Connect with us

Hi, what are you looking for?

Loan And Finance

AXIS Capital announces full-year results

0292 637788730290239027


For the quarter, AXIS’s pre-tax catastrophe and weather-related losses, net of reinsurance, were $54 million ($42 million, after-tax), which was largely attributed to a series of weather-related events. The group reported no change to the net loss estimate of $360 million established in 2020 for the COVID-19 pandemic. Meanwhile, its net favorable prior year reserve development was $9 million compared to $7 million in 2020.

Q4 2021 saw the group deliver an improvement of 2.3 points in current accident year combined ratio, excluding catastrophe and weather-related losses, compared to the prior year, to 89.5%. It also reported an annualized return on average common equity of 16.4% and annualized operating return on average common equity of 15.1%.

For full-year 2021, AXIS noted that its gross premiums written increased by $859 million, or 13% ($786 million or 12% on a constant currency), to $7.7 billion – with its insurance segment up $845 million (or 21%) and its reinsurance segment up $14 million (or 1%). Meanwhile, net premiums written increased by $590 million, or 14% ($523 million or 12%, on a constant currency), to $4.9 billion – up $537 million (or 23%) for insurance and $53 million (or 3%) in reinsurance.

Pre-tax catastrophe and weather-related losses, net of reinsurance and reinstatement premiums, for full-year 2021 stood at $443 million ($378 million, after-tax), primarily due to Hurricane Ida, Winter Storms Uri and Viola, July European floods, and other weather-related events in 2021.

AXIS reported a net income available to common shareholders of $588 million and operating income of $436 million for full-year 2021. The year also saw an on average common equity of 12.2% and operating return on average common equity of 9.1%

Commenting on the fourth quarter 2021 financial results, Benchimol highlighted that it was a strong quarter and “a good finish to a year of meaningful progress”. Its results offer evidence that AXIS’s work in recent years to reposition its portfolio is delivering its intended outcome, he said, and the organization is committed to sustaining this momentum and producing consistent profitable growth.

“In addition to driving significant improvement to our combined ratio, we continued to optimize balance and volatility in our portfolio as we drive PMLs lower across the entire curve,” he said. “Further, we continued to capitalize on favorable market conditions to build upon our well-established positions in some of the best performing specialty insurance markets.

Advertisement. Scroll to continue reading.

“Within our insurance segment, we delivered both record new business growth and total premium, as we produced the largest and most diversified insurance portfolio in the company’s history. Our insurance business produced a combined ratio of 91.6% for the full year, and we’re focused on delivering performance in-line with the top ranks of the specialty insurance sector.”

.



Source link

Click to comment

Leave a Reply

Latest

Loan And Finance

It is reported the recent rise of private companies stems from higher demand for dog- and cat-specific insurance. As such, pet owners who want...

Online Business Success

Marketers have been touting the fact that content is king on repeat for a decade now. But just because content can have value doesn’t...

Loan And Finance

Hipgnosis Song Management has – using cash from its Blackstone-backed private fund – acquired the song catalog of superstar artist and songwriter Justin Timberlake....

Top Stories

Bitcoin (BTC) disappointed bulls on upside prior to the May 26 Wall Street open as BTC/USD returned under $29,000. BTC/USD 1-hour candle chart (Bitstamp)....

Online Business Success

A currency dealer is busy working. — AFP Pakistani rupee continues its downward slide after delay in revival of IMF programme. Pakistan and IMF...

Top Stories

The U.S. dollar index (DXY) retreated broadly from its prevailing bull run in the past two weeks, dropping by up to 3.20% after hitting...

Advertisement

You May Also Like

Uncategorized

Introductions get a lot of attention. I’ve explored the topic of how to write them even though as a reader, I always skip them....

SEO Guide

There are all kinds of pictures of the world on the internet, but to find one of these specific pictures that you want to...

Online Business Success

The internet is now our nervous system. We are constantly streaming and buying and watching and liking, our brains locked into the global information...

Online Business Success

You can think of link building in many ways. I like to call it tedious, painful, and a test of patience. It’s also necessary...

Advertisement