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
$228 million
$112 million
$344 million
$(73)
million
Operating income (loss)
$171 million
$72 million
$253 million
$(93) million
Combined ratio
90.6%
94.7%
94.7%
107.1%
According to the insurance group, its gross written premium rose 13% to $1.9 billion in Q2; 8% to $4.5 billion in H1.
Segment-wise, the insurance division posted a higher underwriting income of $93.5 million in the second quarter; $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 $54.7 million; first half, $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.
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