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AXIS Capital suffers losses in This fall




AXIS Capital suffers losses in This fall | Insurance coverage Enterprise America















Higher numbers posted for the complete yr

AXIS Capital suffers losses in Q4


Insurance coverage Information

By
Terry Gangcuangco



AXIS Capital has suffered losses within the fourth quarter of 2023.

Right here’s how the insurance coverage group fared within the quarter and yr ended December 31:   






Metric

This fall 2023

This fall 2022

FY 2023

FY 2022

Internet earnings out there / (loss) attributable to frequent shareholders

$(150 million)

$41 million

$346 million

$193 million

Working earnings / (loss)

$(107 million)

$167 million

$486 million

$498 million

 

In This fall, AXIS reported $26 million in pre-tax disaster and weather-related losses, internet of reinsurance. The corporate’s gross written premium (GWP) elevated by 1% to $1.8 billion. For the complete yr, GWP was up 2% to $8.4 billion. Pre-tax disaster and weather-related losses, internet of reinsurance, amounted to $138 million.

Section-wise, the insurance coverage operations at AXIS posted an underwriting loss in This fall; insurance coverage underwriting earnings for the yr was down 20%. The reinsurance phase additionally took a beating within the quarter, to the tune of $212 million in underwriting loss. Equally, the yr generated a detrimental outcome when it comes to reinsurance underwriting.

Commenting on the numbers, AXIS president and chief govt Vince Tizzio highlighted the positives.

He stated in a launch: “This was a transformative yr for AXIS, one the place we additional elevated all facets of how we function and go to market, and we imagine the corporate is on a transparent path to changing into a specialty underwriting chief.

“We’re capitalizing on favorable circumstances in our chosen specialty markets whereas exhibiting underwriting self-discipline and robust cycle administration. This was evidenced by our working earnings of $486 million and a 4.5 level year-over-year enchancment within the present accident yr mixed ratio to 91.8%.”  

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