AXIS Capital hit by losses in This autumn and full-year 2020 report
The operating loss for the twelve month period was $ 174 million. In 2019, AXIS Capital posted operating income of $ 213 million.
Similarly, the company’s quarterly results also grew, with the fourth quarter net loss to common stockholders reaching $ 5 million – a better result than the same three-month period in 2019 when the net loss was double that of $ 10 million was.
The operating loss for the fourth quarter of 2020 was $ 16 million. This is a huge drop from its operating income of $ 4 million for the final quarter of 2019.
AXIS Capital President and CEO Albert Benchimol, however, continues to look positive after what he described as the “Year of Tremendous Challenge”.
Benchimol stated: “We are starting 2021 with positive momentum and confidence. We have great talent, close relationships with our customers and sales partners, a strong and balanced business book and leadership positions in markets where the most important price corrections are made.
“With all the progress made, we are confident that we will see profitable growth and continuous improvement in our underwriting and profitability – and we are focused on delivering value to our shareholders.”