AXIS Capital reports third quarter 2021 results

For the third quarter of 2021, the Company reports:

• Improvement of 4.8 points in current accident year combined ratio, excluding catastrophe and weather-related losses to 87.6%, compared to the prior year
• Operating income of $1 million, or $0.01 per diluted common share
• Pre-tax catastrophe and weather-related losses, net of reinsurance and reinstatement premiums, of $250 million, or 20.7 points
• Annualized return on average common equity ("ROACE") of 3.9%
• Book value per diluted common share of $54.86, a decrease of $0.64, or 1.2%, compared to June 30, 2021

AXIS Capital Holdings Limited has announced financial results for the third quarter ended September 30, 2021.

Commenting on the third quarter 2021 financial results, Albert Benchimol, President and CEO of AXIS Capital, said:

“Once again our industry was challenged by severe weather events and our focus continues to be on supporting our clients and the communities that have been impacted.

"In the face of these challenges, we continued to deliver, accelerating momentum in our progress highlighted by eight consecutive quarters of year-over-year improvement in our combined ratio ex-cat and weather. Notably, AXIS generated net operating income for the quarter, and our lower market share of the events demonstrates the progress that we’ve made in reducing our net exposure to catastrophes. Our results were underscored by strong top line growth, disciplined underwriting, and solid investment income.

"AXIS is well positioned in key specialty markets and we’re increasingly confident that favorable conditions will continue through 2022 and likely beyond, providing us with an attractive path to further profitable growth.”

To view the full Q3 results from AXIS Capital, CLICK HERE