AXIS Capital suffers losses in Q4 | Insurance Business America
Better numbers posted for the full year
Insurance News
By
Terry Gangcuangco
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 | $(150 million) | $41 million | $346 million | $193 million |
Operating income / (loss) | $(107 million) | $167 million | $486 million | $498 million |
In Q4, AXIS reported $26 million in pre-tax catastrophe and weather-related losses, net of reinsurance. The company’s gross written premium (GWP) increased by 1% to $1.8 billion. For the full year, GWP was up 2% to $8.4 billion. Pre-tax catastrophe and weather-related losses, net of reinsurance, amounted to $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 $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 capitalizing on favorable conditions in our chosen specialty markets while exhibiting underwriting discipline and strong cycle management. This was evidenced by our operating income of $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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