AXIS Capital Reports Third Quarter Net Income Available to Common Shareholders of $173 Million, or $2.04 Per Diluted Common Share and Operating Income of $230 Million, or $2.71 Per Diluted Common Share
AXIS Capital reported strong Q3 2024 financial results with net income of $173 million ($2.04 per diluted share) and operating income of $230 million ($2.71 per diluted share). Key highlights include a combined ratio of 93.1%, annualized operating ROACE of 17.3%, and book value per diluted share increase of 9.0% to $64.65. The company saw gross premiums written increase by 2% to $1.9 billion, with insurance segment up 5% and reinsurance segment down 9%. Net investment income rose 33% to $205 million. Despite impacts from Hurricanes Helene and Milton, AXIS maintained profitable operations while improving operating efficiency through their 'How We Work' program, reducing G&A ratio by 1.4 points to 12.1%.
AXIS Capital ha riportato risultati finanziari solidi per il terzo trimestre del 2024, con un utile netto di 173 milioni di dollari (2,04 dollari per azione diluita) e un reddito operativo di 230 milioni di dollari (2,71 dollari per azione diluita). Tra i punti salienti si annoverano un rapporto combinato del 93,1%, un ROACE operativo annualizzato del 17,3% e un aumento del valore contabile per azione diluita del 9,0%, che ha raggiunto i 64,65 dollari. L'azienda ha registrato un incremento dei premi lordi scritti del 2%, arrivando a 1,9 miliardi di dollari, con un aumento del 5% nel settore assicurativo e una diminuzione del 9% nel settore riassicurativo. Il reddito netto da investimenti è aumentato del 33%, raggiungendo i 205 milioni di dollari. Nonostante gli impatti degli uragani Helene e Milton, AXIS ha mantenuto operazioni redditizie, migliorando l'efficienza operativa grazie al programma 'Come Lavoriamo', riducendo il rapporto G&A di 1,4 punti, portandolo al 12,1%.
AXIS Capital reportó resultados financieros sólidos para el tercer trimestre de 2024, con un ingreso neto de 173 millones de dólares (2,04 dólares por acción diluida) y un ingreso operativo de 230 millones de dólares (2,71 dólares por acción diluida). Los aspectos destacados incluyen una relación combinada del 93,1%, un ROACE operativo anualizado del 17,3% y un aumento del valor contable por acción diluida del 9,0%, alcanzando los 64,65 dólares. La compañía vio un aumento del 2% en las primas brutas escritas, ascendiendo a 1,9 mil millones de dólares, con el segmento de seguros en aumento del 5% y el segmento de reaseguros disminuyendo un 9%. Los ingresos netos por inversiones crecieron un 33%, alcanzando los 205 millones de dólares. A pesar de los impactos de los huracanes Helene y Milton, AXIS mantuvo operaciones rentables mientras mejoraba la eficiencia operativa a través de su programa 'Cómo Trabajamos', reduciendo la relación G&A en 1,4 puntos hasta el 12,1%.
AXIS Capital는 2024년 3분기 강력한 재무 결과를 보고했습니다. 순이익은 1억 7천 3백만 달러(희석 주당 2.04달러)였으며, 운영 수익은 2억 3천만 달러(희석 주당 2.71달러)에 달했습니다. 주요 하이라이트로는 93.1%의 결합 비율, 17.3%의 연환산 운영 ROACE, 그리고 희석 주당 장부 가치가 9.0% 증가하여 64.65달러에 이르렀습니다. 회사는 총 서면 보험료가 2% 증가하여 19억 달러에 도달했으며, 보험 부문은 5% 증가하고 재보험 부문은 9% 감소했습니다. 순투자 수익은 33% 증가하여 2억 5백만 달러에 달했습니다. 헬렌과 밀턴 허리케인의 영향에도 불구하고 AXIS는 '우리가 일하는 방식' 프로그램을 통해 운영 효율성을 개선하며 수익성 있는 운영을 유지했습니다. 이로 인해 G&A 비율이 1.4포인트 감소하여 12.1%에 달했습니다.
AXIS Capital a annoncé de solides résultats financiers pour le troisième trimestre 2024, avec un revenu net de 173 millions de dollars (2,04 dollars par action diluée) et un revenu opérationnel de 230 millions de dollars (2,71 dollars par action diluée). Les points forts comprennent un ratio combiné de 93,1 %, un ROACE opérationnel annualisé de 17,3 % et une augmentation de la valeur comptable par action diluée de 9,0 %, atteignant 64,65 dollars. L'entreprise a constaté une augmentation des primes brutes souscrites de 2 % à 1,9 milliard de dollars, avec une augmentation de 5 % dans le segment des assurances et une baisse de 9 % dans le segment de la réassurance. Le revenu net d'investissement a augmenté de 33 % pour atteindre 205 millions de dollars. Malgré les impacts des ouragans Helene et Milton, AXIS a maintenu des opérations rentables tout en améliorant l'efficacité opérationnelle grâce à leur programme 'Comment Nous Travaillons', réduisant le ratio G&A de 1,4 point à 12,1 %.
AXIS Capital hat für das dritte Quartal 2024 starke Finanzzahlen vermeldet, mit einem Nettogewinn von 173 Millionen Dollar (2,04 Dollar je verwässerte Aktie) und einem operativen Gewinn von 230 Millionen Dollar (2,71 Dollar je verwässerte Aktie). Zu den wichtigsten Highlights gehören eine kombinierte Quote von 93,1 %, eine annualisierte operative ROACE von 17,3 % und ein Anstieg des Buchwerts je verwässerter Aktie um 9,0 % auf 64,65 Dollar. Das Unternehmen verzeichnete einen Anstieg der brutto geschriebenen Prämien um 2 % auf 1,9 Milliarden Dollar, wobei der Versicherungsbereich um 5 % und der Rückversicherungsbereich um 9 % zurückging. Der Nettogewinn aus Investitionen stieg um 33 % auf 205 Millionen Dollar. Trotz der Auswirkungen der Hurrikane Helene und Milton hielt AXIS profitable Operationen aufrecht, während sie die betrieblichen Effizienz durch ihr Programm 'Wie wir arbeiten' verbesserten, wobei das G&A-Verhältnis um 1,4 Punkte auf 12,1 % gesenkt wurde.
- Net income of $173M and operating income of $230M in Q3 2024
- Book value per diluted share increased 26.3% YoY to $64.65
- Net investment income up 33% to $205M
- Gross premiums written increased 2% to $1.9B
- G&A ratio improved by 1.4 points to 12.1%
- Strong combined ratio of 93.1%
- Reinsurance segment gross premiums written decreased 9%
- Catastrophe and weather-related losses of $78M
- Current accident year loss ratio increased 2.0 points to 61.5%
Insights
Strong Q3 2024 results showcase AXIS Capital's robust performance with
Key positives include a
The company's strategic initiatives, including the "How We Work" program, are delivering efficiency gains. Strong capital position supports
For the third quarter of 2024, the Company reports:
-
Annualized return on average common equity ("ROACE") of
13.0% and annualized operating ROACE of17.3% -
Combined ratio of
93.1% -
Book value per diluted common share of
, an increase of$64.65 , or$5.36 9.0% , compared to June 30, 2024 and an increase of , or$13.48 26.3% compared to September 30, 2023
For the nine months ended September 30, 2024, the Company reports:
-
Net income available to common shareholders of
, or$765 million per diluted common share and operating income of$8.97 , or$700 million per diluted common share$8.21 -
Annualized return on average common equity ("ROACE") of
19.9% and annualized operating ROACE of18.2% -
Combined ratio of
91.6% -
Book value per diluted common share of
, an increase of$64.65 , or$10.59 19.6% , compared to December 31, 2023
PEMBROKE,
Commenting on the third quarter 2024 financial results, Vince Tizzio, President and CEO of AXIS Capital said:
"In the aftermath of Hurricanes Helene and Milton, our foremost thoughts are with the people and communities impacted by the storms. At times like this, our industry has an opportunity to demonstrate the value that insurance brings, and I thank our claims team for the excellent work they are doing to support our customers.
In a high catastrophe quarter for the industry, AXIS produced consistent, profitable results as we continue to deliver on our stated goals from our Investor Day. In the quarter, we generated an annualized operating ROE of
Across the business, we are leaning into attractive growth markets and unlocking new revenue opportunities, while helping our customers navigate a dynamic risk landscape. We head into the final months of 2024 with confidence in our future and a deep commitment to help AXIS realize its best potential as a specialty underwriting leader."
Third Quarter Consolidated Results*
-
Net income available to common shareholders for the third quarter of 2024 was
, or$173 million per diluted common share, compared to net income available to common shareholders of$2.04 , or$181 million per diluted common share, for the third quarter of 2023.$2.10 -
Operating income1 for the third quarter of 2024 was
, or$230 million per diluted common share1, compared to operating income of$2.71 , or$202 million per diluted common share, for the third quarter of 2023.$2.34 -
Our current accident year combined ratio, excluding catastrophe and weather-related losses of
87.9% for the third quarter of 2024, and88.1% for the nine months ended September 30, 2024, improved by 1.8 points compared to the third quarter of 2023, and 1.0 point compared to the prior year, respectively. -
Net investment income for the third quarter of 2024 was
, compared to$205 million , for the third quarter of 2023, an increase of$154 million or$51 million 33% , primarily attributable to income from our fixed maturities portfolio due to increased yields and an increase in fixed maturity assets. -
Book yield of fixed maturities was
4.4% at September 30, 2024, compared to4.1% at September 30, 2023. The market yield was4.9% at September 30, 2024. -
Book value per diluted common share was
at September 30, 2024, an increase of$64.65 , or$5.36 9.0% , compared to June 30, 2024, driven by net income, and net unrealized investment gains, partially offset by common share dividends declared of per share.$0.44 -
Book value per diluted common share increased by
, or$13.48 26.3% , over the past twelve months, driven by net income, and net unrealized investment gains, partially offset by common share dividends declared of per share.$1.76 -
Adjusted for net unrealized investment losses, after-tax, book value per diluted common share was
at September 30, 2024, an increase of$65.24 , or$1.70 2.7% , compared to at June 30, 2024, and an increase of$63.54 , or$5.46 9.1% , compared to at September 30, 2023.$59.78 -
Total capital returned to common shareholders was
year to date, including share repurchases of$253 million pursuant to our Board-authorized share repurchase programs, and dividends of$140 million .$113 million
* Amounts may not reconcile due to rounding differences. |
1 Operating income (loss) and operating income (loss) per diluted common share are non-GAAP financial measures as defined in SEC Regulation G. The reconciliations to the most comparable GAAP financial measures, net income (loss) available (attributable) to common shareholders and earnings (loss) per diluted common share, respectively, and a discussion of the rationale for the presentation of these items are provided later in this press release. |
Third Quarter Consolidated Underwriting Highlights2
-
Gross premiums written increased by
, or$30 million 2% , to with an increase of$1.9 billion , or$69 million 5% in the insurance segment, partially offset by a decrease of , or$39 million 9% in the reinsurance segment. -
Net premiums written increased by
, or$261 million 27% , to with an increase of$1.2 billion , or$91 million 10% in the insurance segment, and an increase of , or$170 million 189% in the reinsurance segment. The increase in the reinsurance segment was mainly due to premiums ceded to Monarch Point Re in the third quarter of 2023, following approval of the quota share retrocession agreement with Monarch Point Re in September 2023, with an effective date of January 1, 2023.
|
Three months ended September 30, |
||||||
KEY RATIOS |
2024 |
|
2023 |
|
Change |
||
Current accident year loss ratio, excluding catastrophe and weather-related losses(3) (4) |
55.7 |
% |
|
56.3 |
% |
|
(0.6 pts) |
Catastrophe and weather-related losses ratio(4) |
5.8 |
% |
|
3.2 |
% |
|
2.6 pts |
Current accident year loss ratio(4) |
61.5 |
% |
|
59.5 |
% |
|
2.0 pts |
Prior year reserve development ratio |
(0.6 |
%) |
|
(0.2 |
%) |
|
(0.4 pts) |
Net losses and loss expenses ratio |
60.9 |
% |
|
59.3 |
% |
|
1.6 pts |
Acquisition cost ratio |
20.1 |
% |
|
19.9 |
% |
|
0.2 pts |
General and administrative expense ratio |
12.1 |
% |
|
13.5 |
% |
|
(1.4 pts) |
Combined ratio |
93.1 |
% |
|
92.7 |
% |
|
0.4 pts |
|
|
|
|
|
|
||
Current accident year combined ratio(4) |
93.7 |
% |
|
92.9 |
% |
|
0.8 pts |
|
|
|
|
|
|
||
Current accident year combined ratio, excluding catastrophe and weather-related losses(4) |
87.9 |
% |
|
89.7 |
% |
|
(1.8 pts) |
-
Pre-tax catastrophe and weather-related losses, net of reinsurance, were
($78 million , after-tax),(Insurance:$64 million ; Reinsurance:$71 million ), or 5.8 points, including$7 million , or 3.2 points attributable to Hurricane Helene and Hurricane Beryl. The remaining losses were primarily attributable to other weather-related events.$43 million -
Net favorable prior year reserve development was
(Insurance:$8 million ; Reinsurance:$4 million ), compared to$4 million (Insurance:$3 million ; Reinsurance:$2 million ) in 2023.$1 million - General and administrative expense ratio decreased by 1.4 points, mainly driven by expense actions associated with our "How We Work" program, together with increases in fees related to arrangements with strategic capital partners and net premiums earned.
2 All comparisons are with the same period of the prior year, unless otherwise stated. |
3 The current accident year loss ratio, excluding catastrophe and weather-related losses is calculated by dividing the current accident year losses less pre-tax catastrophe and weather-related losses, net of reinsurance, by net premiums earned less reinstatement premiums. |
4 Current accident year loss ratio, catastrophe and weather-related losses ratio, current accident year loss ratio, excluding catastrophe and weather-related losses, current accident year combined ratio, and current accident year combined ratio, excluding catastrophe and weather-related losses are non-GAAP financial measures as defined in SEC Regulation G. The reconciliations to the most comparable GAAP financial measure, net losses and loss expenses ratio is provided above and a discussion of the rationale for the presentation of these items is provided later in this press release. |
Year to Date Consolidated Underwriting Highlights
-
Gross premiums written increased by
, or$458 million 7% , to with an increase of$7.0 billion , or$358 million 8% in the insurance segment, and an increase of , or$100 million 5% in the reinsurance segment. -
Net premiums written increased by
, or$502 million 12% , to with an increase of$4.5 billion , or$404 million 14% in the insurance segment, and an increase of , or$98 million 8% in the reinsurance segment.
|
Nine months ended September 30, |
||||||
KEY RATIOS |
2024 |
|
2023 |
|
Change |
||
Current accident year loss ratio, excluding catastrophe and weather-related losses |
55.7 |
% |
|
56.1 |
% |
|
(0.4 pts) |
Catastrophe and weather-related losses ratio |
3.7 |
% |
|
2.9 |
% |
|
0.8 pts |
Current accident year loss ratio |
59.4 |
% |
|
59.0 |
% |
|
0.4 pts |
Prior year reserve development ratio |
(0.2 |
%) |
|
(0.3 |
%) |
|
0.1 pts |
Net losses and loss expenses ratio |
59.2 |
% |
|
58.7 |
% |
|
0.5 pts |
Acquisition cost ratio |
20.2 |
% |
|
19.6 |
% |
|
0.6 pts |
General and administrative expense ratio |
12.2 |
% |
|
13.4 |
% |
|
(1.2 pts) |
Combined ratio |
91.6 |
% |
|
91.7 |
% |
|
(0.1 pts) |
|
|
|
|
|
|
||
Current accident year combined ratio |
91.8 |
% |
|
92.0 |
% |
|
(0.2 pts) |
|
|
|
|
|
|
||
Current accident year combined ratio, excluding catastrophe and weather-related losses |
88.1 |
% |
|
89.1 |
% |
|
(1.0 pts) |
-
Pre-tax catastrophe and weather-related losses, net of reinsurance, were
($145 million after-tax), (Insurance:$118 million ; Reinsurance:$136 million ), or 3.7 points, including$9 million , or 1.1 points attributable to Hurricane Helene and Hurricane Beryl, together with$43 million , or 0.3 points attributable to the Red Sea Conflict. The remaining losses were primarily attributable to other weather-related events.$13 million -
Net favorable prior year reserve development was
(Insurance:$8 million ; Reinsurance:$4 million ), compared to$4 million (Insurance:$13 million ; Reinsurance:$5 million ) in 2023.$8 million - General and administrative expense ratio decreased by 1.2 points, mainly driven by expense actions associated with our "How We Work" program, together with increases in fees related to arrangements with strategic capital partners and net premiums earned.
Segment Highlights
Insurance Segment
|
Three months ended September 30, |
|||||||||
($ in thousands) |
|
2024 |
|
|
|
2023 |
|
|
Change |
|
Gross premiums written |
$ |
1,526,676 |
|
|
$ |
1,457,624 |
|
|
4.7 |
% |
Net premiums written |
|
975,911 |
|
|
|
885,252 |
|
|
10.2 |
% |
Net premiums earned |
|
1,023,851 |
|
|
|
885,714 |
|
|
15.6 |
% |
Underwriting income |
|
98,786 |
|
|
|
104,610 |
|
|
(5.6 |
%) |
|
|
|
|
|
|
|||||
Underwriting ratios: |
|
|
|
|
|
|||||
Current accident year loss ratio, excluding catastrophe and weather-related losses |
|
52.3 |
% |
|
|
51.5 |
% |
|
0.8 pts |
|
Catastrophe and weather-related losses ratio |
|
7.0 |
% |
|
|
4.2 |
% |
|
2.8 pts |
|
Current accident year loss ratio |
|
59.3 |
% |
|
|
55.7 |
% |
|
3.6 pts |
|
Prior year reserve development ratio |
|
(0.4 |
%) |
|
|
(0.2 |
%) |
|
(0.2 pts) |
|
Net losses and loss expenses ratio |
|
58.9 |
% |
|
|
55.5 |
% |
|
3.4 pts |
|
Acquisition cost ratio |
|
19.9 |
% |
|
|
19.1 |
% |
|
0.8 pts |
|
Underwriting-related general and administrative expense ratio |
|
11.6 |
% |
|
|
13.6 |
% |
|
(2.0 pts) |
|
Combined ratio |
|
90.4 |
% |
|
|
88.2 |
% |
|
2.2 pts |
|
|
|
|
|
|
|
|||||
Current accident year combined ratio |
|
90.8 |
% |
|
|
88.4 |
% |
|
2.4 pts |
|
|
|
|
|
|
|
|||||
Current accident year combined ratio, excluding catastrophe and weather-related losses |
|
83.8 |
% |
|
|
84.2 |
% |
|
(0.4 pts) |
-
Gross premiums written increased by
, or$69 million 5% , primarily attributable to increases in property, accident and health, and credit and political risk lines driven by new business, partially offset by a decrease in cyber lines principally due to a lower level of premiums associated with program business. -
Net premiums written increased by
, or$91 million 10% , reflecting the increase in gross premiums written in the quarter, together with decreases in premiums ceded in cyber, and professional lines, partially offset by an increase in premiums ceded in accident and health lines. - The current accident year loss ratio, excluding catastrophe and weather-related losses is consistent with recent quarters.
- The acquisition cost ratio increased by 0.8 points, primarily related to changes in business mix driven by an increase in credit and political risk, and accident and health business written in recent periods which is associated with relatively higher gross variable acquisition costs.
- The underwriting-related general and administrative expense ratio decreased by 2.0 points, mainly driven by an increase in net premiums earned and expense actions associated with our "How We Work" program.
|
Nine months ended September 30, |
|||||||||
($ in thousands) |
|
2024 |
|
|
|
2023 |
|
|
Change |
|
Gross premiums written |
$ |
4,915,247 |
|
|
$ |
4,557,386 |
|
|
7.9 |
% |
Net premiums written |
|
3,192,462 |
|
|
|
2,788,849 |
|
|
14.5 |
% |
Net premiums earned |
|
2,900,011 |
|
|
|
2,544,920 |
|
|
14.0 |
% |
Underwriting income |
|
337,414 |
|
|
|
322,617 |
|
|
4.6 |
% |
|
|
|
|
|
|
|||||
Underwriting ratios: |
|
|
|
|
|
|||||
Current accident year loss ratio, excluding catastrophe and weather-related losses |
|
52.1 |
% |
|
|
51.7 |
% |
|
0.4 pts |
|
Catastrophe and weather-related losses ratio |
|
4.7 |
% |
|
|
3.5 |
% |
|
1.2 pts |
|
Current accident year loss ratio |
|
56.8 |
% |
|
|
55.2 |
% |
|
1.6 pts |
|
Prior year reserve development ratio |
|
(0.2 |
%) |
|
|
(0.2 |
%) |
|
— pts |
|
Net losses and loss expenses ratio |
|
56.6 |
% |
|
|
55.0 |
% |
|
1.6 pts |
|
Acquisition cost ratio |
|
19.6 |
% |
|
|
18.6 |
% |
|
1.0 pts |
|
Underwriting-related general and administrative expense ratio |
|
12.2 |
% |
|
|
13.7 |
% |
|
(1.5 pts) |
|
Combined ratio |
|
88.4 |
% |
|
|
87.3 |
% |
|
1.1 pts |
|
|
|
|
|
|
|
|||||
Current accident year combined ratio |
|
88.6 |
% |
|
|
87.5 |
% |
|
1.1 pts |
|
|
|
|
|
|
|
|||||
Current accident year combined ratio, excluding catastrophe and weather-related losses |
|
83.9 |
% |
|
|
84.0 |
% |
|
(0.1 pts) |
-
Gross premiums written increased by
, or$358 million 8% , primarily attributable to increases in all lines of business with the exception of cyber lines which decreased principally due to lower levels of premiums associated with program business and premium adjustments, and liability lines which decreased principally due to underwriting actions taken to reposition the portfolio. -
Net premiums written increased by
, or$404 million 14% , reflecting the increase in gross premiums written, together with decreases in premiums ceded in cyber, and professional lines, partially offset by increases in premiums ceded in property, and accident and health lines.
Reinsurance Segment
|
Three months ended September 30, |
|||||||||
($ in thousands) |
|
2024 |
|
|
|
2023 |
|
|
Change |
|
Gross premiums written |
$ |
409,226 |
|
|
$ |
448,254 |
|
|
(8.7 |
%) |
Net premiums written |
|
260,074 |
|
|
|
90,105 |
|
|
188.6 |
% |
Net premiums earned |
|
342,850 |
|
|
|
436,850 |
|
|
(21.5 |
%) |
Underwriting income |
|
36,364 |
|
|
|
42,368 |
|
|
(14.2 |
%) |
|
|
|
|
|
|
|||||
Underwriting ratios: |
|
|
|
|
|
|||||
Current accident year loss ratio, excluding catastrophe and weather-related losses |
|
66.0 |
% |
|
|
66.2 |
% |
|
(0.2 pts) |
|
Catastrophe and weather-related losses ratio |
|
2.0 |
% |
|
|
1.0 |
% |
|
1.0 pts |
|
Current accident year loss ratio |
|
68.0 |
% |
|
|
67.2 |
% |
|
0.8 pts |
|
Prior year reserve development ratio |
|
(1.1 |
%) |
|
|
(0.2 |
%) |
|
(0.9 pts) |
|
Net losses and loss expenses ratio |
|
66.9 |
% |
|
|
67.0 |
% |
|
(0.1 pts) |
|
Acquisition cost ratio |
|
20.9 |
% |
|
|
21.5 |
% |
|
(0.6 pts) |
|
Underwriting-related general and administrative expense ratio |
|
3.6 |
% |
|
|
4.2 |
% |
|
(0.6 pts) |
|
Combined ratio |
|
91.4 |
% |
|
|
92.7 |
% |
|
(1.3 pts) |
|
|
|
|
|
|
|
|||||
Current accident year combined ratio |
|
92.5 |
% |
|
|
92.9 |
% |
|
(0.4 pts) |
|
|
|
|
|
|
|
|||||
Current accident year combined ratio, excluding catastrophe and weather-related losses |
|
90.5 |
% |
|
|
91.9 |
% |
|
(1.4 pts) |
-
Gross premiums written decreased by
, or$39 million 9% ( , or$36 million 8% , on a constant currency basis(5)), primarily attributable to liability lines due to the restructuring of significant contracts, together with non-renewals and decreased line sizes in accident and health lines. -
Net premiums written increased by
, or$170 million 189% ( , or$173 million 192% , on a constant currency basis), mainly due to premiums ceded to Monarch Point Re in the third quarter of 2023, following approval of the quota share retrocession agreement with Monarch Point Re in September 2023, with an effective date of January 1, 2023. - The current accident year loss ratio, excluding catastrophe and weather-related losses was comparable to the prior year principally due to the impact of a loss expense related to the retrocession agreement entered into with Monarch Point Re reflected in the prior year, largely offset by changes in business mix attributable to the exit from catastrophe and property lines of business.
- The acquisition cost ratio decreased by 0.6 points, primarily related to adjustments attributable to loss-sensitive features in accident and health lines.
- The underwriting-related general and administrative expense ratio decreased by 0.6 points, mainly driven by an increase in fees related to arrangements with strategic capital partners, partially offset by a decrease in net premiums earned.
5 Amounts presented on a constant currency basis are non-GAAP financial measures as defined in SEC Regulation G. The constant currency basis is calculated by applying the average foreign exchange rate from the current year to prior year amounts. The reconciliations to the most comparable GAAP financial measures is provided above and a discussion of the rationale for the presentation of these items is provided later in this press release. |
|
Nine months ended September 30, |
|||||||||
($ in thousands) |
|
2024 |
|
|
|
2023 |
|
|
Change |
|
Gross premiums written |
$ |
2,115,317 |
|
|
$ |
2,014,846 |
|
|
5.0 |
% |
Net premiums written |
|
1,339,340 |
|
|
|
1,241,221 |
|
|
7.9 |
% |
Net premiums earned |
|
1,029,210 |
|
|
|
1,273,588 |
|
|
(19.2 |
%) |
Underwriting income |
|
104,556 |
|
|
|
112,217 |
|
|
(6.8 |
%) |
|
|
|
|
|
|
|||||
Underwriting ratios: |
|
|
|
|
|
|||||
Current accident year loss ratio, excluding catastrophe and weather-related losses |
|
66.0 |
% |
|
|
64.9 |
% |
|
1.1 pts |
|
Catastrophe and weather-related losses ratio |
|
0.9 |
% |
|
|
1.8 |
% |
|
(0.9 pts) |
|
Current accident year loss ratio |
|
66.9 |
% |
|
|
66.7 |
% |
|
0.2 pts |
|
Prior year reserve development ratio |
|
(0.4 |
%) |
|
|
(0.6 |
%) |
|
0.2 pts |
|
Net losses and loss expenses ratio |
|
66.5 |
% |
|
|
66.1 |
% |
|
0.4 pts |
|
Acquisition cost ratio |
|
22.1 |
% |
|
|
21.5 |
% |
|
0.6 pts |
|
Underwriting-related general and administrative expense ratio |
|
3.5 |
% |
|
|
4.9 |
% |
|
(1.4 pts) |
|
Combined ratio |
|
92.1 |
% |
|
|
92.5 |
% |
|
(0.4 pts) |
|
|
|
|
|
|
|
|||||
Current accident year combined ratio |
|
92.5 |
% |
|
|
93.1 |
% |
|
(0.6 pts) |
|
|
|
|
|
|
|
|||||
Current accident year combined ratio, excluding catastrophe and weather-related losses |
|
91.6 |
% |
|
|
91.3 |
% |
|
0.3 pts |
-
Gross premiums written increased by
, or$100 million 5% , primarily attributable to all lines with the exception of liability lines, largely associated with new business, increased line sizes, premium adjustments, and the timing of renewals. -
Net premiums written increased by
, or$98 million 8% ( , or$92 million 7% , on a constant currency basis), reflecting the increase in gross premiums written.
Investments
|
Three months ended
|
|
Nine months ended
|
||||||||||||
($ in thousands) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net investment income |
$ |
205,100 |
|
|
$ |
154,201 |
|
|
$ |
563,458 |
|
|
$ |
424,802 |
|
Net investment gains (losses) |
|
32,182 |
|
|
|
(53,114 |
) |
|
|
(30,503 |
) |
|
|
(97,671 |
) |
Change in net unrealized gains (losses) on fixed maturities(6) |
|
385,209 |
|
|
|
(157,943 |
) |
|
|
354,478 |
|
|
|
(17,909 |
) |
Interest in income of equity method investments |
|
1,621 |
|
|
|
2,940 |
|
|
|
10,689 |
|
|
|
2,835 |
|
Total |
$ |
624,112 |
|
|
$ |
(53,916 |
) |
|
$ |
898,122 |
|
|
$ |
312,057 |
|
|
|
|
|
|
|
|
|
||||||||
Average cash and investments(7) |
$ |
17,768,254 |
|
|
$ |
16,281,540 |
|
|
$ |
17,207,139 |
|
|
$ |
16,057,260 |
|
|
|
|
|
|
|
|
|
||||||||
Pre-tax, total return on average cash and investments: |
|
|
|
|
|
|
|
||||||||
Including investment related foreign exchange movements |
|
3.5 |
% |
|
|
(0.3 |
%) |
|
|
5.2 |
% |
|
|
1.9 |
% |
Excluding investment related foreign exchange movements(8) |
|
3.1 |
% |
|
|
— |
% |
|
|
5.0 |
% |
|
|
2.0 |
% |
-
Net investment income increased by
, or$51 million 33% , compared to the third quarter of 2023, primarily attributable to income from our fixed maturities portfolio due to increased yields and substantial cash flows from operations that resulted in an increase in fixed maturity assets, together with higher returns on alternative investments. - Net investment gains (losses) recognized in net income (loss) for the quarter primarily related to net unrealized gains on equity securities.
-
Change in net unrealized gains, pre-tax of
($385 million excluding foreign exchange movements) recognized in other comprehensive income (loss) in the quarter due to an increase in the market value of our fixed maturities portfolio attributable to a decline in yields, compared to change in net unrealized losses, pre-tax of$330 million ($158 million excluding foreign exchange movements) recognized during the third quarter of 2023.$124 million -
Book yield of fixed maturities was
4.4% at September 30, 2024, compared to4.1% at September 30, 2023 and4.2% at December 31, 2023. The market yield was4.9% at September 30, 2024.
6 Change in net unrealized gains (losses) on fixed maturities is calculated by taking net unrealized gains (losses) at period end less net unrealized gains (losses) at the prior period end. |
7 The average cash and investments balance is the average of the monthly fair value balances. |
8 Pre-tax total return on cash and investments excluding foreign exchange movements is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to pre-tax total return on cash and investments, the most comparable GAAP financial measure, also included foreign exchange (losses) gains of |
Capitalization / Shareholders’ Equity
|
September 30, |
|
December 31, |
|
|
|
|||||
($ in thousands) |
|
2024 |
|
|
|
2023 |
|
Change |
|||
Total capital(9) |
$ |
7,398,033 |
|
|
$ |
6,576,910 |
|
|
$ |
821,123 |
|
-
Total capital of
included$7.4 billion of debt and$1.3 billion of preferred equity, compared to$550 million at December 31, 2023, with the increase driven by net income, and net unrealized investment gains reported in accumulated other comprehensive income (loss), partially offset by common share dividends declared, and the repurchase of common shares, including$6.6 billion repurchased pursuant to our Board-authorized share repurchase programs.$140 million -
At September 30, 2024, we had
of remaining authorization under our open-ended Board-authorized share repurchase program for common share repurchases.$260 million
Book Value per diluted common share
|
September 30, |
|
June 30, |
|
September 30, |
||||||
|
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
Book value per diluted common share(10) |
$ |
64.65 |
|
|
$ |
59.29 |
|
|
$ |
51.17 |
|
-
Dividends declared were
per common share in the current quarter and$0.44 per common share over the past twelve months.$1.76
|
Three months ended, |
|
Twelve months ended, |
||||||||||||
|
September 30, 2024 |
|
September 30, 2024 |
||||||||||||
|
Change |
|
% Change |
|
Change |
|
% Change |
||||||||
Book value per diluted common share |
$ |
5.36 |
|
|
|
9.0 |
% |
|
$ |
13.48 |
|
|
|
26.3 |
% |
Book value per diluted common share - adjusted for dividends declared |
$ |
5.80 |
|
|
|
9.8 |
% |
|
$ |
15.24 |
|
|
|
29.8 |
% |
-
Book value per diluted common share increased by
in the quarter, and by$5.36 over the past twelve months, driven by net income, and net unrealized investment gains reported in accumulated other comprehensive income (loss), partially offset by common share dividends declared.$13.48 -
Adjusted for net unrealized investment losses, after-tax, reported in accumulated other comprehensive income (loss), book value per diluted common share was
.$65.24
9 Total capital represents the sum of total shareholders' equity and debt. |
10 Calculated using the treasury stock method. |
Conference Call
We will host a conference call on Thursday, October 31, 2024 at 9:00 a.m. (EDT) to discuss the third quarter financial results and related matters. The teleconference can be accessed by dialing 1-877-883-0383 (
In addition, an investor financial supplement for the quarter ended September 30, 2024 is available in the Investor Information section of our website.
About AXIS Capital
AXIS Capital, through its operating subsidiaries, is a global specialty underwriter and provider of insurance and reinsurance solutions. The Company has shareholders' equity of
Website and Social Media Disclosure
We use our website (www.axiscapital.com) and our corporate LinkedIn (AXIS Capital) and X Corp. (@AXIS_Capital) accounts as channels of distribution of Company information. The information we post through these channels may be deemed material. Accordingly, investors should monitor these channels, in addition to following our press releases, SEC filings and public conference calls and webcasts. In addition, e-mail alerts and other information about AXIS Capital may be received by those enrolled in our "E-mail Alerts" program which can be found in the Investor Information section of our website (www.axiscapital.com). The contents of our website and social media channels are not part of this press release.
Follow AXIS Capital on LinkedIn and X Corp.
LinkedIn: http://bit.ly/2kRYbZ5
AXIS CAPITAL HOLDINGS LIMITED CONSOLIDATED BALANCE SHEETS SEPTEMBER 30, 2024 (UNAUDITED) AND DECEMBER 31, 2023 |
|||||||
|
|
|
|
||||
|
|
2024 |
|
|
2023 |
|
|
|
(in thousands) |
||||||
Assets |
|
||||||
Investments: |
|
||||||
Fixed maturities, available for sale, at fair value |
$ |
13,768,193 |
|
|
$ |
12,234,742 |
|
Fixed maturities, held to maturity, at amortized cost |
|
503,776 |
|
|
|
686,296 |
|
Equity securities, at fair value |
|
604,834 |
|
|
|
588,511 |
|
Mortgage loans, held for investment, at fair value |
|
524,929 |
|
|
|
610,148 |
|
Other investments, at fair value |
|
939,734 |
|
|
|
949,413 |
|
Equity method investments |
|
197,712 |
|
|
|
174,634 |
|
Short-term investments, at fair value |
|
127,867 |
|
|
|
17,216 |
|
Total investments |
|
16,667,045 |
|
|
|
15,260,960 |
|
Cash and cash equivalents |
|
981,003 |
|
|
|
953,476 |
|
Restricted cash and cash equivalents |
|
490,323 |
|
|
|
430,509 |
|
Accrued interest receivable |
|
125,770 |
|
|
|
106,055 |
|
Insurance and reinsurance premium balances receivable |
|
3,408,271 |
|
|
|
3,067,554 |
|
Reinsurance recoverable on unpaid losses and loss expenses |
|
6,810,929 |
|
|
|
6,323,083 |
|
Reinsurance recoverable on paid losses and loss expenses |
|
476,045 |
|
|
|
575,847 |
|
Deferred acquisition costs |
|
574,012 |
|
|
|
450,950 |
|
Prepaid reinsurance premiums |
|
2,020,952 |
|
|
|
1,916,087 |
|
Receivable for investments sold |
|
871 |
|
|
|
8,767 |
|
Goodwill |
|
100,801 |
|
|
|
100,801 |
|
Intangible assets |
|
178,696 |
|
|
|
186,883 |
|
Operating lease right-of-use assets |
|
97,912 |
|
|
|
108,093 |
|
Loan advances made |
|
283,624 |
|
|
|
305,222 |
|
Other assets |
|
506,394 |
|
|
|
456,385 |
|
Total assets |
$ |
32,722,648 |
|
|
$ |
30,250,672 |
|
|
|
|
|
||||
Liabilities |
|
|
|
||||
Reserve for losses and loss expenses |
$ |
17,295,329 |
|
|
$ |
16,434,018 |
|
Unearned premiums |
|
5,452,873 |
|
|
|
4,747,602 |
|
Insurance and reinsurance balances payable |
|
1,828,297 |
|
|
|
1,792,719 |
|
Debt |
|
1,314,806 |
|
|
|
1,313,714 |
|
Federal Home Loan Bank advances |
|
75,580 |
|
|
|
85,790 |
|
Payable for investments purchased |
|
127,609 |
|
|
|
26,093 |
|
Operating lease liabilities |
|
115,176 |
|
|
|
123,101 |
|
Other liabilities |
|
429,751 |
|
|
|
464,439 |
|
Total liabilities |
|
26,639,421 |
|
|
|
24,987,476 |
|
|
|
|
|
||||
Shareholders' equity |
|
|
|
||||
Preferred shares |
|
550,000 |
|
|
|
550,000 |
|
Common shares |
|
2,206 |
|
|
|
2,206 |
|
Additional paid-in capital |
|
2,385,905 |
|
|
|
2,383,030 |
|
Accumulated other comprehensive income (loss) |
|
(76,738 |
) |
|
|
(365,836 |
) |
Retained earnings |
|
7,092,817 |
|
|
|
6,440,528 |
|
Treasury shares, at cost |
|
(3,870,963 |
) |
|
|
(3,746,732 |
) |
Total shareholders' equity |
|
6,083,227 |
|
|
|
5,263,196 |
|
|
|
|
|
||||
Total liabilities and shareholders' equity |
$ |
32,722,648 |
|
|
$ |
30,250,672 |
|
AXIS CAPITAL HOLDINGS LIMITED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023 |
|||||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
Three months ended |
|
Nine months ended |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
||||||||
|
(in thousands, except per share amounts) |
||||||||||||||
Revenues |
|
|
|
|
|
||||||||||
Net premiums earned |
$ |
1,366,701 |
|
|
$ |
1,322,564 |
|
|
$ |
3,929,221 |
|
|
$ |
3,818,508 |
|
Net investment income |
|
205,100 |
|
|
|
154,201 |
|
|
|
563,458 |
|
|
|
424,802 |
|
Net investment gains (losses) |
|
32,182 |
|
|
|
(53,114 |
) |
|
|
(30,503 |
) |
|
|
(97,671 |
) |
Other insurance related income |
|
6,838 |
|
|
|
10,344 |
|
|
|
23,704 |
|
|
|
16,444 |
|
Total revenues |
|
1,610,821 |
|
|
|
1,433,995 |
|
|
|
4,485,880 |
|
|
|
4,162,083 |
|
|
|
|
|
|
|
|
|
||||||||
Expenses |
|
|
|
|
|
|
|
||||||||
Net losses and loss expenses |
|
831,872 |
|
|
|
783,940 |
|
|
|
2,326,532 |
|
|
|
2,240,840 |
|
Acquisition costs |
|
274,935 |
|
|
|
263,389 |
|
|
|
794,280 |
|
|
|
747,027 |
|
General and administrative expenses |
|
165,203 |
|
|
|
179,283 |
|
|
|
477,016 |
|
|
|
514,596 |
|
Foreign exchange losses (gains) |
|
92,204 |
|
|
|
(50,570 |
) |
|
|
61,268 |
|
|
|
(11,755 |
) |
Interest expense and financing costs |
|
16,849 |
|
|
|
16,445 |
|
|
|
51,005 |
|
|
|
50,077 |
|
Reorganization expenses |
|
— |
|
|
|
28,997 |
|
|
|
26,312 |
|
|
|
28,997 |
|
Amortization of intangible assets |
|
2,729 |
|
|
|
2,729 |
|
|
|
8,188 |
|
|
|
8,188 |
|
Total expenses |
|
1,383,792 |
|
|
|
1,224,213 |
|
|
|
3,744,601 |
|
|
|
3,577,970 |
|
|
|
|
|
|
|
|
|
||||||||
Income before income taxes and interest in income of equity method investments |
|
227,029 |
|
|
|
209,782 |
|
|
|
741,279 |
|
|
|
584,113 |
|
Income tax (expense) benefit |
|
(47,922 |
) |
|
|
(24,624 |
) |
|
|
36,185 |
|
|
|
(68,078 |
) |
Interest in income of equity method investments |
|
1,621 |
|
|
|
2,940 |
|
|
|
10,689 |
|
|
|
2,835 |
|
Net income |
|
180,728 |
|
|
|
188,098 |
|
|
|
788,153 |
|
|
|
518,870 |
|
Preferred share dividends |
|
7,563 |
|
|
|
7,563 |
|
|
|
22,688 |
|
|
|
22,688 |
|
Net income available to common shareholders |
$ |
173,165 |
|
|
$ |
180,535 |
|
|
$ |
765,465 |
|
|
$ |
496,182 |
|
|
|
|
|
|
|
|
|
||||||||
Per share data |
|
|
|
|
|
|
|
||||||||
Earnings per common share: |
|
|
|
|
|
|
|
||||||||
Earnings per common share |
$ |
2.06 |
|
|
$ |
2.12 |
|
|
$ |
9.07 |
|
|
$ |
5.83 |
|
Earnings per diluted common share |
$ |
2.04 |
|
|
$ |
2.10 |
|
|
$ |
8.97 |
|
|
$ |
5.77 |
|
Weighted average common shares outstanding |
|
83,936 |
|
|
|
85,223 |
|
|
|
84,428 |
|
|
|
85,099 |
|
Weighted average diluted common shares outstanding |
|
85,000 |
|
|
|
86,108 |
|
|
|
85,338 |
|
|
|
85,927 |
|
Cash dividends declared per common share |
$ |
0.44 |
|
|
$ |
0.44 |
|
|
$ |
1.32 |
|
|
$ |
1.32 |
|
AXIS CAPITAL HOLDINGS LIMITED CONSOLIDATED SEGMENTAL DATA (UNAUDITED) FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023 |
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
2024 |
|
2023 |
||||||||||||||||||||
|
Insurance |
|
Reinsurance |
|
Total |
|
Insurance |
|
Reinsurance |
|
Total |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
(in thousands) |
||||||||||||||||||||||
Gross premiums written |
$ |
1,526,676 |
|
|
$ |
409,226 |
|
|
$ |
1,935,902 |
|
|
$ |
1,457,624 |
|
|
$ |
448,254 |
|
|
$ |
1,905,878 |
|
Net premiums written |
|
975,911 |
|
|
|
260,074 |
|
|
|
1,235,985 |
|
|
|
885,252 |
|
|
|
90,105 |
|
|
|
975,357 |
|
Net premiums earned |
|
1,023,851 |
|
|
|
342,850 |
|
|
|
1,366,701 |
|
|
|
885,714 |
|
|
|
436,850 |
|
|
|
1,322,564 |
|
Other insurance related income (loss) |
|
93 |
|
|
|
6,745 |
|
|
|
6,838 |
|
|
|
(22 |
) |
|
|
10,366 |
|
|
|
10,344 |
|
Net losses and loss expenses |
|
(602,654 |
) |
|
|
(229,218 |
) |
|
|
(831,872 |
) |
|
|
(491,368 |
) |
|
|
(292,572 |
) |
|
|
(783,940 |
) |
Acquisition costs |
|
(203,255 |
) |
|
|
(71,680 |
) |
|
|
(274,935 |
) |
|
|
(169,384 |
) |
|
|
(94,005 |
) |
|
|
(263,389 |
) |
Underwriting-related general and |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
administrative expenses(11) |
|
(119,249 |
) |
|
|
(12,333 |
) |
|
|
(131,582 |
) |
|
|
(120,330 |
) |
|
|
(18,271 |
) |
|
|
(138,601 |
) |
Underwriting income(12) |
$ |
98,786 |
|
|
$ |
36,364 |
|
|
|
135,150 |
|
|
$ |
104,610 |
|
|
$ |
42,368 |
|
|
|
146,978 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net investment income |
|
|
|
|
|
205,100 |
|
|
|
|
|
|
|
154,201 |
|
||||||||
Net investment gains (losses) |
|
|
|
|
|
32,182 |
|
|
|
|
|
|
|
(53,114 |
) |
||||||||
Corporate expenses(11) |
|
|
|
|
|
(33,621 |
) |
|
|
|
|
|
|
(40,682 |
) |
||||||||
Foreign exchange (losses) gains |
|
|
|
|
|
(92,204 |
) |
|
|
|
|
|
|
50,570 |
|
||||||||
Interest expense and financing costs |
|
|
|
|
|
(16,849 |
) |
|
|
|
|
|
|
(16,445 |
) |
||||||||
Reorganization expenses |
|
|
|
|
|
— |
|
|
|
|
|
|
|
(28,997 |
) |
||||||||
Amortization of intangible assets |
|
|
|
|
|
(2,729 |
) |
|
|
|
|
|
|
(2,729 |
) |
||||||||
Income before income taxes and interest in income of equity method investments |
|
|
|
|
|
227,029 |
|
|
|
|
|
|
|
209,782 |
|
||||||||
Income tax (expense) benefit |
|
|
|
|
|
(47,922 |
) |
|
|
|
|
|
|
(24,624 |
) |
||||||||
Interest in income of equity method investments |
|
|
|
|
|
1,621 |
|
|
|
|
|
|
|
2,940 |
|
||||||||
Net income |
|
|
|
|
|
180,728 |
|
|
|
|
|
|
|
188,098 |
|
||||||||
Preferred share dividends |
|
|
|
|
|
7,563 |
|
|
|
|
|
|
|
7,563 |
|
||||||||
Net income available to common shareholders |
|
|
|
|
$ |
173,165 |
|
|
|
|
|
|
$ |
180,535 |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net losses and loss expenses ratio |
|
58.9 |
% |
|
|
66.9 |
% |
|
|
60.9 |
% |
|
|
55.5 |
% |
|
|
67.0 |
% |
|
|
59.3 |
% |
Acquisition cost ratio |
|
19.9 |
% |
|
|
20.9 |
% |
|
|
20.1 |
% |
|
|
19.1 |
% |
|
|
21.5 |
% |
|
|
19.9 |
% |
Underwriting-related general and administrative expense ratio |
|
11.6 |
% |
|
|
3.6 |
% |
|
|
9.6 |
% |
|
|
13.6 |
% |
|
|
4.2 |
% |
|
|
10.4 |
% |
Corporate expense ratio |
|
|
|
|
|
2.5 |
% |
|
|
|
|
|
|
3.1 |
% |
||||||||
Combined ratio |
|
90.4 |
% |
|
|
91.4 |
% |
|
|
93.1 |
% |
|
|
88.2 |
% |
|
|
92.7 |
% |
|
|
92.7 |
% |
11 Underwriting-related general and administrative expenses is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to general and administrative expenses, the most comparable GAAP financial measure, also included corporate expenses of |
12 Consolidated underwriting income (loss) is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to net income (loss), the most comparable GAAP financial measure, is presented above. |
|
AXIS CAPITAL HOLDINGS LIMITED CONSOLIDATED SEGMENTAL DATA (UNAUDITED) FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023 |
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
2024 |
|
2023 |
||||||||||||||||||||
|
Insurance |
|
Reinsurance |
|
Total |
|
Insurance |
|
Reinsurance |
|
Total |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
(in thousands) |
||||||||||||||||||||||
Gross premiums written |
$ |
4,915,247 |
|
|
$ |
2,115,317 |
|
|
$ |
7,030,564 |
|
|
$ |
4,557,386 |
|
|
$ |
2,014,846 |
|
|
$ |
6,572,232 |
|
Net premiums written |
|
3,192,462 |
|
|
|
1,339,340 |
|
|
|
4,531,802 |
|
|
|
2,788,849 |
|
|
|
1,241,221 |
|
|
|
4,030,070 |
|
Net premiums earned |
|
2,900,011 |
|
|
|
1,029,210 |
|
|
|
3,929,221 |
|
|
|
2,544,920 |
|
|
|
1,273,588 |
|
|
|
3,818,508 |
|
Other insurance related income |
|
53 |
|
|
|
23,651 |
|
|
|
23,704 |
|
|
|
90 |
|
|
|
16,354 |
|
|
|
16,444 |
|
Net losses and loss expenses |
|
(1,642,110 |
) |
|
|
(684,422 |
) |
|
|
(2,326,532 |
) |
|
|
(1,398,486 |
) |
|
|
(842,354 |
) |
|
|
(2,240,840 |
) |
Acquisition costs |
|
(567,310 |
) |
|
|
(226,970 |
) |
|
|
(794,280 |
) |
|
|
(473,413 |
) |
|
|
(273,614 |
) |
|
|
(747,027 |
) |
Underwriting-related general and |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
administrative expenses(13) |
|
(353,230 |
) |
|
|
(36,913 |
) |
|
|
(390,143 |
) |
|
|
(350,494 |
) |
|
|
(61,757 |
) |
|
|
(412,251 |
) |
Underwriting income(14) |
$ |
337,414 |
|
|
$ |
104,556 |
|
|
|
441,970 |
|
|
$ |
322,617 |
|
|
$ |
112,217 |
|
|
|
434,834 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net investment income |
|
|
|
|
|
563,458 |
|
|
|
|
|
|
|
424,802 |
|
||||||||
Net investment gains (losses) |
|
|
|
|
|
(30,503 |
) |
|
|
|
|
|
|
(97,671 |
) |
||||||||
Corporate expenses(13) |
|
|
|
|
|
(86,873 |
) |
|
|
|
|
|
|
(102,345 |
) |
||||||||
Foreign exchange (losses) gains |
|
|
|
|
|
(61,268 |
) |
|
|
|
|
|
|
11,755 |
|
||||||||
Interest expense and financing costs |
|
|
|
|
|
(51,005 |
) |
|
|
|
|
|
|
(50,077 |
) |
||||||||
Reorganization expenses |
|
|
|
|
|
(26,312 |
) |
|
|
|
|
|
|
(28,997 |
) |
||||||||
Amortization of intangible assets |
|
|
|
|
|
(8,188 |
) |
|
|
|
|
|
|
(8,188 |
) |
||||||||
Income before income taxes and interest in income of equity method investments |
|
|
|
|
|
741,279 |
|
|
|
|
|
|
|
584,113 |
|
||||||||
Income tax (expense) benefit |
|
|
|
|
|
36,185 |
|
|
|
|
|
|
|
(68,078 |
) |
||||||||
Interest in income of equity method investments |
|
|
|
|
|
10,689 |
|
|
|
|
|
|
|
2,835 |
|
||||||||
Net Income |
|
|
|
|
|
788,153 |
|
|
|
|
|
|
|
518,870 |
|
||||||||
Preferred share dividends |
|
|
|
|
|
22,688 |
|
|
|
|
|
|
|
22,688 |
|
||||||||
Net income available to common shareholders |
|
|
|
|
$ |
765,465 |
|
|
|
|
|
|
$ |
496,182 |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net losses and loss expenses ratio |
|
56.6 |
% |
|
|
66.5 |
% |
|
|
59.2 |
% |
|
|
55.0 |
% |
|
|
66.1 |
% |
|
|
58.7 |
% |
Acquisition cost ratio |
|
19.6 |
% |
|
|
22.1 |
% |
|
|
20.2 |
% |
|
|
18.6 |
% |
|
|
21.5 |
% |
|
|
19.6 |
% |
Underwriting-related general and administrative expense ratio |
|
12.2 |
% |
|
|
3.5 |
% |
|
|
10.0 |
% |
|
|
13.7 |
% |
|
|
4.9 |
% |
|
|
10.7 |
% |
Corporate expense ratio |
|
|
|
|
|
2.2 |
% |
|
|
|
|
|
|
2.7 |
% |
||||||||
Combined ratio |
|
88.4 |
% |
|
|
92.1 |
% |
|
|
91.6 |
% |
|
|
87.3 |
% |
|
|
92.5 |
% |
|
|
91.7 |
% |
13Underwriting-related general and administrative expenses is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to general and administrative expenses, the most comparable GAAP financial measure, also included corporate expenses of |
14Consolidated underwriting income (loss) is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to net income (loss), the most comparable GAAP financial measure, is presented above. |
|
AXIS CAPITAL HOLDINGS LIMITED NON-GAAP FINANCIAL MEASURES RECONCILIATION (UNAUDITED) OPERATING INCOME AND OPERATING RETURN ON AVERAGE COMMON EQUITY FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023 |
|||||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
Three months ended |
|
Nine months ended |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
(in thousands, except per share amounts) |
||||||||||||||
|
|
|
|
|
|
|
|
||||||||
Net income available to common shareholders |
$ |
173,165 |
|
|
$ |
180,535 |
|
|
$ |
765,465 |
|
|
$ |
496,182 |
|
Net investment (gains) losses |
|
(32,182 |
) |
|
|
53,114 |
|
|
|
30,503 |
|
|
|
97,671 |
|
Foreign exchange losses (gains) |
|
92,204 |
|
|
|
(50,570 |
) |
|
|
61,268 |
|
|
|
(11,755 |
) |
Reorganization expenses |
|
— |
|
|
|
28,997 |
|
|
|
26,312 |
|
|
|
28,997 |
|
Interest in income of equity method investments |
|
(1,621 |
) |
|
|
(2,940 |
) |
|
|
(10,689 |
) |
|
|
(2,835 |
) |
|
|
— |
|
|
|
— |
|
|
|
(162,705 |
) |
|
|
— |
|
Income tax benefit(16) |
|
(1,503 |
) |
|
|
(7,245 |
) |
|
|
(9,938 |
) |
|
|
(15,138 |
) |
Operating income |
$ |
230,063 |
|
|
$ |
201,891 |
|
|
$ |
700,216 |
|
|
$ |
593,122 |
|
|
|
|
|
|
|
|
|
||||||||
Earnings per diluted common share |
$ |
2.04 |
|
|
$ |
2.10 |
|
|
$ |
8.97 |
|
|
$ |
5.77 |
|
Net investment (gains) losses |
|
(0.38 |
) |
|
|
0.62 |
|
|
|
0.36 |
|
|
|
1.14 |
|
Foreign exchange losses (gains) |
|
1.08 |
|
|
|
(0.59 |
) |
|
|
0.72 |
|
|
|
(0.14 |
) |
Reorganization expenses |
|
— |
|
|
|
0.34 |
|
|
|
0.31 |
|
|
|
0.34 |
|
Interest in income of equity method investments |
|
(0.02 |
) |
|
|
(0.03 |
) |
|
|
(0.13 |
) |
|
|
(0.03 |
) |
|
|
— |
|
|
|
— |
|
|
|
(1.91 |
) |
|
|
— |
|
Income tax benefit |
|
(0.01 |
) |
|
|
(0.10 |
) |
|
|
(0.11 |
) |
|
|
(0.18 |
) |
Operating income per diluted common share |
$ |
2.71 |
|
|
$ |
2.34 |
|
|
$ |
8.21 |
|
|
$ |
6.90 |
|
|
|
|
|
|
|
|
|
||||||||
Weighted average diluted common shares outstanding |
|
85,000 |
|
|
|
86,108 |
|
|
|
85,338 |
|
|
|
85,927 |
|
|
|
|
|
|
|
|
|
||||||||
Average common shareholders' equity |
$ |
5,321,349 |
|
|
$ |
4,477,086 |
|
|
$ |
5,123,212 |
|
|
$ |
4,286,559 |
|
|
|
|
|
|
|
|
|
||||||||
Annualized return on average common equity |
|
13.0 |
% |
|
|
16.1 |
% |
|
|
19.9 |
% |
|
|
15.4 |
% |
|
|
|
|
|
|
|
|
||||||||
Annualized operating return on average common equity(17) |
|
17.3 |
% |
|
|
18.0 |
% |
|
|
18.2 |
% |
|
|
18.4 |
% |
15 Net deferred tax benefit due to the recognition of deferred tax assets net of deferred tax liabilities related to a future |
16 Tax expense (benefit) associated with the adjustments to net income (loss) available (attributable) to common shareholders. Tax impact is estimated by applying the statutory rates of applicable jurisdictions. |
17 Annualized operating return on average common equity ("operating ROACE") is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to annualized ROACE, the most comparable GAAP financial measure is presented in the table above, and a discussion of the rationale for its presentation is provided later in this press release. |
|
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts included in this press release, including statements regarding our estimates, beliefs, expectations, intentions, strategies or projections are forward-looking statements. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in
Forward-looking statements contained in this press release may include, but are not limited to, information regarding our estimates for losses and loss expenses, measurements of potential losses in the fair value of our investment portfolio and derivative contracts, our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, the outcome of our strategic initiatives, our expectations regarding pricing and other market and economic conditions including the liquidity of financial markets, developments in the commercial real estate market, inflation, our growth prospects, and valuations of the potential impact of movements in interest rates, credit spreads, equity securities' prices, and foreign currency exchange rates.
Forward-looking statements only reflect our expectations and are not guarantees of performance. These statements involve risks, uncertainties, and assumptions. Accordingly, there are or will be important factors that could cause actual events or results to differ materially from those indicated in such statements. We believe that these factors include, but are not limited to, the following:
Insurance Risk
- the cyclical nature of insurance and reinsurance business leading to periods with excess underwriting capacity and unfavorable premium rates;
- the occurrence and magnitude of natural and man-made disasters, including the potential increase of our exposure to natural catastrophe losses due to climate change and the potential for inherently unpredictable losses from man-made catastrophes, such as cyber-attacks;
- the effects of emerging claims, systemic risks, and coverage and regulatory issues, including increasing litigation and uncertainty related to coverage definitions, limits, terms and conditions;
- actual claims exceeding reserves for losses and loss expenses;
-
losses related to the conflict in the
Middle East , the Russian invasion ofUkraine , terrorism and political unrest, or other unanticipated losses; - the adverse impact of social and economic inflation;
- the failure of any of the loss limitation methods we employ;
- the failure of our cedants to adequately evaluate risks;
Strategic Risk
- increased competition and consolidation in the insurance and reinsurance industry;
- changes in the political environment of certain countries in which we operate or underwrite business;
- the loss of business provided to us by major brokers;
- a decline in our ratings with rating agencies;
- the loss of one or more of our key executives;
- increasing scrutiny and evolving expectations from investors, customers, regulators, policymakers and other stakeholders regarding environmental, social and governance matters;
- the adverse impact of contagious diseases (including COVID-19) on our business, results of operations, financial condition, and liquidity;
Credit and Market Risk
- the inability to purchase reinsurance or collect amounts due to us from reinsurance we have purchased;
- the failure of our policyholders or intermediaries to pay premiums;
- general economic, capital and credit market conditions, including banking and commercial real estate sector instability, financial market illiquidity and fluctuations in interest rates, credit spreads, equity securities' prices, and/or foreign currency exchange rates;
- breaches by third parties in our program business of their obligations to us;
Liquidity Risk
- the inability to access sufficient cash to meet our obligations when they are due;
Operational Risk
- changes in accounting policies or practices;
- the use of industry models and changes to these models;
- difficulties with technology and/or data security;
- the failure of the processes, people or systems that we rely on to maintain our operations and manage the operational risks inherent to our business, including those outsourced to third parties;
Regulatory Risk
- changes in governmental regulations and potential government intervention in our industry;
- inadvertent failure to comply with certain laws and regulations relating to sanctions, foreign corrupt practices, data protection and privacy; and
Risks Related to Taxation
- changes in tax laws.
Readers should carefully consider the risks noted above together with other factors including but not limited to those described under Item 1A, 'Risk Factors' in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC"), as those factors may be updated from time to time in our periodic and other filings with the SEC, which are accessible on the SEC's website at www.sec.gov.
We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.
Rationale for the Use of Non-GAAP Financial Measures
We present our results of operations in a way we believe will be meaningful and useful to investors, analysts, rating agencies and others who use our financial information to evaluate our performance. Some of the measurements we use are considered non-GAAP financial measures under SEC rules and regulations. In this press release, we present underwriting-related general and administrative expenses, consolidated underwriting income (loss), current accident year loss ratio, catastrophe and weather-related losses ratio, current accident year loss ratio, excluding catastrophe and weather-related losses, current accident year combined ratio, current accident year combined ratio, excluding catastrophe and weather-related losses, operating income (loss) (in total and on a per share basis), annualized operating return on average common equity ("operating ROACE"), amounts presented on a constant currency basis and pre-tax total return on cash and investments excluding foreign exchange movements which are non-GAAP financial measures as defined in SEC Regulation G. We believe that these non-GAAP financial measures, which may be defined and calculated differently by other companies, help explain and enhance the understanding of our results of operations. However, these measures should not be viewed as a substitute for those determined in accordance with accounting principles generally accepted in
Underwriting-Related General and Administrative Expenses
Underwriting-related general and administrative expenses include those general and administrative expenses that are incremental and/or directly attributable to our underwriting operations. While this measure is presented in the 'Segment Information' note to our Consolidated Financial Statements, it is considered a non-GAAP financial measure when presented elsewhere on a consolidated basis.
Corporate expenses include holding company costs necessary to support our worldwide insurance and reinsurance operations and costs associated with operating as a publicly-traded company. As these costs are not incremental and/or directly attributable to our underwriting operations, these costs are excluded from underwriting-related general and administrative expenses, and therefore, consolidated underwriting income (loss). General and administrative expenses, the most comparable GAAP financial measure to underwriting-related general and administrative expenses, also includes corporate expenses.
The reconciliation of underwriting-related general and administrative expenses to general and administrative expenses, the most comparable GAAP financial measure, is presented in the 'Consolidated Segmental Data' section of this press release.
Consolidated Underwriting Income (Loss)
Consolidated underwriting income (loss) is a pre-tax measure of underwriting profitability that takes into account net premiums earned and other insurance related income (loss) as revenues and net losses and loss expenses, acquisition costs and underwriting-related general and administrative expenses as expenses. While this measure is presented in the 'Segment Information' note to our Consolidated Financial Statements, it is considered a non-GAAP financial measure when presented elsewhere on a consolidated basis.
We evaluate our underwriting results separately from the performance of our investment portfolio. As a result, we believe it is appropriate to exclude net investment income and net investment gains (losses) from our underwriting profitability measure.
Foreign exchange losses (gains) in our consolidated statements of operations primarily relate to the impact of foreign exchange rate movements on our net insurance-related liabilities. However, we manage our investment portfolio in such a way that unrealized and realized foreign exchange losses (gains) on our investment portfolio, including unrealized foreign exchange losses (gains) on our equity securities, and foreign exchange losses (gains) realized on the sale of our available for sale investments and equity securities recognized in net investment gains (losses), and unrealized foreign exchange losses (gains) on our available for sale investments in other comprehensive income (loss), generally offset a large portion of the foreign exchange losses (gains) arising from our underwriting portfolio, thereby minimizing the impact of foreign exchange rate movements on total shareholders' equity. As a result, we believe that foreign exchange losses (gains) in our consolidated statements of operations in isolation are not a meaningful contributor to our underwriting performance. Therefore, foreign exchange losses (gains) are excluded from consolidated underwriting income (loss).
Interest expense and financing costs primarily relate to interest payable on our debt and Federal Home Loan Bank advances. As these expenses are not incremental and/or directly attributable to our underwriting operations, these expenses are excluded from underwriting-related general and administrative expenses, and therefore, consolidated underwriting income (loss).
Reorganization expenses in 2024 primarily relate to severance costs attributable to our "How We Work" program which is focused on simplifying our operating structure. Reorganization expenses in 2023 primarily related to impairments of computer software assets and severance costs attributable to the Company's "How We Work" program which is focused on simplifying the Company’s operating structure. Reorganization expenses are primarily driven by business decisions, the nature and timing of which are not related to the underwriting process. Therefore, these expenses are excluded from consolidated underwriting income (loss).
Amortization of intangible assets arose from business decisions, the nature and timing of which are not related to the underwriting process. Therefore, these expenses are excluded from consolidated underwriting income (loss).
We believe that the presentation of underwriting-related general and administrative expenses and consolidated underwriting income (loss) provides investors with an enhanced understanding of our results of operations by highlighting the underlying pre-tax profitability of our underwriting activities. The reconciliation of consolidated underwriting income (loss) to net income (loss), the most comparable GAAP financial measure, is presented in the 'Consolidated Segmental Data' section of this press release.
Current Accident Year Loss Ratio
Current accident year loss ratio represents net losses and loss expenses ratio exclusive of net favorable (adverse) prior year reserve development. We believe that the presentation of current accident year loss ratio provides investors with an enhanced understanding of our results of operations by highlighting net losses and loss expenses associated with our underwriting activities excluding the impact of volatile prior year reserve development. The reconciliation of current accident year loss ratio to net losses and loss expenses ratio, the most comparable GAAP financial measure, is presented in the 'Consolidated Underwriting Highlights' section of this press release.
Catastrophe and Weather-Related Losses Ratio and Current Accident Year Loss Ratio, excluding Catastrophe and Weather-Related Losses
Catastrophe and weather-related losses ratio represents net losses and loss expenses ratio associated with natural disasters, man-made catastrophes, other catastrophe events and other weather-related events exclusive of net favorable (adverse) prior year reserve development.
Current accident year loss ratio, excluding catastrophe and weather-related losses represents net losses and loss expenses ratio exclusive of net favorable (adverse) prior year reserve development and net losses and loss expenses associated with natural disasters, man-made catastrophes, other catastrophe events and other weather-related events.
We believe that the presentation of these ratios that separately identify net losses and loss expenses associated with catastrophe and weather-related events provide investors with an enhanced understanding of our results of operations due to the inherently unpredictable nature of the occurrence of these events, the potential magnitude of these losses and the complexity that affects our ability to accurately estimate ultimate losses associated with these events.
The reconciliation of catastrophe and weather-related losses ratio and current accident year loss ratio, excluding catastrophe and weather-related losses to net losses and loss expenses ratio, the most comparable GAAP financial measure, is presented in the 'Consolidated Underwriting Highlights' section of this press release.
Current Accident Year Combined Ratio
Current accident year combined ratio represents underwriting results exclusive of net favorable (adverse) prior year reserve development. We believe that the presentation of current accident year combined ratio provides investors with an enhanced understanding of our results of operations by highlighting the profitability of our underwriting activities excluding the impact of volatile prior year reserve development. The reconciliation of current accident year combined ratio to combined ratio, the most comparable GAAP financial measure, is presented in the 'Consolidated Underwriting Highlights' section of this press release.
Current Accident Year Combined Ratio, excluding Catastrophe and Weather-Related Losses
Current accident year combined ratio, excluding catastrophe and weather-related losses represents underwriting results exclusive of net favorable (adverse) prior year reserve development and net losses and loss expenses associated with natural disasters, man-made catastrophes, other catastrophe events and other weather-related events.
We believe that the presentation of current accident year combined ratio, excluding catastrophe and weather-related losses provides investors with an enhanced understanding of our results of operations by highlighting the profitability of our underwriting activities excluding the impact of volatile prior year reserve development and by separately identifying net losses and loss expenses associated with catastrophe and weather-related events due to the inherently unpredictable nature of the occurrence of these events, the potential magnitude of these losses and the complexity that affects our ability to accurately estimate ultimate losses associated with these events.
The reconciliation of current accident year combined ratio, excluding catastrophe and weather-related losses to combined ratio, the most comparable GAAP financial measure, is presented in the 'Consolidated Underwriting Highlights' section of this press release.
Operating Income (Loss)
Operating income (loss) represents after-tax operational results exclusive of net investment gains (losses), foreign exchange losses (gains), reorganization expenses, interest in income (loss) of equity method investments and
Although the investment of premiums to generate income and investment gains (losses) is an integral part of our operations, the determination to realize investment gains (losses) is independent of the underwriting process and is heavily influenced by the availability of market opportunities. Furthermore, many users believe that the timing of the realization of investment gains (losses) is somewhat opportunistic for many companies.
Foreign exchange losses (gains) in our consolidated statements of operations primarily relate to the impact of foreign exchange rate movements on net insurance-related liabilities. However, we manage our investment portfolio in such a way that unrealized and realized foreign exchange losses (gains) on our investment portfolio, including unrealized foreign exchange losses (gains) on our equity securities and foreign exchange losses (gains) realized on the sale of our available for sale investments and equity securities recognized in net investment gains (losses) and unrealized foreign exchange losses (gains) on our available for sale investments in other comprehensive income (loss), generally offset a large portion of the foreign exchange losses (gains) arising from our underwriting portfolio, thereby minimizing the impact of foreign exchange rate movements on total shareholders' equity. As a result, we believe that foreign exchange losses (gains) in our consolidated statements of operations in isolation are not a meaningful contributor to the performance of our business. Therefore, foreign exchange losses (gains) are excluded from operating income (loss).
Reorganization expenses in 2024 primarily relate to severance costs attributable to our "How We Work" program which is focused on simplifying our operating structure. Reorganization expenses in 2023 primarily related to impairments of computer software assets and severance costs attributable to the Company's "How We Work" program which is focused on simplifying the Company’s operating structure. Reorganization expenses are primarily driven by business decisions, the nature and timing of which are not related to the underwriting process. Therefore, these expenses are excluded from operating income (loss).
Interest in income (loss) of equity method investments is primarily driven by business decisions, the nature and timing of which are not related to the underwriting process. Therefore, this income (loss) is excluded from operating income (loss).
Certain users of our financial statements evaluate performance exclusive of after-tax net investment gains (losses), foreign exchange losses (gains), reorganization expenses, interest in income (loss) of equity method investments and
We believe that showing net income (loss) available (attributable) to common shareholders exclusive of after-tax net investment gains (losses), foreign exchange losses (gains), reorganization expenses, interest in income (loss) of equity method investments and
We also present operating income (loss) per diluted common share and annualized operating ROACE, which are derived from the operating income (loss) measure and are reconciled to the most comparable GAAP financial measures, earnings (loss) per diluted common share and annualized return on average common equity ("ROACE"), respectively, in the 'Non-GAAP Financial Measures Reconciliation' section of this press release.
Constant Currency Basis
We present gross premiums written and net premiums written on a constant currency basis in this press release. The amounts presented on a constant currency basis are calculated by applying the average foreign exchange rate from the current year to the prior year amounts. We believe this presentation enables investors and other users of our financial information to analyze growth in gross premiums written and net premiums written on a constant basis. The reconciliation to gross premiums written and net premiums written on a GAAP basis is presented in the 'Insurance Segment' and 'Reinsurance Segment' sections of this press release.
Pre-Tax Total Return on Cash and Investments excluding Foreign Exchange Movements
Pre-tax total return on cash and investments excluding foreign exchange movements measures net investment income (loss), net investments gains (losses), interest in income (loss) of equity method investments, and change in unrealized gains (losses) generated by average cash and investment balances. We believe this presentation enables investors and other users of our financial information to analyze the performance of our investment portfolio. The reconciliation of pre-tax total return on cash and investments excluding foreign exchange movements to pre-tax total return on cash and investments, the most comparable GAAP financial measure, is presented in the 'Investments' section of this press release.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241030997975/en/
Cliff Gallant (Investor Contact): (415) 262-6843; investorrelations@axiscapital.com
Anna Kukowski (Media Contact): (929) 254-8043; anna.kukowski@axiscapital.com
Source: AXIS Capital Holdings Limited
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