Business

Axis Capital sees H1 GWP up 8% to $4.5bn

Operating income for the six months ended June 30, was $253m (£182m) up from a $93m (£67m) loss the previous year.

Axis Capital has revealed its GWP increased by $329m (£237m), or 8%, to $4.5bn (£3.2bn) in the first half of the year, boosted by a 13% rise in Q2.

Net income available to common shareholders for the six months ended June 30, 2021 was $344m (£247m) compared with a net loss attributable to common shareholders of $73m (£52.6m) for the same period in 2020.

It also reported operating income for Q2 as $171m (£121m), compared with an operating income of $72m (£51m) in 2020.

In addition, it said operating income for the six months ended June 30, was $253m (£182m) up from a $93m (£67m) loss the previous year.

Albert Benchimol, President and CEO of AXIS Capital, said: “Our core underwriting results were strong, as evidenced by this quarter’s current year ex-cat combined ratio of 88.7%. Our continued progress in underwriting performance provides tangible proof that our efforts to reposition our portfolio are delivering meaningful improvements.

“Our insurance business is well positioned in the markets experiencing the strongest conditions, leading to 22% growth in gross premiums written to achieve a record level of premium production.”

He added: “Our reinsurance business demonstrated agility and discipline, growing in attractive classes, but also holding the line where terms were not deemed sufficiently attractive, and continuing to manage down catastrophe volatility.

“During the quarter, we recorded average rate increases of 14% across our insurance book, which is higher than the previous quarter and on par with the prior year period – and we remain confident that pricing will remain at or above loss cost trends well into 2022 and likely beyond, providing a tailwind to ongoing improvements in underwriting profitability.”

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