Bermuda's AXIS Capital Q4 underwriting income up 42%
Overview
Bermuda-based insurance firm's Q4 underwriting income rose 42% yr/yr
Company's Q4 combined ratio improved to 90.4%
Company returned $1 bln to shareholders through repurchases and dividends
Outlook
Company did not provide specific guidance for future quarters or years
Result Drivers
INSURANCE PREMIUM GROWTH - Gross premiums in the insurance segment increased by 12%, contributing to improved underwriting results
LOWER CATASTROPHE LOSSES - Reduced catastrophe and weather-related losses helped improve the combined ratio
REINSURANCE SEGMENT GROWTH - Reinsurance segment saw a 13% increase in gross premiums, driven by new business in motor and credit lines
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q4 EPS |
| $3.67 |
|
Q4 Net Income |
| $282 mln |
|
Q4 Adjusted Combined Ratio |
| 90.40% |
|
Q4 Combined Ratio |
| 90.40% |
|
Q4 Expense Ratio |
| 13.90% |
|
Q4 Operating income |
| $250 mln |
|
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 8 "strong buy" or "buy", 4 "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 $124.00, about 21% above its January 27 closing price of $102.51
The stock recently traded at 8 times the next 12-month earnings vs. a P/E of 8 three months ago
Press Release: ID:nGNEbTlQjL
For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.
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