AXS
Cliff Gallant (Investor Contact):
(415) 262-6843;
investorrelations@axiscapital.com
Nichola Liboro (Media Contact):
(917) 705-4579;
nichola.liboro@axiscapital.com
AXIS CAPITAL REPORTS FOURTH QUARTER NET INCOME AVAILABLE TO COMMON SHAREHOLDERS OF $286 MILLION, or $3.38 PER DILUTED COMMON SHARE AND OPERATING INCOME OF $252 MILLION, or $2.97 PER DILUTED COMMON SHARE
For the fourth quarter of 2024, the Company reports:
For the year ended 2024, the Company reports:
Pembroke, Bermuda, January 29, 2025 - AXIS Capital Holdings Limited ("AXIS Capital" or "AXIS" or "the Company") (NYSE: AXS) today announced financial results for the fourth quarter ended December 31, 2024.
Commenting on the 2024 financial results, Vince Tizzio, President and CEO of AXIS Capital, said:
"2024 was an excellent year for AXIS. We delivered on the financial and operational guideposts that we shared at our Investor Day this past May, highlighted by an operating return-on-equity of 18.6% and 20.7% growth in diluted book value per share.
As a global leader in specialty underwriting, we continued to find attractive opportunities for growth. In our Insurance business, profitability was highlighted by an 89.1% combined ratio for the full year and we grew 7.7%, to reach $6.6 billion in premiums. Our Reinsurance business is producing strong, consistent profits with a 91.8% combined ratio for the full year while growing 7.9% to $2.4 billion in premiums.
In 2024, we made significant strides in enhancing our operating model through our "How We Work program". This included building new capabilities, investing in technology and data, and adding strong talent to complement our existing team. As we progress into 2025, we believe AXIS is poised to build on its positive momentum, while leveraging our specialty expertise to help our customers navigate an increasingly dynamic risk landscape."
AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08
Tel. 441.496.2600 Fax 441.405.2600
www.axiscapital.com
- 1 -
Consolidated Highlights*
* Amounts may not reconcile due to rounding differences.
AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08
Tel. 441.496.2600 Fax 441.405.2600
www.axiscapital.com
- 2 -
Fourth Quarter Consolidated Underwriting Highlights2
Quarters ended December 31,
KEY RATIOS
2024
2023
Change
Current accident year loss ratio, excluding catastrophe and
55.7%
55.4%
0.3 pts
weather-related losses(4) (5)
Catastrophe and weather-related losses ratio(5)
5.9%
2.1%
3.8 pts
Current accident year loss ratio(5)
61.6%
57.5%
4.1 pts
Prior year reserve development ratio
(1.2%)
33.6%
(34.8 pts)
Net losses and loss expenses ratio
60.4%
91.1%
(30.7 pts)
Acquisition cost ratio
20.1%
20.1%
- pts
General and administrative expense ratio
13.7%
13.4%
0.3 pts
Combined ratio
94.2%
124.6%
(30.4 pts)
Current accident year combined ratio(5)
95.4%
91.0%
4.4 pts
Current accident year combined ratio, excluding catastrophe and
89.5%
88.9%
0.6 pts
weather-related losses(5)
AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08
Tel. 441.496.2600 Fax 441.405.2600
www.axiscapital.com
- 3 -
Full Year Consolidated Underwriting Highlights
Years ended December 31,
KEY RATIOS
2024
2023
Change
Current accident year loss ratio, excluding catastrophe and
55.7 %
55.9 %
(0.2 pts)
weather-related losses
Catastrophe and weather-related losses ratio
4.3 %
2.7 %
1.6 pts
Current accident year loss ratio
60.0 %
58.6 %
1.4 pts
Prior year reserve development ratio
(0.5%)
8.1%
(8.6 pts)
Net losses and loss expenses ratio
59.5 %
66.7 %
(7.2 pts)
Acquisition cost ratio
20.2 %
19.7 %
0.5 pts
General and administrative expense ratio
12.6 %
13.5 %
(0.9 pts)
Combined ratio
92.3 %
99.9 %
(7.6 pts)
Current accident year combined ratio
92.8 %
91.8 %
1.0 pts
Current accident year combined ratio, excluding catastrophe and
88.5 %
89.1 %
(0.6 pts)
weather-related losses
AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08
Tel. 441.496.2600 Fax 441.405.2600
www.axiscapital.com
- 4 -
Segment Highlights
Insurance Segment
Quarters ended December 31,
($ in thousands)
2024
2023
Change
Gross premiums written
$ 1,700,337
$ 1,583,378
7.4%
Net premiums written
1,058,083
969,871
9.1%
Net premiums earned
1,026,025
916,779
11.9%
Underwriting income (loss)
90,449
(61,675)
nm
Underwriting ratios:
Current accident year loss ratio, excluding catastrophe and weather-
52.2%
52.0%
0.2 pts
related losses
Catastrophe and weather-related losses ratio
7.8%
2.5%
5.3 pts
Current accident year loss ratio
60.0%
54.5%
5.5 pts
Prior year reserve development ratio
(1.2%)
19.8%
(21.0 pts)
Net losses and loss expenses ratio
58.8%
74.3%
(15.5 pts)
Acquisition cost ratio
19.5%
19.1%
0.4 pts
Underwriting-related general and administrative expense ratio
12.9%
13.3%
(0.4 pts)
Combined ratio
91.2%
106.7%
(15.5 pts)
Current accident year combined ratio
92.4%
86.9%
5.5 pts
Current accident year combined ratio, excluding catastrophe and
84.6%
84.4%
0.2 pts
weather-related losses
nm - not meaningful is defined as a variance greater than +/- 100%
AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08
Tel. 441.496.2600 Fax 441.405.2600
www.axiscapital.com
- 5 -
Insurance Segment
Years ended December 31,
($ in thousands)
2024
2023
Change
Gross premiums written
Net premiums written
Net premiums earned
Underwriting income
Underwriting ratios:
Current accident year loss ratio, excluding catastrophe and weather- related losses
Catastrophe and weather-related losses ratio Current accident year loss ratio
Prior year reserve development ratio Net losses and loss expenses ratio Acquisition cost ratio
Underwriting-related general and administrative expense ratio Combined ratio
Current accident year combined ratio
Current accident year combined ratio, excluding catastrophe and weather-related losses
$ 6,615,584
$ 6,140,764
7.7%
4,250,545
3,758,720
13.1%
3,926,036
3,461,700
13.4%
427,866
260,944
64.0%
52.1%
51.8%
0.3 pts
5.5%
3.2%
2.3 pts
57.6%
55.0%
2.6 pts
(0.4%)
5.1%
(5.5 pts)
57.2%
60.1%
(2.9 pts)
19.5%
18.7%
0.8 pts
12.4%
13.7%
(1.3 pts)
89.1%
92.5%
(3.4 pts)
89.5%
87.4%
2.1 pts
84.0%
84.2%
(0.2 pts)
AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08
Tel. 441.496.2600 Fax 441.405.2600
www.axiscapital.com
- 6 -
Reinsurance Segment
Quarters ended December 31,
($ in thousands)
2024
2023
Change
Gross premiums written
$
274,987
$
200,915
36.9%
Net premiums written
167,466
102,384
63.6%
Net premiums earned
350,989
348,494
0.7%
Underwriting income (loss)
39,053
(212,398)
nm
Underwriting ratios:
Current accident year loss ratio, excluding catastrophe and weather-
66.0 %
64.5 %
1.5 pts
related losses
Catastrophe and weather-related losses ratio
0.3 %
0.8 %
(0.5 pts)
Current accident year loss ratio
66.3 %
65.3 %
1.0 pts
Prior year reserve development ratio
(1.2%)
69.8%
(71.0 pts)
Net losses and loss expenses ratio
65.1 %
135.1 %
(70.0 pts)
Acquisition cost ratio
21.8 %
22.6 %
(0.8 pts)
Underwriting-related general and administrative expense ratio
4.0 %
5.1 %
(1.1 pts)
Combined ratio
90.9 %
162.8 %
(71.9 pts)
Current accident year combined ratio
92.1 %
93.0 %
(0.9 pts)
Current accident year combined ratio, excluding catastrophe and
91.8 %
92.2 %
(0.4 pts)
weather-related losses
nm - not meaningful
AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08
Tel. 441.496.2600 Fax 441.405.2600
www.axiscapital.com
- 7 -
Reinsurance Segment
Years ended December 31,
($ in thousands)
2024
2023
Change
Gross premiums written
Net premiums written
Net premiums earned
Underwriting income (loss)
Underwriting ratios:
Current accident year loss ratio, excluding catastrophe and weather- related losses
Catastrophe and weather-related losses ratio Current accident year loss ratio
Prior year reserve development ratio Net losses and loss expenses ratio Acquisition cost ratio
Underwriting-related general and administrative expense ratio Combined ratio
Current accident year combined ratio
Current accident year combined ratio, excluding catastrophe and weather-related losses
$ 2,390,304
$ 2,215,761
7.9%
1,506,806
1,343,605
12.1%
1,380,199
1,622,081
(14.9%)
143,610
(100,182)
nm
66.0%
64.8%
1.2 pts
0.7%
1.6%
(0.9 pts)
66.7%
66.4%
0.3 pts
(0.5%)
14.6%
(15.1 pts)
66.2%
81.0%
(14.8 pts)
22.0%
21.7%
0.3 pts
3.6%
4.9%
(1.3 pts)
91.8%
107.6%
(15.8 pts)
92.3%
93.0%
(0.7 pts)
91.6%
91.4%
0.2 pts
nm - not meaningful
AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08
Tel. 441.496.2600 Fax 441.405.2600
www.axiscapital.com
- 8 -
Investments
Quarters ended December 31,
Years ended December 31,
($ in thousands)
2024
2023
2024
2023
Net investment income
$
195,773
$
186,937
$
759,229
$
611,742
Net investments gains (losses)
(108,030)
23,041
(138,534)
(74,630)
Change in net unrealized gains (losses) on fixed
(228,736)
466,386
125,742
448,477
maturities, pre-tax(6)
Interest in income (loss) of equity method investments
7,264
1,328
17,953
4,163
Total
$
(133,729)
$
677,692
$
764,390
$
989,752
Average cash and investments(7)
$
18,097,432
$
16,395,033
$
17,409,516
$
16,155,418
Pre-tax, total return on average cash and investments:
Including investment related foreign exchange movements
Excluding investment related foreign exchange movements(8)
(0.7%)
4.1%
4.4%
6.1%
(0.2%)
3.8%
4.8%
5.8%
AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08
Tel. 441.496.2600 Fax 441.405.2600
www.axiscapital.com
- 9 -
Capitalization / Shareholders' Equity
December 31,
December 31,
($ in thousands)
2024
2023
Change
Total capital(9)
$
7,404,558
$
6,576,910
$
827,648
Book Value per diluted common share
December 31,
September 30,
December 31,
2024
2024
2023
Book value per diluted common share(10)
$
65.27
$
64.65
$
54.06
Three months ended,
Twelve months ended,
December 31, 2024
December 31, 2024
Change
% Change
Change
% Change
Book value per diluted common share
$
0.62
1.0 %
$
11.21
20.7 %
Book value per diluted common share - adjusted for
$
1.06
1.6 %
$
12.97
24.0 %
dividends declared
AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08
Tel. 441.496.2600 Fax 441.405.2600
www.axiscapital.com
- 10 -
Disclaimer
Axis Capital Holdings Limited published this content on January 29, 2025, and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on January 29, 2025 at 21:28:27.754.