Q3 2024 AXIS Capital Holdings Ltd Earnings Call Transcript
Key Points
- Axis Capital Holdings Ltd (AXS) reported a strong quarter with an annualized ROE of 17.3% and a 26% growth in book value per share over the prior-year quarter.
- The company achieved a combined ratio of 93.1% for the quarter, indicating strong underwriting profitability.
- Net investment income reached a record $205 million, driven by higher yields on a larger fixed income portfolio.
- The insurance segment saw a 4.7% increase in premium production, with significant growth in property and specialty lines.
- Axis Capital Holdings Ltd (AXS) maintained a disciplined approach to expense management, reducing the G&A ratio to 12.1% from 13.5% in the prior year quarter.
- The reinsurance segment experienced an 8.7% decrease in gross premiums, attributed to increased competition and non-renewal of certain contracts.
- The company faces challenges in the reinsurance market, particularly in casualty lines, with a reduction in longer tail lines by approximately 17%.
- Axis Capital Holdings Ltd (AXS) noted increased competition in the property insurance market, which could impact future growth.
- The company is navigating a dynamic risk environment with potential impacts from recent hurricanes, projecting losses between $50 million to $100 million from Hurricane Milton.
- Despite strong performance, the company remains cautious about growth, prioritizing profitability over premium growth, which may limit expansion in certain segments.
Good day, and welcome to the AXIS Capital Third Quarter 2024 Earnings Call. All participants will be in listen-only mode. (Operator Instructions)
After today's presentation, there will be an opportunity to ask questions. (Operator Instructions) Please note this event is being recorded.
I would now like to turn the conference over to Clifford Gallant, Investor Relations. Please go ahead.
Thank you. Good morning, and welcome to our Third Quarter 2024 Conference Call. Our earnings press release and financial supplement were issued last night. If you would like copies, please visit the Investor Information section of our website at axiscapital.com. We set aside an hour for today's call, which is also available as an audio webcast on our website.
Joining me on today's call are Vincent Tizzio, our President and CEO; and Peter Vogt, our CFO. In addition, I would like to remind everyone that the statements made during this call, including the question-and-answer section, which
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