AXIS reviews $152.6 Million Pre Tax Q1 net income

Bermuda-based AXIS Capital Holdings constrained pronounced net income available to not unusual shareholders for the 3 months ended March 31, 2014, of $137 million, or $1.24 consistent with diluted common proportion, in comparison with $303 million, or $2.fifty five per diluted commonplace share, for the corresponding period of 2013.

working income for the first zone of 2014 was $137 million, or $1.24 in keeping with diluted common proportion, compared with $227 million, or $1.ninety two per diluted common share, for the primary area of 2013.

AXIS indexed first region highlights as follows:

– Gross premiums written multiplied 4 percentage to $1.8 billion, with boom of 1 percentage in our coverage phase and 6 percentage in our reinsurance segment;

– net premiums written accelerated 6 percentage to $1.7 billion;

– net charges earned increased 8 percentage to $946 million;

– blended ratio of ninety one.9 percentage, compared to 83.zero percentage;

– modern-day coincidence yr loss ratio of 62.1 percent, compared to fifty six.4 percent;

– No large herbal disaster and climate-related losses;

– net favorable prior 12 months reserve improvement of $43 million (reaping benefits the blended ratio by 4.6 factors), as compared to $fifty four million (reaping benefits the mixed ratio by way of 6.2 points);

– net funding earnings of $eighty three million, in comparison to $109 million;

-Pre-tax overall go back on cash and investments of one.1 percentage, compared to zero.7 percentage;

– internet income to be had to commonplace shareholders of $137 million and annualized go back on average commonplace fairness of 10.6 percent, in comparison to $303 million and 22.7 percentage;

– working earnings of $137 million, representing an annualized operating go back on average common fairness of 10.6 percent, as compared to $227 million and 17.1 percent;

– internet cash flows from operations of $151 million, as compared to $221 million;

– proportion repurchases in the course of the quarter totaling $179 million;

– Diluted ebook value in step with not unusual proportion of $47.13, a three percentage increase all through the quarter and a 6 percentage increase over the past 12 months; and

– The issuance of $250 million of two.65 percentage senior unsecured notes due in 2019 and $250 million of 5.15 percent senior unsecured notes, which are due in 2045.

all of the above comparisons refer to the primary quarter of 2013, until otherwise said.

President and CEO Albert Benchimol commented: AXIS Capital said “AXIS stated first zone working earnings of $1.24 in line with percentage and running ROE of 10.6 percent. We ended the region with diluted e book value in line with proportion of $forty seven.13, an boom of 3 percentage over the area. in addition, we returned to shareholders over $2 hundred million through proportion repurchases and dividends. This year’s area became impacted by using lower funding profits from alternative investments and higher assets losses within the coverage phase.

“even as market conditions have weakened a little, there remain many opportunities for worthwhile commercial enterprise across our center ebook. We also retain to have fulfillment in developing and nurturing new business initiatives. We finished a a success first season of coverage in our climate & Commodities business, and we these days brought on a new Healthcare professional liability group. Our method of developing and diversifying our consolidated portfolio is handing over exceptionally fine effects.”