Bermuda-based AXIS Capital has reported net income available to common shareholders of $495m, or $4 per diluted common share for the year 2012, against $9m or $0.07 per share during the same period earlier year.

The increase in net income was largely due to a decrease in net-after tax losses from natural catastrophe and weather events, which summed up to $398m and $910m in 2012 and 2011, respectively.

For the year ended on 31 December 2012, its operating income stood at $422m, or $3.41 per diluted common share, compared to an operating loss of $154m, or $1.26 during the corresponding period last fiscal.

Gross premiums written grew by 1% to $4.1bn, with growth of $188m, in insurance segment offset by a reduction of $144m in reinsurance segment.

Net premiums written decreased 2% to $3.3bn and net premiums earned increased 3% to $3.4bn compared to the year ago period.

Insurance segment gross premiums written were $2.3bn, with the 9% growth attributable to professional lines, liability and accident & health.

Reinsurance segment gross premiums written stood at $1.8bn, compared to $2bn during the comparable period a year ago, largely due to the repositioning of its catastrophe reinsurance portfolio.

AXIS Capital offers specialty lines insurance and treaty reinsurance in Bermuda, the US, Europe, Singapore, Canada, Australia and Latin America.