AXIS Capital announces first quarter 2021 results

AXIS-Q1-results
  • 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 has 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:

“In the first quarter of 2021, our industry was again impacted by significant climate events and our primary thoughts are with the people and communities that have been affected. We are focused on supporting the recovery efforts and fulfilling our purpose – to help people when they are down.

"Notwithstanding the substantial catastrophe activity, this was a good quarter for AXIS and one where we saw tangible proof that our efforts to reposition our portfolio are generating real traction. Our first quarter results were highlighted by a year-over-year reduction of 4.3 points to our current accident year combined ratio ex-cat and weather, with improvements seen in both segments.

"These metrics provide further evidence that our re-underwriting actions are delivering the desired impact. Our Insurance segment's combined ratio of 94% and our ability to generate a consolidated 99% combined ratio in light of notable cat and weather activity speak to the progress that we’re making.

"With market conditions favorable across virtually all of our lines of business, our performance is seeing positive momentum as the global economy continues to recover. We have a strong franchise, deep relationships with our brokers and partners in distribution, and leadership positions across our most attractive markets. We believe AXIS is poised to continue to demonstrate meaningful improvements to our performance in 2021 and beyond.”

To view the full first quarter results from AXIS, CLICK HERE

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About AXIS

At AXIS, specialty insurance and global reinsurance solutions are delivered with determination, passion and strength. 

We're inspired by the opportunity to give people and organizations the confidence to take necessary risks in the pursuit of their goals and ambitions.

By virtue of being a specialty insurer and global reinsurer with deep expertise and a commitment to service, we have the capability to provide a broad range of solutions. We're not afraid to take on complex and volatile risks.

 

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