AXIS Capital delivers Q2 and first half financial results

Metric	Q2 2021	Q2 2020	H1 2021	H1 2020
Net income (loss) available to common shareholders	US$228 million	US$112 million	US$344 million	US$(73) million
Operating income (loss)	US$171 million	US$72 million	US$253 million	US$(93) million
Combined ratio	90.6{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f}	94.7{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f}	94.7{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f}	107.1{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f}

  

According to the insurance group, its gross written premium rose 13{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} to US$1.9 billion in Q2; 8{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} to US$4.5 billion in H1.

Segment-wise, the insurance division posted a higher underwriting income of US$93.5 million in the second quarter; US$132.3 million in the half-year span, which was a turnaround from an underwriting loss last year. The reinsurance segment, meanwhile, grew its quarterly underwriting income to US$54.7 million; first half, US$56.2 million.

“We are pleased to report record operating earnings per share for the quarter and first half of the year, along with excellent production and robust underwriting and investment performance,” said AXIS Capital president and chief executive Albert Benchimol.

“Our core underwriting results were strong, as evidenced by this quarter’s current year ex-cat combined ratio of 88.7{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f}. Our continued progress in underwriting performance provides tangible proof that our efforts to reposition our portfolio are delivering meaningful improvements.”

Benchimol also described the group’s insurance unit as “well positioned in the markets experiencing the strongest conditions,” citing the division’s record level of premium production. As for the reinsurance business, which also bounced back from its H1 2020 underwriting loss, the CEO highlighted its agility and discipline.