AXIS posts big improvement in combined ratio, sees strong growth in Q1
Bermuda-based global re/insurer AXIS Capital reported a healthy improvement in its combined ratio in the first quarter 2022 as it “continued to deliver strong progress along virtually all key metrics”.
Gross written premium rose by 4% or $99 million year on year to reach $2.6 billion, thanks to a 20% or $224 million increase in the insurance segment, which was partially offset by a decrease of 9% or $125 million to $1.3 billion in the reinsurance segment.
There was an improvement of 7.5 points in the combined ratio to 91.4% from 98.9%.
AXIS recorded a net profit of $149 million, up 21% from the $123 million achieved in the same period last year.
"Our insurance segment again recorded 20% premium growth on the back of double-digit rate increases, and record first quarter new business as we continued to expand our presence in attractive markets, with a focus on delivering value to our partners in the E&S, Wholesale and Specialty channels,” Albert Benchimol (pictured), president and CEO of the company, said.
“Within our reinsurance segment, the team continued to make good progress in strengthening our portfolio while reducing our footprint in catastrophe, highlighted by a 45% reduction in catastrophe lines premium.”
AXIS aims to become a “top quintile performer”, he added.
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