AXIS Capital Announces Preliminary 2023 Full-Year Financial Results And Conclusion Of Reserve Review; Sees FY23 Net Income Of $4.02 And Operating Income Of $5.65; The Company Strengthened Its Prior Year Reserves In Q4 By $425M
Portfolio Pulse from Benzinga Newsdesk
AXIS Capital Holdings Limited (NYSE: AXS) announced preliminary full-year financial results for 2023, expecting net income of $346 million ($4.02 per share) and operating income of $486 million ($5.65 per share). The company reported a 2% increase in gross premiums and a lower combined ratio of 91.8% compared to the previous year. AXIS also strengthened its prior year reserves by $425 million due to liability and professional lines, mainly from 2019 and older. The company's book value per share increased by 15.1% to $54.06. President and CEO Vince Tizzio highlighted AXIS's strong performance and trajectory towards specialty underwriting leadership. Full results will be released on January 31, 2024, with a conference call on January 23, 2024.
January 23, 2024 | 9:09 pm
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AXIS Capital expects to report a strong financial performance for FY23 with significant net and operating income, an increase in gross premiums, and a solid increase in book value per share. The company also strengthened its reserves, indicating a proactive approach to potential liabilities.
The positive preliminary financial results and the strengthening of reserves are likely to be viewed favorably by investors, suggesting a well-managed company with a strong financial position. This could lead to increased investor confidence and potentially a rise in the stock price in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100