Arch Capital Group and AXIS Capital Holdings, both based in Bermuda, have released their respective earnings reports for the second quarter of 2024.
For the three months ended June 30, the net income available to Arch common shareholders amounted to US$1.3 billion – an increase from last year’s US$661 million.
Meanwhile, after-tax operating income available to Arch common shareholders stood at US$981 million. The corresponding sum in the 2023 second quarter was US$726 million.
Additionally, Arch’s underwriting income for the quarter was US$762 million, representing a 25.7% jump from the previous year’s result.
“Our excellent results this quarter highlight the value of our ongoing commitment to bottom-line returns combined with disciplined execution throughout the underwriting cycle,” chief executive Marc Grandisson highlighted.
“We are pleased with the contributions made by our underwriting and investment teams, which are key to us being able to consistently generate returns above our target.”
As for AXIS, its financial results in the quarter were also marked by improvements.
In Q2, net income available to common shareholders was US$204 million – a climb from last year’s net income available to common shareholders of US$143 million.
Similarly, the company’s operating income went up from US$191 million in 2023 to US$250 million this time around. Its insurance and reinsurance segments also posted increases in underwriting income.
President and CEO Vince Tizzio noted: “This was an excellent quarter and first half of the year for AXIS defined by consistent, profitable results and strong diluted book value per share growth as we pursued our ambition of achieving specialty underwriting leadership.
“In the quarter, we delivered on our stated goals, producing an annualised operating ROE (return on equity) of 20%, record operating EPS (earnings per share) of US$2.93, and a combined ratio of 90.4%.”
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