The following is a summary of the AXIS Capital Holdings Limited (AXS) Q1 2024 Earnings Call Transcript:

Financial Performance:

• AXIS reported an 18.2% annualized ROE and a combined ratio of 91.1% for Q1 2024.

• The company generated $2.7 billion in gross premiums written, this marked an 11% increase from the prior year.

• AXIS reported Q1 net income of $388 million, or $4.53 per diluted common share, resulting in an annualized ROE of 32.1%.

• Operating income was $220 million or $2.57 per diluted common share, the highest quarterly earnings per share (EPS) in the company's history.

• Insurance premiums increased 11% compared to the prior year, and the combined ratio was 86.6% with the Reinsurance combined ratio being 95.8%.

• AXIS also returned $100 million to its shareholders in Q1 through dividends and share repurchases.

Business Progress:

• AXIS capitalized on favorable market conditions and pulled in $669 million in new business premiums, a 27% increase.

• The company witnessed a 31% increase in submission count in its U.S. wholesale business during the quarter, with growth drivers including property insurance and professional lines book.

• AXIS launched the first-ever Lloyd syndicate to exclusively write energy transition risks.

• The company saw a 28% increase in premium volume in the US, indicating targeted expansion into the wholesale lower middle market.

• AXIS continues to build strong capabilities in underwriting, claims, and operations by attracting new talent and launching new business units.

• The company is enhancing organizational efficiency through operational model improvements, demonstrated by a reduction of 0.6 percentage point in their G&A ratio.

More details: Axis Capital Holdings IR

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