AXIS Capital Holdings reported revenues of $817.6m for the first quarter of 2010, an increase of 14% compared to $714.6m for the same quarter in 2009.
Operating income for the first quarter of 2010 was $96m, or $0.67 per diluted share, compared to $156m, or $1.05 per diluted share, for the same period last year.
The company’s gross premiums written for the quarter were $1.4bn compared to $1.3bn, while net premiums written were $1.2bn compared to $1.16bn. Net premiums earned for the quarter were $696.1m, an increase of 5% compared to $665.3m for the same quarter in 2009.
For the first quarter ended March 31, 2010, the company posted net income of $111.8m, or $0.79 per diluted share, compared to $115.6m, or $0.78 per diluted share for the same period last year.
John Charman, CEO and president of AXIS Capital, said: “We are pleased to report an increase in diluted book value per common share of nearly 3% during this first quarter of 2010. Our prudent risk management efforts have served us well as we have produced strong quarterly profitability despite the accumulated impact of an unprecedented number of worldwide catastrophes affecting underwriting profitability for a first quarter.”