Bermuda-based AXIS Capital Holdings has reported a net income of $193 million for the full year 2022, down from $588 million in 2021, but gross written premiums were up by $529 million to $8.2 billion, driven by a 15% increase in its insurance segment offsetting 7% in reinsurance premium.
It also improved its combined ratio, up 1.7 points to 95.8%.
According to president and CEO Albert Benchimol, it was a “milestone year” for the business, which took “critical steps forward to focus AXIS Re as a specialist reinsurer”.
“During a year where the industry was again negatively impacted by heavy catastrophe activity, the Russia-Ukraine War, and financial and social inflation, we improved our combined ratio by 1.7 points to 95.8%, continuing a multi-year improvement in our core performance,” he said.
“Moreover, during the year, we continued to advance the positive momentum in our results, generating record premium production, a lower expense ratio, and increased underwriting income.”
A strong January renewal was an additional cause for optimism, he said. “Stepping back, as we look to the future, we believe AXIS is exceedingly well-positioned to compete in a market where there is consistent and rising demand for specialty coverage," he said.
The full-year results will be the last with Benchimol at the helm before his retirement after 11 years. Vince Tizzio, CEO of specialty insurance and reinsurance, will take over in May.
“I couldn’t be more proud of what our team has accomplished nor more excited for the path that we’re on,” said Benchimol. “Moreover, in Vince, we have an excellent leader with a strong vision for the future and the dynamism and tenacity to make it happen. We look to the year ahead with confidence as we begin an exciting new chapter for AXIS.”