AXIS Capital Q3 gross premiums written rise 11%
AXS•AXIS Capital’s third-quarter gross premiums written rose 11% year over year, while net income fell 32% and operating income declined 10%. The company repurchased $109 million in shares during the quarter.
1. Quarterly results
Gross premiums written in AXIS Capital’s insurance segment rose 13%, driven by higher premiums in marine war, property and professional lines, and accident and health lines. The company reported Q3 EPS of $2.75 and operating income of $229 million.
2. Costs and losses
The acquisition cost ratio increased 3.7 points, mainly due to new property and professional lines business and a greater mix of short-tail lines with higher acquisition costs. The catastrophe and weather-related losses ratio rose to 5.7%, reflecting the impact of the Middle East conflict, the Russia-Ukraine war and weather events.
