AXIS Capital suffers losses in fourth quarter | Insurance business America
Better figures were published for the year as a whole
Insurance News
By Terry Gangcuangco
AXIS Capital suffered losses in the fourth quarter of 2023.
Here’s how the insurance group fared in the quarter and year to December 31:
|
Metric |
Q4 2023 |
Q4 2022 |
Fiscal year 2023 |
Fiscal year 2022 |
|---|---|---|---|---|
|
Net Available Income/(Loss) attributable to Common Stockholders |
$(150 million) |
41 million dollars |
$346 million |
193 million dollars |
|
Operating income / (loss) |
$(107 million) |
167 million dollars |
$486 million |
$498 million |
In the fourth quarter, AXIS reported pretax catastrophe and weather-related losses of $26 million, net of reinsurance. The company’s gross written premium (GWP) rose 1% to $1.8 billion. For the full year, GWP increased 2% to $8.4 billion. Catastrophe and weather-related losses before taxes, net of reinsurance, were $138 million.
In terms of segments, AXIS’ insurance business recorded an underwriting loss in the fourth quarter; Insurance revenue fell 20% this year. The reinsurance segment also suffered an underwriting loss of $212 million in the quarter. The year also saw a negative result in the reinsurance business.
Commenting on the numbers, AXIS President and CEO Vince Tizzio highlighted the positive aspects.
He said in a press release: “This has been a transformative year for AXIS as we have continued to improve all aspects of how we operate and go to market, and we believe the company is on a clear path to becoming a leading specialty insurance provider.”
“We benefit from the favorable conditions in our selected specialty markets and at the same time demonstrate underwriting discipline and strong cycle management. This was evidenced by our operating income of $486 million and an improvement in the current accident year combined combined ratio of 4.5 percentage points to 91.8% compared to the previous year.”
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2024-02-01 06:30:23
www.insurancebusinessmag.com
