AXIS Capital annouces first quarter results

For the first quarter of 2023, the Company reports:

• Annualized return on average common equity ("ROACE") of 16.2% and annualized operating ROACE of 18.8%
• Book value per diluted common share of $50.31

AXIS Capital Holdings Limited has announced financial results for the first quarter ended March 31, 2023.

Commenting on the first quarter 2023 financial results, Albert Benchimol, President and CEO of AXIS Capital said:

"AXIS once again delivered strong performance as we continued to advance our strategy to achieve specialty leadership, demonstrating resilience despite dynamic market conditions that included turbulence in the financial markets and heightened weather and cat activity. In the first quarter, we produced very good results across our core metrics that included a combined ratio of 91%, operating income of $200 million, and record operating income per diluted common share of $2.33.

"As I prepare to complete my tenure as CEO of AXIS, following nearly 13 years with the Company, it is gratifying to see the continued progress in our performance following years of hard work to reposition the business to a more focused specialist underwriter, well positioned to consistently deliver profitable results. I have complete confidence that the best is yet to come for AXIS. In Vince Tizzio, we have the right leader to take the Company to the next level."

Vince Tizzio, CEO Specialty Insurance and Reinsurance of AXIS Capital – and future President and CEO, effective May 4, 2023, added:

"With a clear focus on delivering sustainable value creation to our shareholders, we continued to drive strong growth in our priority markets while capitalizing on favorable market conditions that included a general resurgence in pricing momentum across the majority of our lines. Our Specialty Insurance business delivered record first quarter production, generating $1.4 billion in gross written premiums, a combined ratio of 87% and underwriting profit of $103 million.

"Our Reinsurance business contributed a combined ratio of 91% and $36 million of underwriting profit as we further transitioned the business to a specialist reinsurer with a smaller and less volatile book of business.

"Looking to the future, I feel confident about the growth potential for the business and believe that AXIS is on a positive trajectory toward achieving its place as a specialty leader defined by the strength of our underwriting and the value that we provide to our customers and shareholders."

To view the full results from AXIS Capital CLICK HERE