Q2 2024 AXIS Capital Holdings Ltd Earnings Call Transcript
Key Points
- Axis Capital Holdings Ltd (AXS) achieved an annualized operating ROE of 20%, driven by strength across most business lines.
- Operating earnings per share reached $2.93, marking a 31.5% increase over the prior year quarter and the highest quarterly operating EPS in the company's history.
- Overall premiums increased by 6.8%, with insurance and reinsurance segments growing by approximately 8% and 4%, respectively.
- Net investment income rose by 40%, or $54 million, compared to the prior year quarter.
- The insurance segment saw record new business premiums of $576 million, with strong contributions from property lines in North America and a 17% net written premium growth.
- The company experienced $47 million in catastrophe losses during the quarter, resulting in a 3.6% cat loss ratio.
- Despite strong performance, the reinsurance segment faced heightened competition, particularly in professional and casualty lines.
- The insurance segment's acquisition cost ratio increased to 19.6%, reflecting a mix of business change and lower ceding commissions in professional lines and cyber.
- The effective tax rate was 16%, higher than typical due to more profitability occurring in higher tax geographies.
- The company incurred $14 million in reorganization expenses, primarily related to severance and outplacement costs.
Please stand by for streaming text .
The second quarter 20 for AXIS Capital earnings call. All participants will be in listen only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a quick question. You may press star then one on your telephone keypad. To your question, please press star then two. Please note, this event is being recorded. I would now like to turn the conference over to Cliff Gallant, Head of Investor Relations. Please go ahead.
Thank you. Good morning and welcome to our second quarter 2024 conference call. Our earnings press release and financial supplement were issued last night. You'd like copies, please visit the investor information section of our website at axiscapital.com set aside an hour for today's call, which is also available as an audio webcast on our
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