AXIS Capital Holdings Limited (AXS) has reported a 2.85 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $148.91 million, or $1.48 a share in the quarter, compared with $144.79 million, or $1.39 a share for the same period last year. On an adjusted basis, operating income per share were at $1.14 for the quarter compared with $1.23 in the same period last year.
Revenue during the quarter went up marginally by 2.97 percent to $999.54 million from $970.67 million in the previous year period. Net premium earned for the quarter was almost stable at $921.88 million, when compared with the previous year period.
Total expenses move up marginally
Benefits, losses and expenses for the quarter were at $852.34 million, or 92.46 percent of premium earned from $824 million or 89.39 percent of premium earned in the last year period.
However, the adjusted operating income for the quarter stood at $100.50 million compared to $119.83 million in the prior year period. At the same time, adjusted operating margin contracted 229 basis points in the quarter to 10.05 percent from 12.35 percent in the last year period.
Net investment income was at $95.52 million for the quarter, up 20.91 percent or $16.52 million from year-ago period. The company has booked a loss on investments of $20.23 million in the quarter compared with a loss of $14.87 million for the previous year period.
Albert Benchimol, President and chief executive officer of AXIS Capital, said: "We are pleased to report quarterly operating earnings of $1.14 per diluted share for the quarter and $4.48 for the year, along with year-end book value per diluted share of $58.27. The strength of our operating results in the fourth quarter which included Hurricane Matthew and other U.S. weather-related events, and 11% growth in our full-year operating earnings per share despite continued market pressure and elevated global cat losses demonstrates the progression of our initiatives to deliver a more stable and growing earnings profile. Our growth in diluted book value per share adjusted for dividends was 10% over the year, a strong result in light of the higher interest rates in the quarter."
Assets outpace liabilities growth
Total assets increased 4.16 percent or $831.80 million to $20,813.69 million on Dec. 31, 2016. On the other hand, total liabilities were at $14,541.32 million as on Dec. 31, 2016, up 3.02 percent or $426.31 million from year-ago.
Return on assets stood at 0.78 percent in the quarter, down 0.01 from 0.79 percent in the last year period. At the same time, return on equity was at 2.09 percent in the quarter, down 0.21 from 2.30 percent in the last year period.
Investments move up marginally
Investments stood at $13,459.51 million as on Dec. 31, 2016, up 0.55 percent or $73.39 million from year-ago. Meanwhile, yield on investments went up 12 basis points to 0.71 percent in the quarter.
Total debt was almost stable over the past one year at $992.95 million on Dec. 31, 2016. Shareholders equity stood at $6,272.37 million as on Dec. 31, 2016, up 6.91 percent or $405.49 million from year-ago. As a result, debt to equity ratio went down 1 basis points to 0.16 percent in the quarter from 0.17 percent in the last year period.
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