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AXIS Capital reports Q2 and first half financial results

AXIS Capital reports Q2 and first half financial results | Insurance Business UK

AXIS Capital reports Q2 and first half financial results

AXIS Capital Holdings has published its financial results for the second quarter and first half of 2021, and the numbers are looking good for the Bermuda-headquartered (re)insurance group.

In the three- and six-month periods ended June 30, here’s how AXIS Capital performed:

Metric

Q2 2021

Q2 2020

H1 2021

H1 2020

Net income (loss) available to common shareholders

US$228 million

US$112 million

US$344 million

US$(73)

million

Operating income (loss)

US$171 million

US$72 million

US$253 million

US$(93) million

Combined ratio

90.6%

94.7%

94.7%

107.1%

  

According to the insurance group, its gross written premium rose 13% to US$1.9 billion in Q2; 8% to US$4.5 billion in H1.

Segment-wise, the insurance division posted a higher underwriting income of US$93.5 million in the second quarter; US$132.3 million in the half-year span, which was a turnaround from an underwriting loss last year. The reinsurance segment, meanwhile, grew its quarterly underwriting income to US$54.7 million; first half, US$56.2 million.

“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,” said AXIS Capital president and chief executive Albert Benchimol.

“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.”

Benchimol also described the group’s insurance unit as “well positioned in the markets experiencing the strongest conditions,” citing the division’s record level of premium production. As for the reinsurance business, which also bounced back from its H1 2020 underwriting loss, the CEO highlighted its agility and discipline.