Overview
AXIS Capital Q3 net income rises 70% yr/yr to $294 mln
Operating income for Q3 increases 11% yr/yr to $255 mln
Underwriting income for Q3 rises 39% yr/yr to $188 mln
Outlook
AXIS Capital did not provide specific future revenue or EPS guidance in press release
Result Drivers
INSURANCE SEGMENT GROWTH - Record Q3 gross premiums written of $1.7 bln, up 11%, driven by growth across most lines of business, except cyber lines
REINSURANCE SEGMENT PERFORMANCE - Gross premiums written increased by 6% to $432 mln, driven by new business in agriculture, credit and surety lines
OPERATIONAL IMPROVEMENTS - 'How We Work' program driving operational efficiencies through investments in data, technology, and AI
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 EPS | $3.74 | ||
Q3 Net Income | $294 mln | ||
Q3 Adjusted Combined Ratio | 87.70% | ||
Q3 Combined Ratio | 89.40% | ||
Q3 Expense Ratio | 11.70% | ||
Q3 Operating income | $255 mln |
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 7 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the multiline insurance & brokers peer group is "buy"
Wall Street's median 12-month price target for AXIS Capital Holdings Ltd is $117.00, about 23.9% above its October 28 closing price of $89.09
The stock recently traded at 7 times the next 12-month earnings vs. a P/E of 9 three months ago
Press Release: ID:nBw7qVv2ya
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)