Q4 2024 AXIS Capital Holdings Ltd Earnings Call Transcript
Key Points
- Axis Capital Holdings Ltd (AXS) reported a strong operating return on equity of 18.6% for 2024.
- The company achieved a record operating earnings per share of $11.18, marking a 98% increase over the prior year.
- Gross premiums written exceeded $9 billion for the year, reflecting an 8% growth.
- The insurance segment delivered a combined ratio of 89.1% for the year, indicating strong underwriting performance.
- Net investment income reached a record $759 million, driven by higher yields on a larger fixed income portfolio.
- The company noted increasing competition in global markets, particularly within property, marine, and aviation units.
- There is a continued impact of social inflation on liability lines, posing challenges for the industry.
- The cyber risk landscape is evolving with more sophisticated attacks, requiring constant adaptation.
- The expense ratio for the quarter was higher than expected at 13.7%, partly due to accruals for variable compensation.
- The reinsurance segment faced greater competition in the UK motor class, impacting rate levels.
Good morning and welcome to the AXIS capital fourth quarter, 2024 conference call. (Operator Instructions) Please note this event is being recorded.
I would now like to turn the conference over to Mr. Cliff Gallant, Head of Investor Relations. Please go ahead, sir.
Thank you. Good morning, and welcome to our fourth quarter 2024 conference call. Our earnings press release and financial supplement were issued last night. If you 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 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 statements involve risks,
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