For AXIS, Trend Continues of Post-Acquisition Positive Financial Results

July 27, 2018

AXIS Capital Holdings saw its 2018 second quarter behave very much like the first: healthy gains in net income and premiums written.

These gains stem mostly from the Bermuda-based insurer and reinsurer’s $611.5 million acquisition of Novae Group plc in late 2017. But AXIS President and CEO Albert Benchimol also credited the insurer’s continued plans to grow the company and reduce volatility.

“As a result of our strong market position, we continue to attract and retain high-quality business, allowing us to deliver better risk adjusted returns despite ongoing challenging market conditions,” Benchimol said in prepared remarks.

AXIS reported $93 million in net income for the 2018 second quarter, or $1.11 per diluted common share. Over the same time a year ago, AXIS produced $85 million, or $1.01 per diluted common share. For the first six months of 2018, AXIS generated $155 million in net income, versus $90 million in H1 2017.

AXIS said its combined ratio for Q2 was 93.1, compared to 97.6 in the same, year-ago period.

Additional result highlights:

Source: AXIS Capital Holdings