AXIS Capital reports positive momentum in Q3 results

AXIS Capital Holdings has reported net income for the third quarter of 2018 of $43 million, compared to net loss of $468 million for the same period of 2017.

The profit takes the company to a net income figure for the nine months ended September 30, 2018 of $199 million, up from the net loss of $378 million it reported for the first nine months of 2017.

Operating income for the third quarter of 2018 was $81 million, compared to an operating loss of $446 million for the same period of 2017. For the nine months ended September 30, 2018, AXIS Capital reported operating income of $310 million, compared to an operating loss of $284 million for the same period in 2017.

“In the third quarter we continued to see positive momentum, as our efforts to optimise our business and invest in growing our market leadership have generated real traction,” said Albert Benchimol, president and CEO of AXIS Capital. “Our year-to-date ex-PGAAP operating ROACE of 10.2 percent, which includes the impact of catastrophes and weather as well as higher attritional property losses, demonstrates our ongoing progress in delivering more consistent, attractive returns for shareholders.

“We advanced our positioning and relevance in key markets requiring our specialist expertise and are seeing ongoing benefits from the further integration of Novae into our business. We also continued to drive forward the implementation of our transformation program, which is helping to improve our efficiency and position AXIS to be profitable under a wide range of market conditions.

“In recent weeks, our industry has been challenged by natural catastrophes in the Southeastern United States and Asia. Our foremost thoughts are with those impacted by these storms, and our team is working closely with our clients and partners so that we can expeditiously resolve claims and help communities rebuild - this is our company's mission.”