $2.93, and a combined ratio of 90.4%.

“We continued to lean into attractive specialty markets where we hold leadership positions, while tapping into our deep distribution relationships. In our specialty insurance business, we delivered a solid 87.9% combined ratio while generating an 8% increase in gross premiums written, 17% net premiums written growth, and record second quarter new business volume. Within reinsurance, we produced an 89.3% combined ratio and a 4% increase in premiums highlighted by targeted growth in specialty lines, reflecting our repositioning of AXIS Re as a focused, specialist reinsurer.

“During the quarter, we also took important steps forward in enhancing our operations through our “How We Work” transformation program. This included implementing operating model changes to improve productivity, reduce our cost structure, and allow for reinvestment into the business. In summary, we are pleased with our second quarter results, feel good about the actions we are taking across all aspects of our business, and are intent on building on our momentum.”