The estimated pre-tax catastrophe and weather-related losses includes $235m attributable to Covid-19 pandemic
Axis Capital’s office in Georgia, US. (Credit: Wikipedia.org/Thomson200.)
AXIS Capital has announced a net loss of $177.5m for the first quarter of this year, compared to net income of $108.7m in the same period a year earlier.
The company posted an operating loss of $164m for this year’s first quarter. It earned an operating income of $105m for the same period in 2019.
The gross premiums written for the period totalled $2.43bn, which included $940m from insurance and $1.5bn from reinsurance.
Net premiums written for the period totalled at $1.67bn, with $581m coming from insurance and 1.09bn from reinsurance.
The total revenues earned by the company were $1.11bn and compared to the same period last year, the total revenues earned were $1.26bn.
Axis Capital posts estimated pre-tax catastrophe and weather-related losses of $300m
As per Axis Capital, the estimated pre-tax catastrophe and weather-related losses, net of reinsurance and reinstatement premiums totalled $300m, which included $235m attributable to Covid-19 pandemic.
The company’s gross premiums written have declined by $152m to $2.4bn which included a decrease of $242m in reinsurance segment and an increase of $90m in the insurance segment.
Net premiums written also decreased by $98m to $1.7bn. A decrease of $150m reinsurance segment is partially offset by an increase of $52m in the insurance segment.
AXIS Capital president and CEO Albert Benchimol said: “As our industry and society continue to navigate the challenges brought on by COVID-19, our primary thoughts are with the people, families and communities that have been directly impacted by the pandemic, and with the health and safety of our staff.
“Like all (re)insurers, our financial results have been impacted by COVID-19. The losses from the pandemic overshadowed what otherwise would have been an excellent quarter for AXIS. The first quarter was highlighted by a more than 4 point improvement in our ex-PGAAP current accident year ex-cat combined ratio with better results across our losses, acquisition costs and general and administrative expenses.
“This continued improvement is driven by our efforts over the past few years to enhance profitability within our portfolio, enhance operating efficiency, and deliver growth across our most attractive lines.