1st May 2022

AXIS Capital reports first quarter net income of $142m

Albert Benchimol, president and ceo of AXIS Capital, comments "This quarter we continued to deliver strong progress along virtually all key metrics to deliver a combined ratio of 91.4. We continued to grow the most profitable areas of our business, improve the overall quality of our book, and lower our net cat exposure–all while providing great service to our customers.
Our Insurance segment again recorded 20% premium growth on the back of double-digit rate increases, and record first quarter new business as we continued to expand our presence in attractive markets, with a focus on delivering value to our partners in the E&S, Wholesale and Specialty channels. Within our Reinsurance segment, the team continued to make good progress in strengthening our portfolio while reducing our footprint in Catastrophe, highlighted by a 45% reduction in catastrophe lines premium.
We’re excited by the positive momentum that we continue to see throughout our business. Our focus is to build on it- and drive sustained profitable growth, further enhance our efficiency, and ultimately achieve our goal of becoming a top quintile performer."

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