AXIS Capital reports Third Quarter 2022 Results

For the third quarter of 2022, the Company reports:

• Net loss attributable to common shareholders of $(17) million, or $(0.20) per diluted common share, and operating income of $3 million, or $0.03 per diluted common share
• Pre-tax catastrophe and weather-related losses, net of reinsurance and reinstatement premiums, of $212 million, or 16.6 points, primarily attributable to Hurricane Ian, and other weather-related events, compared to $250 million, or 20.7 points, in 2021
• Annualized return on average common equity ("ROACE") of (1.7%) and annualized operating ROACE of 0.3%

For the nine months ended September 30, 2022, the Company reports:

• Net income available to common shareholders of $152 million, or $1.77 per diluted common share, and operating income of $331 million, or $3.86 per diluted common share
• Pre-tax catastrophe and weather-related losses, net of reinsurance and reinstatement premiums, of $339 million, or 8.9 points, compared to $389 million, or 11.3 points, in 2021
• Annualized return on average common equity ("ROACE") of 4.7% and annualized operating ROACE of 10.2%

AXIS Capital Holdings Limited has announced financial results for the third quarter ended September 30, 2022.

Commenting on the third quarter 2022 financial results, Albert Benchimol, President and CEO of AXIS Capital, said:

" Our first thoughts are with the communities affected by Hurricane Ian and other catastrophic events this quarter. It is at times like these that our industry has an opportunity to fulfill its social purpose, and our team at AXIS is committed to doing our part to support the recovery and rebuilding efforts.

"For AXIS, the third quarter provides further validation of our strategic evolution to focus our portfolio on specialty, as well as reduce our exposure to catastrophes and strengthen our underlying operations. For the year to date, our industry has suffered in excess of $100 billion of catastrophe losses, yet AXIS grew underwriting income by 75% and operating income by 30%.

"Our specialty insurance business continues to perform strongly with higher underwriting profits for both the quarter and nine-month period, and our reinsurance business has demonstrated the benefits of its lower property cat exposure with a manageable loss for the quarter and an improved underwriting result for the nine-month period.

"Stepping back, conditions and uncertainties in the market are likely to result in a favorable pricing environment into 2023 and beyond, as well as heightened demand for specialty coverages – where AXIS is very well-positioned. Our business has great momentum – we’re improving our profitability, reducing volatility, and growing where we want to. We’re focused on increasing the value that we provide to our customers and shareholders as we advance our strategy of becoming a leader in specialty."

To view AXIS Capital's full Third Quarter 2022 Results, CLICK HERE