AXIS Capital reviews $191 Million Q2 internet earnings; $173 Million operating

Bermuda-primarily based AXIS Capital Holdings constrained stated internet profits to be had to not unusual shareholders for the second one quarter of 2014 of $191 million, or $1.seventy nine in line with diluted common share, compared with $72 million, or $0.sixty two in keeping with diluted common proportion, for the second one quarter of 2013.

internet profits available to commonplace shareholders for the six months ended June 30, 2014, turned into $328 million, or $three.03 according to diluted commonplace share, as compared with $375 million, or $3.19 consistent with diluted commonplace percentage, for the corresponding duration of 2013.

operating income, which excludes capital profits/losses, for the second one quarter of 2014 changed into $173 million, or $1.63 in step with diluted not unusual percentage, in comparison with $50 million, or $zero.forty three in step with diluted not unusual share, for the second region of 2013.

For the six months ended June 30, 2014, AXIS Capital reported running profits of $310 million, or $2.86 in line with diluted commonplace share, as compared with $278 million, or $2.36 in step with diluted common proportion, for the first six months of 2013.

The profits file listed the following Q2 highlights:

— Gross premiums written multiplied 1 percent to $1.2 billion, with increase of 9 percent in our reinsurance segment in part offset by means of a decrease in written premiums of 3 percentage in our insurance section;

— net charges written accelerated 1 percent to $1.0 billion;

— net rates earned expanded 6 percent to $1.0 billion;

— mixed ratio of 90.8 percentage, in comparison to one zero one.7 percentage;

— cutting-edge coincidence 12 months loss ratio of sixty five.1 percentage, compared to seventy two.4 percentage;

— envisioned herbal catastrophe and weather-associated pre-tax internet losses of $36 million, ordinarily associated with U.S. weather events, as compared to $a hundred and forty million (internet of reinstatement premiums) incurred at some stage in the second region of 2013;

— net favorable prior year reserve development of $eighty five million (reaping benefits the combined ratio by way of eight.five points), as compared to $42 million (reaping benefits the combined ratio by four.four factors);

— internet funding profits of $115 million, compared to $eighty three million;

— Pre-tax total go back on coins and investments of 1.6 percent, as compared to (1.3 percentage);

— internet profits to be had to commonplace shareholders of $191 million and annualized return on common commonplace equity of 14.five percent, in comparison to $72 million and five.6 percentage;

— working profits of $173 million, representing an annualized operating return on common common equity of thirteen.1 percentage, as compared to $50 million and three.nine percent;

— internet cash flows from operations of $241 million, as compared to $236 million;

— share repurchases during the sector totaling $139 million;

— Diluted ebook fee in keeping with common proportion of $49.sixty nine, a 5 percent increase at some stage in the quarter and a sixteen percent growth over the past three hundred and sixty five days;

— Dividends declared of $0.27 according to common share, compared to $zero.25 per not unusual proportion;

— growth in diluted e book cost in step with not unusual proportion adjusted for dividends of $2.eighty three, or 6 percentage, according to not unusual share.

President and CEO Albert Benchimol commented: “AXIS stated strong results for the second one zone, with running profits of $1.sixty three in line with diluted proportion, annualized running ROE of thirteen.1 percentage and diluted book fee in step with proportion of $forty nine.69 at the cease of the sector. Adjusted for dividends, diluted e book price grew 6 percent at some stage in the quarter and 19 percentage over last 12 months.

“Underlying these effects is the continued rebalancing of our portfolio toward decrease volatility and non-correlating lines growing greater performance of capital ordinary. all through this year, we've already repurchased 7 million stocks, representing 6 percentage of our beginning fairness, for $318 million, further to dispensing $59 million in dividends to shareholders.

“notwithstanding extra hard marketplace conditions, i'm highly assured inside the energy of our market presence and our delivery of provider and technical knowledge. We stay properly located to get entry to and win excessive first-class enterprise in all key markets. those attributes, combined with profits we assume to obtain heading into 2015 from our diverse initiatives, unbiased of the belongings and casualty pricing cycle, will assist our achievement of superior results with much less volatility.”