AXIS Capital has suffered losses in the fourth quarter of 2023.
Here’s how the insurance group fared in the quarter and year ended December 31:
|
Metric |
Q4 2023 |
Q4 2022 |
FY 2023 |
FY 2022 |
|---|---|---|---|---|
|
Net income available / (loss) attributable to common shareholders |
US$(150 million) |
US$41 million |
US$346 million |
US$193 million |
|
Operating income / (loss) |
US$(107 million) |
US$167 million |
US$486 million |
US$498 million |
In Q4, AXIS reported US$26 million in pre-tax catastrophe and weather-related losses, net of reinsurance. The company’s gross written premium (GWP) increased by 1% to US$1.8 billion. For the full year, GWP was up 2% to US$8.4 billion. Pre-tax catastrophe and weather-related losses, net of reinsurance, amounted to US$138 million.
Segment-wise, the insurance operations at AXIS posted an underwriting loss in Q4; insurance underwriting income for the year was down 20%. The reinsurance segment also took a beating in the quarter, to the tune of US$212 million in underwriting loss. Similarly, the year generated a negative result in terms of reinsurance underwriting.
Commenting on the numbers, AXIS president and chief executive Vince Tizzio highlighted the positives.
He said in a release: “This was a transformative year for AXIS, one where we further elevated all aspects of how we operate and go to market, and we believe the company is on a clear path to becoming a specialty underwriting leader.
“We’re capitalising on favourable conditions in our chosen specialty markets while exhibiting underwriting discipline and strong cycle management. This was evidenced by our operating income of US$486 million and a 4.5 point year-over-year improvement in the current accident year combined ratio to 91.8%.”
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