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AXIS Capital combined ratio rises to 93.1% as cat losses mount
Catastrophe and conflict losses totaled $80 million, cutting underwriting income by 24% to $143 million.
AXIS Capital Holdings reported second-quarter net income of $251 million, up 16% year-on-year, but underwriting results were pressured by elevated catastrophe and conflict losses. For the quarter ended June 30, the consolidated combined ratio rose to 93.1% from the prior-year period. The insurer said pre-tax catastrophe and weather-related losses totaled $80 million, contributing 5.3 percentage points to the combined ratio. Natural catastrophes drove $49 million of losses, while Middle East conflict losses were $31 million. Underwriting income fell 24% year-on-year to $143 million. The insurance segment recorded a 90.0% combined ratio, or 84.5% on an ex-catastrophe basis, while the reinsurance segment saw higher loss activity. AXIS Capital’s gross premiums written increased 6% to $2.7 billion, with the insurance segment up 15% as growth continued through AXIS Capacity Solutions. The company said it reduced exposure in casualty lines, with reinsurance gross premiums written falling 25%.