27th July 2022
AXIS Capital Holdings has announced financial results for the second quarter.
Albert Benchimol, president and ceo, comments "AXIS delivered another quarter of strong operating performance, continuing our trend of year-over-year improvements in core underwriting metrics.
The quarter was highlighted by a combined ratio of 93.4 and operating ROE of 13.7%, and record second quarter premium growth contributed to all-time high mid-year production figures including gross and net premiums written, and net premiums earned. This quarter our specialty insurance business again generated solid performance with a robust 16% increase in gross premiums written, 22% growth in net premiums written, and a combined ratio of 87.8, as we further capitalised on favourable market conditions.
During the quarter we announced the company’s exit from reinsurance property and catastrophe lines. This completed the shift of AXIS Re to a specialist reinsurer–ith a focus on attractive Casualty, Specialty, A&H, and Credit lines – which aligns with our efforts to grow profitably with lower volatility and establish leadership in the specialist space.
As a measure of our progress, over the past six months our group underwriting income has risen by 36% and operating income is up 30% as compared to the prior year period. As we look to the future, we’re well positioned in strong Wholesale and E&S markets and see significant opportunities to drive further profitable growth while delivering value to our customers and advancing our position as a leading specialty underwriter."
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