Axis Capital Holdings, a Bermuda-based holding company of the Axis group which provides specialty insurance and treaty reinsurance on a worldwide basis, has reported a net income available to common shareholders for the second quarter of 2010 of $205m, or $1.51 per diluted common share, compared to $159m, or $1.06 per diluted common share, for the second quarter of 2009.
Total revenues for the second quarter of 2010 was $842m, compared to $781m for same quarter of previous 2009.
Total gross premiums written for the second quarter of 2010 was $940m, compared to $915m for the previous quarter of 2009.
Operating income was $180m, compared to $183m for same quarter of 2009.
Net income for the six months ended June 30, 2010 was $317m, or $2.28 per diluted common share, compared to $275m, or $1.84 per diluted common share, for the corresponding period in 2009.
Operating income for the six months ended June 30, 2010 was $276m, compared to $338m for the first six months of 2009.
John Charman, CEO and president of Axis Capital, said: “Given the historically low investment yield environment coupled with challenging property and casualty market conditions, we are pleased with our performance during the second quarter.
“For the quarter, we reported annualized operating return on average common equity of 14.6%, an increase in diluted book value per share of 6% and a combined ratio of 86.2%. During the second quarter, we also took advantage of depressed valuations to buy back $121m worth of common shares in the open market.”