Saturday, September 10, 2016

AXIS Capital Posts $172 Million q4 internet profits; $284 Million complete yr



Bermuda-based totally AXIS Capital Holdings restrained pronounced a internet earnings to be had to not unusual shareholders for the fourth sector of 2013 of $172 million, or $1.fifty two in line with diluted common share, in comparison with a net lack of $19 million, or $zero.16 in keeping with diluted not unusual share, for the fourth sector of 2012.
net income available to not unusual shareholders for the overall 12 months 2013 changed into $684 million, or $5.93 per diluted not unusual percentage, as compared with $495 million, or $4.00 consistent with diluted common proportion, for 2012.
AXIS stated its operating earnings, which excludes capital advantage/loss, for the fourth zone of 2013 turned into $159 million, or $1.forty one in keeping with diluted not unusual percentage, compared with an running lack of $28 million, or $zero.23 in keeping with diluted commonplace proportion, for the fourth quarter of 2012. For the whole yr 2013, AXIS Capital reported working income of $633 million, or $5.49 in step with diluted not unusual proportion, compared with working earnings of $422 million, or $three.41 in step with diluted not unusual share, for 2012.
AXIS listed the subsequent highlights for 2013:                                                                                                                                            – Gross charges written accelerated 13 percent to $4.7 billion, with boom of $308 million, or 17 percentage in our reinsurance phase and $250 million, or eleven percent, in our coverage segment;                                                                              – internet rates written increased 18 percent to $three.nine billion and net premiums earned multiplied 9 percentage to $three.7 billion; – combined ratio of 91.0 percentage (inclusive of five.three points associated with 2013 natural catastrophe and weather-associated losses), compared with ninety six.2 percentage (inclusive of 12.7 factors related to 2012 natural disaster and climate-related activities);             – net favorable previous yr reserve improvement of $219 million (benefiting the mixed ratio by means of 5.nine factors), as compared to $245 million (reaping benefits the blended ratio via 7.1   factors)                                                                                                                  -Pre-tax overall go back on coins and investments of one.6 percent, compared to 5.four percentage;                                                                  – internet funding income accelerated 7 percentage to $409 million;                                                                                                             – internet earnings available to commonplace shareholders of $684 million and go back on common commonplace fairness of 13.1 percent, as compared to $495 million and nine.7 percent;                                                                                                                                                  – working profits of $633 million, representing an working go back on average common equity of 12.1 percent, in comparison to operating income of $422 million, representing an running go back on average common fairness of 8.2 percentage;                                                                                                                                                                                                               – internet cash flows from operations of $1.1 billion, corresponding to $1.1 billion in 2012;                                                                          – percentage repurchases overall of $472 million for the yr;                                                                                                                              – Diluted e book value in step with common percentage of $forty five.80, a 7 percent increase from December 31, 2012; and                                     boom in diluted e-book fee per share, adjusted for dividends declared throughout the year, of $3.eighty five according to common percentage.
Fourth area Highlights blanketed the following:                                                                                                                                   – Gross rates written expanded 10 percent to $826 million;                                                                                                          – internet premiums written expanded 25 percent to $648 million and internet rates earned multiplied 10 percent to $942 million;                                                                                                                                                                                                                 – No sizeable natural catastrophe or climate-associated losses;                                                                                                               – internet favorable prior year reserve improvement of $forty three million (benefiting the blended ratio via four.6 points) in comparison to $sixty five million (reaping rewards the mixed ratio by using 7.five factors);                                                                                                                       – net investment income accelerated 31 percent to $114 million;
President and CEO Albert Benchimol commented: “AXIS had a great fourth area and a great yr. Financially, it become a 12 months of solid development. regardless of blended markets, we improved our net written charges via 18 percent for the yr whilst delivering an operating ROE of 12.1 percentage. however a hard interest rate surroundings, we grew diluted e-book value in line with share 7 percent for the 12 months. We rewarded investors by again returning efficiently all of our operating earnings via dividends and buybacks, and we raised our dividend for the ninth consecutive 12 months. With general assets of $20 billion and overall capital of $6.8 billion, we've never been stronger.
“2013 changed into additionally a year of gratifying success in numerous entrepreneurial projects. among our milestone accomplishments this yr was our establishment of a presence at Lloyd’s. We reentered the retail number one casualty markets and wholesale small-account excess casualty in the U.S. We elevated present specialties – along with our rather a success professional, electricity and marine traces – into new geographies, considerably Asia and Australia.”

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