For the fourth quarter of 2023, the Company reports:
- Net loss attributable to common shareholders of $(150) million, or $(1.76) per diluted common share, and operating loss of $(107) million, or $(1.25) per diluted common share
- As previously announced, net adverse prior year reserve development of $425 million, pre-tax, or 33.6 points, and underlying operating income of $254 million, or $2.94 per diluted common share
- Improvement of 3.7 points in the current accident year combined ratio to 91.0%
For the year ended 2023, the Company reports:
- Net income available to common shareholders of $346 million, or $4.02 per diluted common share, and operating income of $486 million, or $5.65 per diluted common share
- As previously announced, net adverse prior year reserve development of $412 million, pre-tax, or 8.1 points, and underlying operating income of $847 million, or $9.85 per diluted common share
- Improvement of 4.5 points in the current accident year combined ratio to 91.8%
- Return on average common equity (“ROACE”) of 7.9% and operating ROACE of 11.0%
- Book value per diluted common share of $54.06, an increase of $7.11, or 15.1%, compared to December 31, 2022
PEMBROKE, Bermuda–(BUSINESS WIRE)–AXIS Capital Holdings Limited (“AXIS Capital” or “AXIS” or “the Company”) (NYSE: AXS) today announced financial results for the fourth quarter ended December 31, 2023.
Commenting on the fourth quarter 2023 financial results, Vince Tizzio, President and CEO of AXIS Capital, said:
“This was a transformative year for AXIS, one where we further elevated all aspects of how we operate and go to market, and we believe the Company is on a clear path to becoming a specialty underwriting leader. We’re capitalizing on favorable conditions in our chosen specialty markets while exhibiting underwriting discipline and strong cycle management. This was evidenced by our operating income of $486 million and a 4.5 point year-over-year improvement in the current accident year combined ratio to 91.8%.
“We’re energized by the continued profitable growth within our core specialty insurance business, highlighted by year-over-year increases in premium generation of 10% including new business premiums of 18%, and an excellent current accident year combined ratio of 87.4%. In parallel, we further solidified our repositioning of AXIS Re as a focused specialist reinsurer with increased profitability and reduced volatility.
“In 2023, through our ‘How We Work’ program, we made significant improvements to our operational infrastructure, while investing in talent, and becoming a more efficient and consistent company. We look ahead to 2024 with excitement. We have a robust global platform, strong and deep relationships with our customers, a great team and culture – and we’re relentlessly committed to taking this Company to the next level.”
Consolidated Highlights*
- Net income available to common shareholders for the year ended December 31, 2023 was $346 million, or $4.02 per diluted common share, compared to net income available to common shareholders of $193 million, or $2.25 per diluted common share, for the same period in 2022.
- Operating income(1) for the year ended December 31, 2023 was $486 million, or $5.65 per diluted common share, compared to operating income of $498 million, or $5.81 per diluted common share, for the same period in 2022.
- Underlying operating income(2) for the year ended December 31, 2023 was $847 million, or $9.85 per diluted common share.
- Book value per diluted common share was $54.06 at December 31, 2023, an increase of $2.89, or 5.6%, compared to September 30, 2023, driven by net unrealized investment gains reported in accumulated other comprehensive income (loss), partially offset by net loss for the period, and common share dividends declared.
- Book value per diluted common share increased by $7.11, or 15.1%, over the past twelve months, driven by net income, and net unrealized investment gains reported in accumulated other comprehensive income (loss), partially offset by common share dividends declared.
- Adjusted for dividends declared, book value per diluted common share increased by $8.87, or 18.9%, over the past twelve months.
- Book yield of fixed maturities was 4.2% at December 31, 2023, compared to 3.5% at December 31, 2022. The market yield was 5.4% at December 31, 2023.
- Net investment income for the fourth quarter of 2023 was $187 million, compared to $147 million, for the fourth quarter of 2022, attributable to an increase in income from our fixed maturities portfolio due to increased yields.
| * Amounts may not reconcile due to rounding differences. |
| 1 Operating income (loss) and operating income (loss) per diluted common share are non-GAAP financial measures as defined in SEC Regulation G. The reconciliations to the most comparable GAAP financial measures, net income (loss) available (attributable) to common shareholders and earnings (loss) per diluted common share, respectively, and a discussion of the rationale for the presentation of these items are provided later in this press release. |
| 2 Underlying operating income (loss) and underlying operating income (loss) per diluted common share are non-GAAP financial measures as defined in SEC Regulation G. The reconciliations to the most comparable GAAP financial measures, net income (loss) available (attributable) to common shareholders and earnings (loss) per diluted common share, respectively, and a discussion of the rationale for the presentation of these items are provided later in this press release. |
Fourth Quarter Consolidated Underwriting Highlights3
- Gross premiums written increased by $26 million, or 1%, to $1.8 billion with an increase of $113 million, or 8% in the insurance segment, partially offset by a decrease of $87 million, or 30% in the reinsurance segment.
- Net premiums written decreased by $24 million, or 2%, ($30 million, or 3%, on a constant currency basis(4)), to $1.1 billion with an increase of $83 million, or 9% in the insurance segment, offset by a decrease of $107 million, or 51% in the reinsurance segment.
|
|
Quarters ended December 31, |
||||||
|
KEY RATIOS |
2023 |
|
2022 |
|
Change |
||
|
Current accident year loss ratio, excluding catastrophe and weather-related losses(5) |
55.4 |
% |
|
55.5 |
% |
|
(0.1 pts) |
|
Catastrophe and weather-related losses ratio |
2.1 |
% |
|
4.7 |
% |
|
(2.6 pts) |
|
Current accident year loss ratio |
57.5 |
% |
|
60.2 |
% |
|
(2.7 pts) |
|
Prior year reserve development ratio |
33.6 |
% |
|
(0.6 |
%) |
|
34.2 pts |
|
Net losses and loss expenses ratio |
91.1 |
% |
|
59.6 |
% |
|
31.5 pts |
|
Acquisition cost ratio |
20.1 |
% |
|
20.6 |
% |
|
(0.5 pts) |
|
General and administrative expense ratio |
13.4 |
% |
|
13.9 |
% |
|
(0.5 pts) |
|
Combined ratio |
124.6 |
% |
|
94.1 |
% |
|
30.5 pts |
|
|
|
|
|
|
|
||
|
Current accident year combined ratio |
91.0 |
% |
|
94.7 |
% |
|
(3.7 pts) |
|
|
|
|
|
|
|
||
|
Current accident year combined ratio, excluding catastrophe and weather-related losses |
88.9 |
% |
|
90.0 |
% |
|
(1.1 pts) |
- Pre-tax catastrophe and weather-related losses, net of reinsurance, were $26 million ($21 million, after-tax), (Insurance: $23 million; Reinsurance: $3 million), or 2.1 points.
- Net (adverse) favorable prior year reserve development was $(425) million (Insurance: $(182) million; Reinsurance: $(243) million).
| 3 All comparisons are with the same period of the prior year, unless otherwise stated. |
| 4 Amounts presented on a constant currency basis are non-GAAP financial measures as defined in SEC Regulation G. The constant currency basis is calculated by applying the average foreign exchange rate from the current year to prior year amounts. The reconciliations to the most comparable GAAP financial measures is provided above and a discussion of the rationale for the presentation of these items is provided later in this press release. |
| 5 The current accident year loss ratio, excluding catastrophe and weather-related losses is calculated by dividing the current accident year losses less pre-tax catastrophe and weather-related losses, net of reinsurance, by net premiums earned less reinstatement premiums. |
Full Year Consolidated Underwriting Highlights
- Gross premiums written increased by $142 million, or 2%, to $8.4 billion with an increase of $555 million, or 10% in the insurance segment, partially offset by a decrease of $413 million, or 16% in the reinsurance segment.
- Net premiums written decreased by $161 million, or 3% ($101 million, or 2%, on a constant currency basis), to $5.1 billion with an increase of $381 million, or 11% in the insurance segment, offset by a decrease of $542 million, or 29% in the reinsurance segment.
|
|
Years ended December 31, |
||||||
|
KEY RATIOS |
2023 |
|
2022 |
|
Change |
||
|
Current accident year loss ratio, excluding catastrophe and weather-related losses |
55.9 |
% |
|
55.5 |
% |
|
0.4 pts |
|
Catastrophe and weather-related losses ratio |
2.7 |
% |
|
7.8 |
% |
|
(5.1 pts) |
|
Current accident year loss ratio |
58.6 |
% |
|
63.3 |
% |
|
(4.7 pts) |
|
Prior year reserve development ratio |
8.1 |
% |
|
(0.5 |
%) |
|
8.6 pts |
|
Net losses and loss expenses ratio |
66.7 |
% |
|
62.8 |
% |
|
3.9 pts |
|
Acquisition cost ratio |
19.7 |
% |
|
19.8 |
% |
|
(0.1 pts) |
|
General and administrative expense ratio |
13.5 |
% |
|
13.2 |
% |
|
0.3 pts |
|
Combined ratio |
99.9 |
% |
|
95.8 |
% |
|
4.1 pts |
|
|
|
|
|
|
|
||
|
Current accident year combined ratio |
91.8 |
% |
|
96.3 |
% |
|
(4.5 pts) |
|
|
|
|
|
|
|
||
|
Current accident year combined ratio, excluding catastrophe and weather-related losses |
89.1 |
% |
|
88.5 |
% |
|
0.6 pts |
- Pre-tax catastrophe and weather-related losses, net of reinsurance, were $138 million ($116 million, after-tax), (Insurance: $111 million; Reinsurance: $27 million), or 2.7 points.
- Net (adverse) favorable prior year reserve development was $(412) million (Insurance: $(176) million; Reinsurance: $(236) million).
Segment Highlights
Insurance Segment
|
|
Quarters ended December 31, |
|||||||||
|
($ in thousands) |
|
2023 |
|
|
|
2022 |
|
|
Change |
|
|
Gross premiums written |
$ |
1,583,378 |
|
|
$ |
1,470,805 |
|
|
7.7 |
% |
|
Net premiums written |
|
969,871 |
|
|
|
886,786 |
|
|
9.4 |
% |
|
Net premiums earned |
|
916,779 |
|
|
|
830,514 |
|
|
10.4 |
% |
|
Underwriting income (loss) |
|
(61,675 |
) |
|
|
123,370 |
|
|
nm |
|
|
|
|
|
|
|
|
|||||
|
Underwriting ratios: |
|
|
|
|
|
|||||
|
Current accident year loss ratio, excluding catastrophe and weather-related losses |
|
52.0 |
% |
|
|
49.3 |
% |
|
2.7 pts |
|
|
Catastrophe and weather-related losses ratio |
|
2.5 |
% |
|
|
4.1 |
% |
|
(1.6 pts) |
|
|
Current accident year loss ratio |
|
54.5 |
% |
|
|
53.4 |
% |
|
1.1 pts |
|
|
Prior year reserve development ratio |
|
19.8 |
% |
|
|
(0.5 |
%) |
|
20.3 pts |
|
|
Net losses and loss expenses ratio |
|
74.3 |
% |
|
|
52.9 |
% |
|
21.4 pts |
|
|
Acquisition cost ratio |
|
19.1 |
% |
|
|
18.6 |
% |
|
0.5 pts |
|
|
Underwriting-related general and administrative expense ratio |
|
13.3 |
% |
|
|
13.7 |
% |
|
(0.4 pts) |
|
|
Combined ratio |
|
106.7 |
% |
|
|
85.2 |
% |
|
21.5 pts |
|
|
|
|
|
|
|
|
|||||
|
Current accident year combined ratio |
|
86.9 |
% |
|
|
85.7 |
% |
|
1.2 pts |
|
|
|
|
|
|
|
|
|||||
|
Current accident year combined ratio, excluding catastrophe and weather-related losses |
|
84.4 |
% |
|
|
81.6 |
% |
|
2.8 pts |
|
|
nm – not meaningful is defined as a variance greater than +/- 100% |
||||||||||
- Gross premiums written increased by $113 million, or 8% ($102 million, or 7%, on a constant currency basis), attributable to increases in all lines of business with the exception of professional lines which decreased in the quarter, principally due to the unattractive pricing environment for U.S. public D&O business.
- Net premiums written increased by $83 million, or 9% ($74 million, or 8%, on a constant currency basis), reflecting the increase in gross premiums written in the quarter, together with a decrease in premiums ceded in professional lines.
- The current accident year loss ratio, excluding catastrophe and weather-related losses is consistent with recent quarters whereas the ratio in the prior year quarter was particularly favorable.
- The acquisition cost ratio increased by 0.5 points, primarily related to an increase in profit commissions.
- The underwriting-related general and administrative expense ratio decreased by 0.4 points, mainly driven by an increase in net premiums earned, partially offset by an increase in personnel costs.
|
|
Years ended December 31, |
|||||||||
|
($ in thousands) |
|
2023 |
|
|
|
2022 |
|
|
Change |
|
|
Gross premiums written |
$ |
6,140,764 |
|
|
$ |
5,585,581 |
|
|
9.9 |
% |
|
Net premiums written |
|
3,758,720 |
|
|
|
3,377,906 |
|
|
11.3 |
% |
|
Net premiums earned |
|
3,461,700 |
|
|
|
3,134,155 |
|
|
10.5 |
% |
|
Underwriting income |
|
260,944 |
|
|
|
327,318 |
|
|
(20.3 |
%) |
|
|
|
|
|
|
|
|||||
|
Underwriting ratios: |
|
|
|
|
|
|||||
|
Current accident year loss ratio, excluding catastrophe and weather-related losses |
|
51.8 |
% |
|
|
51.0 |
% |
|
0.8 pts |
|
|
Catastrophe and weather-related losses ratio |
|
3.2 |
% |
|
|
6.5 |
% |
|
(3.3 pts) |
|
|
Current accident year loss ratio |
|
55.0 |
% |
|
|
57.5 |
% |
|
(2.5 pts) |
|
|
Prior year reserve development ratio |
|
5.1 |
% |
|
|
(0.5 |
%) |
|
5.6 pts |
|
|
Net losses and loss expenses ratio |
|
60.1 |
% |
|
|
57.0 |
% |
|
3.1 pts |
|
|
Acquisition cost ratio |
|
18.7 |
% |
|
|
18.4 |
% |
|
0.3 pts |
|
|
Underwriting-related general and administrative expense ratio |
|
13.7 |
% |
|
|
14.2 |
% |
|
(0.5 pts) |
|
|
Combined ratio |
|
92.5 |
% |
|
|
89.6 |
% |
|
2.9 pts |
|
|
|
|
|
|
|
|
|||||
|
Current accident year combined ratio |
|
87.4 |
% |
|
|
90.1 |
% |
|
(2.7 pts) |
|
|
|
|
|
|
|
|
|||||
|
Current accident year combined ratio, excluding catastrophe and weather-related losses |
|
84.2 |
% |
|
|
83.6 |
% |
|
0.6 pts |
|
- Gross premiums written increased by $555 million, or 10%, attributable to increases in all lines of business with the exception of professional lines which decreased in the year principally due to the unattractive pricing environment for U.S. public D&O business, together with the reduction in activity in transactional liability business.
- Net premiums written increased by $381 million, or 11% ($392 million, or 12%, on a constant currency basis), reflecting the increase in gross premiums written, together with a decrease in premiums ceded in professional lines.
Reinsurance Segment
|
|
Quarters ended December 31, |
|||||||||
|
($ in thousands) |
|
2023 |
|
|
|
2022 |
|
|
Change |
|
|
Gross premiums written |
$ |
200,915 |
|
|
$ |
287,891 |
|
|
(30.2 |
%) |
|
Net premiums written |
|
102,384 |
|
|
|
209,768 |
|
|
(51.2 |
%) |
|
Net premiums earned |
|
348,494 |
|
|
|
509,648 |
|
|
(31.6 |
%) |
|
Underwriting income (loss) |
|
(212,398 |
) |
|
|
8,861 |
|
|
nm |
|
|
|
|
|
|
|
|
|||||
|
Underwriting ratios: |
|
|
|
|
|
|||||
|
Current accident year loss ratio, excluding catastrophe and weather-related losses |
|
64.5 |
% |
|
|
65.5 |
% |
|
(1.0 pts) |
|
|
Catastrophe and weather-related losses ratio |
|
0.8 |
% |
|
|
5.7 |
% |
|
(4.9 pts) |
|
|
Current accident year loss ratio |
|
65.3 |
% |
|
|
71.2 |
% |
|
(5.9 pts) |
|
|
Prior year reserve development ratio |
|
69.8 |
% |
|
|
(0.8 |
%) |
|
70.6 pts |
|
|
Net losses and loss expenses ratio |
|
135.1 |
% |
|
|
70.4 |
% |
|
64.7 pts |
|
|
Acquisition cost ratio |
|
22.6 |
% |
|
|
23.7 |
% |
|
(1.1 pts) |
|
|
Underwriting-related general and administrative expense ratio |
|
5.1 |
% |
|
|
4.7 |
% |
|
0.4 pts |
|
|
Combined ratio |
|
162.8 |
% |
|
|
98.8 |
% |
|
64.0 pts |
|
|
|
|
|
|
|
|
|||||
|
Current accident year combined ratio |
|
93.0 |
% |
|
|
99.6 |
% |
|
(6.6 pts) |
|
|
|
|
|
|
|
|
|||||
|
Current accident year combined ratio, excluding catastrophe and weather-related losses |
|
92.2 |
% |
|
|
93.9 |
% |
|
(1.7 pts) |
|
|
nm – not meaningful is defined as a variance greater than +/- 100% |
||||||||||
- Gross premiums written decreased by $87 million, or 30% ($83 million, or 29%, on a constant currency basis), primarily attributable to a lower level of positive premium adjustments in the quarter compared to the prior year and the timing of renewals of significant contracts.
- Net premiums written decreased by $107 million, or 51% ($104 million, or 49%, on a constant currency basis), reflecting the decrease in gross premiums written in the quarter, together with an increase in premiums ceded associated with a new quota share retrocession agreement.
- The current accident year loss ratio, excluding catastrophe and weather-related losses, decreased by 1.0 point, principally due to favorable pricing over loss trends experienced in most lines of business. In addition, the prior year quarter included the impact of a year-to-date update to loss ratios to reflect the inflationary environment.
- The acquisition cost ratio decreased by 1.1 points, primarily related to an increase in ceding commissions from retrocessional agreements due to changes in business mix largely associated with increases in credit and surety, accident and health, liability, and motor lines written in recent periods.
|
|
Years ended December 31, |
|||||||||
|
($ in thousands) |
|
2023 |
|
|
|
2022 |
|
|
Change |
|
|
Gross premiums written |
$ |
2,215,761 |
|
|
$ |
2,629,014 |
|
|
(15.7 |
%) |
|
Net premiums written |
|
1,343,605 |
|
|
|
1,885,150 |
|
|
(28.7 |
%) |
|
Net premiums earned |
|
1,622,081 |
|
|
|
2,026,171 |
|
|
(19.9 |
%) |
|
Underwriting income (loss) |
|
(100,182 |
) |
|
|
31,365 |
|
|
nm |
|
|
|
|
|
|
|
|
|||||
|
Underwriting ratios: |
|
|
|
|
|
|||||
|
Current accident year loss ratio, excluding catastrophe and weather-related losses |
|
64.8 |
% |
|
|
62.6 |
% |
|
2.2 pts |
|
|
Catastrophe and weather-related losses ratio |
|
1.6 |
% |
|
|
9.7 |
% |
|
(8.1 pts) |
|
|
Current accident year loss ratio |
|
66.4 |
% |
|
|
72.3 |
% |
|
(5.9 pts) |
|
|
Prior year reserve development ratio |
|
14.6 |
% |
|
|
(0.4 |
%) |
|
15.0 pts |
|
|
Net losses and loss expenses ratio |
|
81.0 |
% |
|
|
71.9 |
% |
|
9.1 pts |
|
|
Acquisition cost ratio |
|
21.7 |
% |
|
|
21.9 |
% |
|
(0.2 pts) |
|
|
Underwriting-related general and administrative expense ratio |
|
4.9 |
% |
|
|
5.3 |
% |
|
(0.4 pts) |
|
|
Combined ratio |
|
107.6 |
% |
|
|
99.1 |
% |
|
8.5 pts |
|
|
|
|
|
|
|
|
|||||
|
Current accident year combined ratio |
|
93.0 |
% |
|
|
99.5 |
% |
|
(6.5 pts) |
|
|
|
|
|
|
|
|
|||||
|
Current accident year combined ratio, excluding catastrophe and weather-related losses |
|
91.4 |
% |
|
|
89.8 |
% |
|
1.6 pts |
|
|
nm – not meaningful is defined as a variance greater than +/- 100% |
||||||||||
- Gross premiums written decreased by $413 million, or 16% ($365 million, or 14%, on a constant currency basis) including a decrease of $280 million attributable to run-off lines. In addition, a decrease of $19 million was associated with the exit from aviation business. In ongoing specialty lines, decreases in liability, motor, and professional lines were due to non-renewals.
- Net premiums written decreased by $542 million, or 29% ($493 million, or 26%, on a constant currency basis), reflecting the decrease in gross premiums written, together with an increase in premiums ceded associated with a new quota share retrocession agreement.
Investments
|
|
Quarters ended December 31, |
|
Years ended December 31, |
||||||||||||
|
($ in thousands) |
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net investment income |
$ |
186,937 |
|
|
$ |
147,085 |
|
|
$ |
611,742 |
|
|
$ |
418,829 |
|
|
Net investments gains (losses) |
|
23,041 |
|
|
|
(42,558 |
) |
|
|
(74,630 |
) |
|
|
(456,789 |
) |
|
Change in net unrealized gains (losses) on fixed maturities(6) |
|
466,386 |
|
|
|
233,273 |
|
|
|
448,477 |
|
|
|
(909,150 |
) |
|
Interest in income (loss) of equity method investments |
|
1,328 |
|
|
|
(3,045 |
) |
|
|
4,163 |
|
|
|
1,995 |
|
|
Total |
$ |
677,692 |
|
|
$ |
334,755 |
|
|
$ |
989,752 |
|
|
$ |
(945,115 |
) |
|
|
|
|
|
|
|
|
|
||||||||
|
Average cash and investments(7) |
$ |
16,395,033 |
|
|
$ |
15,782,384 |
|
|
$ |
16,155,418 |
|
|
$ |
15,963,535 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Total return on average cash and investments, pre-tax: |
|
|
|
|
|
|
|
||||||||
|
Including investment related foreign exchange movements |
|
4.1 |
% |
|
|
2.1 |
% |
|
|
6.1 |
% |
|
|
(5.9 |
%) |
|
Excluding investment related foreign exchange movements(8) |
|
3.8 |
% |
|
|
1.6 |
% |
|
|
5.8 |
% |
|
|
(5.2 |
%) |
- Net investment income increased by $40 million, or 27%, in the quarter, compared to the fourth quarter of 2022, attributable to an increase in income from our fixed maturities portfolio due to increased yields.
- Net investment gains recognized in net income for the quarter included net unrealized gains of $50 million ($37 million excluding foreign exchange movements), attributable to an increase in the market value of our equity securities portfolio.
- Net unrealized gains, pre-tax of $466 million ($422 million excluding foreign exchange movements) were recognized in other comprehensive income (loss) in the quarter due to an increase in the market value of our fixed maturities portfolio attributable to a decline in yields, compared to net unrealized gains, pre-tax of $233 million ($182 million excluding foreign exchange movements) recognized during the fourth quarter of 2022.
- Book yield of fixed maturities was 4.2% at December 31, 2023, compared to 3.5% at December 31, 2022. The market yield was 5.4% at December 31, 2023.
| 6 Change in net unrealized gains (losses) on fixed maturities is calculated by taking net unrealized gains (losses) at period end less net unrealized gains (losses) at the prior period end. |
| 7 The average cash and investments balance is calculated by taking the average of the monthly fair value balances. |
| 8 Pre-tax total return on cash and investments excluding foreign exchange movements is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to pre-tax total return on cash and investments, the most comparable GAAP financial measure, also included foreign exchange (losses) gains of $60 million and $78 million for the quarters ended December 31, 2023 and 2022, respectively, and foreign exchange (losses) gains of $51 million and $(110) million for the years ended December 31, 2023 and 2022, respectively. |
Capitalization / Shareholders’ Equity
|
|
December 31, |
|
December 31, |
|
|
|||
|
($ in thousands) |
2023 |
|
2022 |
|
Change |
|||
|
Total capital(9) |
$ |
6,576,910 |
|
$ |
5,952,224 |
|
$ |
624,686 |
- Total capital of $6.6 billion included $1.3 billion of debt and $550 million of preferred equity, compared to $6.0 billion at December 31, 2022, with the increase driven by net income, and net unrealized investment gains reported in accumulated other comprehensive income (loss), partially offset by common share dividends declared.
- On December 7, 2023, the Company’s Board of Directors authorized the renewal of the share repurchase program for up to $100 million of the Company’s common shares, effective January 1, 2024, through December 31, 2024.
Book Value per diluted common share
|
|
December 31, |
|
September 30, |
|
December 31, |
|||
|
|
2023 |
|
2023 |
|
2022 |
|||
|
Book value per diluted common share(10) |
$ |
54.06 |
|
$ |
51.17 |
|
$ |
46.95 |
- Dividends declared were $0.44 per common share in the current quarter and $1.76 per common share over the past twelve months.
|
|
Three months ended, |
|
Twelve months ended, |
||||||||
|
|
December 31, 2023 |
|
December 31, 2023 |
||||||||
|
|
Change |
|
% Change |
|
Change |
|
% Change |
||||
|
Book value per diluted common share |
$ |
2.89 |
|
5.6 |
% |
|
$ |
7.11 |
|
15.1 |
% |
|
Book value per diluted common share – adjusted for dividends declared |
$ |
3.33 |
|
6.5 |
% |
|
$ |
8.87 |
|
18.9 |
% |
- Book value per diluted common share increased by $2.89 in the quarter, driven by net unrealized investment gains reported in accumulated other comprehensive income (loss), partially offset by the net loss for the period, and common share dividends declared.
- Book value per diluted common share increased by $7.11 over the past twelve months, driven by net income, and net unrealized investment gains reported in accumulated other comprehensive income (loss), partially offset by common share dividends declared.
- Adjusted for net unrealized investment losses, after-tax, reported in accumulated other comprehensive income (loss), book value per diluted common share was $58.05.
- Adjusted for dividends declared, the book value per diluted common share increased by $3.33 for the quarter, and increased by $8.87 over the past twelve months.
| 9 Total capital represents the sum of total shareholders’ equity and debt. |
| 10 Calculated using the treasury stock method. |
Conference Call
We will host a conference call on Thursday, February 1, 2024 at 9:30 a.m. (EST) to discuss the fourth quarter and year-end financial results and related matters. The teleconference can be accessed by dialing 1-877-883-0383 (U.S. callers), or 1-412-902-6506 (international callers), and entering the passcode 4812106 approximately ten minutes in advance of the call. A live, listen-only webcast of the call will also be available via the Investor Information section of our website at www.axiscapital.com. A replay of the teleconference will be available for two weeks by dialing 1-877-344-7529 (U.S. callers), or 1-412-317-0088 (international callers), and entering the passcode 6289247. The webcast will be archived in the Investor Information section of our website.
In addition, an investor financial supplement for the quarter ended December 31, 2023 is available in the Investor Information section of our website.
About AXIS Capital
AXIS Capital, through its operating subsidiaries, is a global specialty underwriter and provider of insurance and reinsurance solutions.
Contacts
Cliff Gallant (Investor Contact): (415) 262-6843; [email protected]
Nichola Liboro (Media Contact): (917) 705-4579; [email protected]
