Bermuda's AXIS Capital Q2 net income rises, operating profit drops

AXIS Capital did not provide specific financial guidance for the current or future periods.

• Insurance premium growth — Insurance segment premiums rose 15% in the quarter, driven by expanded classes and AXIS Capacity Solutions contributions.
• Higher catastrophe losses — Catastrophe and weather-related losses, including $31 million from the Middle East conflict, weighed on underwriting results.
• Reinsurance premium decline — Reinsurance segment premiums fell 25% in the quarter, mainly due to non-renewals and reduced line sizes in casualty lines.

Bermuda specialty insurer AXIS Capital said second-quarter net income rose 16% year over year, while operating income fell 19%.

Gross premiums written grew 6%, led by the insurance segment, while underwriting income declined 24%. The company said the second-quarter combined ratio worsened to 93.1% from , reflecting higher catastrophe losses and acquisition costs.