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AXIS Capital saw gross written premiums remain flat year on year in Q2 and its combined ratio edge up, but net income increased significantly.
However, its reinsurance business in particular fared better, with gross written premiums increasing and the combined ratio falling.
At the group level, AXIS combined ratio increased to 96.1 percent in Q2, up from 93.1 percent in the same quarter in 2018. Gross written premiums for the group were $1.648 billion in Q2, fractionally down on the $1.65 billion written in the same quarter last year.
Net income increased to $177 million in Q2 from $103 million the previous year.
For the reinsurance business the combined ratio was 89.1 percent in Q2, inching down from the 90.7 percent seen in Q2 2018. Gross premiums amounted to $679 million, up from $624 million in Q2 2018.
Albert Benchimol, president and CEO of AXIS Capital, said the results spoke to the progress AXIS has made as it continues executing its strategy to strengthen its market position and improve its underwriting profitability, including corrective actions on under-performing business, and reducing portfolio volatility.
“The actions we have taken to enhance our franchise in our chosen markets give us excellent opportunities for profitable growth. With our strong presence at Lloyd’s, US E&S markets, professional lines and global reinsurance, we believe AXIS is in a superior position to take advantage of the necessary firming in re/insurance markets,” he added.
Benchimol promised the group would continue investing in technology and data and analytics to enhance its ability to deliver differentiated service and value to its clients and partners in distribution.
"While there is more work that needs to be done, we’re on the right path and are seeing tangible results as we continue to advance on our strategy and focus on driving long-term profitable growth and increased shareholder value," Benchimol said.
AXIS Capital, Albert Benchimol