AXIS Capital announces lower net profit in the second quarter

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Period

Net income available to common shareholders

Operating result

Q2 2022

$27 million

$149 million

Q2 2021

$228 million

$171 million

H1 2022

$169 million

$329 million

H1 2021

$344 million

$253 million

On a sector basis, the company’s insurance business posted a 0.3% increase in underwriting income in the second quarter; 42.2% in the first half. The reinsurance segment, meanwhile, saw a 58.2% drop in underwriting income in the second quarter, but rose 19.8% in the six months ended June 30.

“AXIS delivered another quarter of strong operational performance, continuing our trend of year-over-year improvement in key underwriting metrics,” said President and CEO Albert Benchimol. “The quarter was marked by a combined ratio of 93.4% and an operational ROE (return on equity) of 13.7%.

“This quarter, our specialty business again delivered strong performance with a solid 16% increase in gross written premiums, 22% growth in net written premiums and a combined ratio of 87.8%, while we are further benefiting from favorable market conditions.During the quarter, we announced the company’s exit from property and casualty reinsurance lines.

The CEO added: “As a measure of our progress, over the last six months our group’s underwriting income has increased by 36% and operating profit has increased by 30% compared to the period of the previous year. As we look to the future, we are well positioned in strong wholesale and E&S (surplus and surplus) markets and see significant opportunities to drive profitable growth while delivering value to our customers and advancing our position as a leading specialist underwriter.

According to AXIS, reorganization expenses related to its exit from property reinsurance amounted to $16 million. Focused on damage, specialities, accidents and health and credit lines, AXIS Re is now described as a specialized reinsurer, in line with the group’s strategy.

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