AXIS Capital proclaims Q3 outcomes
AXIS Capital Holdings announced its third quarter financial results. The company reported net income to common stockholders of $ 47 million, or $ 0.56 per diluted common share. That compares with a net loss of $ 73 million, or $ 0.87 per diluted common share, for the third quarter of 2020.
Net income available to common stockholders for the nine months ended September 30 was $ 391 million, or $ 4.59 per diluted common share, compared to a net loss of $ 146 million, or $ 1.73 per share diluted common stock in the same period last year.
Operating profit for the third quarter was $ 1 million, or $ 0.01 per diluted common share, compared to an operating loss of $ 65 million, or $ 0.77 per diluted common share, for the third quarter of 2020. Operating profit for the nine months ended September 30 was $ 254 million, or $ 2.98 per diluted common share, versus an operating loss of $ 158 million ($ 1.88 per diluted common share) for the same period of the previous year.
Adjusted for announced dividends, book value per diluted common share increased $ 0.22, or 0.4%, compared to June 30. It was up $ 1.79, or 3.3%, over the past 12 months.
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Albert Benchimol, President and CEO of AXIS Capital, said the industry has been hit by severe weather this year.
“In the face of these challenges, we have continued to deliver our performance and accelerated the momentum of our progress, which can be seen in eight consecutive quarters in which our combined ratio without cat and weather has improved compared to the previous year,” said Benchimol. “In particular, AXIS had a net operating profit for the quarter and our reduced market share in events shows the progress we have made in reducing our net exposure to disasters. Our results were underscored by strong sales growth, disciplined underwriting and solid investment returns. “