Q1 2025 AXIS Capital Holdings Ltd Earnings Call Transcript
Key Points
- Axis Capital Holdings Ltd (AXS) reported a strong start to 2025 with an annualized operating return on equity of 19.2% and record diluted book value per share of $66.48.
- The company achieved record operating earnings per share of $3.17, a 23% increase over the prior year quarter.
- AXS generated record premiums of $2.8 billion, representing 5% growth, including $738 million in new premiums.
- Net investment income increased by 24% over the prior year quarter, reaching $208 million.
- The insurance segment produced excellent results with a combined ratio of 86.7% and $1.7 billion in premiums, marking a 5% increase over the prior year quarter.
- The property segment experienced a 7% rate reduction, influenced by a more competitive global market, particularly in London.
- The reinsurance segment faced increased competition in the UK motor market post-Ogden rate change, impacting premium growth.
- AXS anticipates potential impacts on growth in certain lines of business due to ongoing trade and geopolitical uncertainties.
- The company remains cautious in its loss picks for reinsurance, reflecting a higher level of uncertainty in the current environment.
- Despite strong results, the company acknowledges the potential for rising loss costs due to tariffs, particularly affecting property and cargo lines.
Good day, and welcome to the first-quarter 2025 AXIS Capital Earnings conference call. All participants will be in listen-only mode. (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 first-quarter 2025 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 Vince Tizzio, our President and CEO, and Pete Vogt, our CFO. In addition, I would like to remind everyone that the statements made during this call, including the question and answer session, which are not historical facts, may be forward-looking statements.
Forward-looking
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