AXIS Capital reports Second Quarter Results
- Improvement of 2.7 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 19.3% and annualized operating ROACE of 14.4%
- Book value per diluted common share of $55.50, an increase of $2.47, or 4.7%, compared to March 31, 2021
AXIS Capital Holdings Limited has announced financial results for the second quarter ended June 30, 2021.
Commenting on the second quarter 2021 financial results, Albert Benchimol, President and CEO of AXIS Capital, said:
"We are pleased to report record operating earnings per share for the quarter and first half of the year, along with excellent production and robust underwriting and investment performance.
"Our core underwriting results were strong, as evidenced by this quarter’s current year ex-cat combined ratio of 88.7%. Our continued progress in underwriting performance provides tangible proof that our efforts to reposition our portfolio are delivering meaningful improvements.
"Our insurance business is well positioned in the markets experiencing the strongest conditions, leading to 22% growth in gross premiums written to achieve a record level of premium production. Our reinsurance business demonstrated agility and discipline, growing in attractive classes, but also holding the line where terms were not deemed sufficiently attractive, and continuing to manage down catastrophe volatility.
"During the quarter, we recorded average rate increases of 14% across our insurance book, which is higher than the previous quarter and on par with the prior year period – and we remain confident that pricing will remain at or above loss cost trends well into 2022 and likely beyond, providing a tailwind to ongoing improvements in underwriting profitability."
To view the full results, CLICK HERE
Authored by AXIS Capital
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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