AXIS Capital is confident that 2014 will be a successful year for business in the face of mixed quarterly results.
Gross premiums written increased 4 percent to $1.8 billion, with growth of 1 percent in the insurance segment and 6 percent in the reinsurance segment.
Combined ratio for the quarter was 91.9 percent, compared to 83.0 percent for the same quarter of 2013.
Commenting on the first quarter 2014 financial results, Albert Benchimol, president and CEO of AXIS Capital said "AXIS reported first quarter operating income of $1.24 per share and operating ROE of 10.6 percent. We ended the quarter with diluted book value per share of $47.13, an increase of 3 percent over the quarter. This year’s quarter was impacted by lower investment income from alternative investments and higher property losses in the insurance segment.”
Net income for the quarter was recorded at $148,471, a significant decrement from the $311,557 for the prior year first quarter.
Benchimol remains positive however, “While market conditions have weakened a little, there remain many opportunities for profitable business across our core book. We also continue to have success in developing and nurturing new business initiatives. We completed a successful first season of coverage in our weather and commodities business, and we recently brought on a new healthcare professional liability team. Our strategy of growing and diversifying our consolidated portfolio is delivering highly satisfactory results."
Axis, Q1, results