Axis Capital reports Q1 operating EPS $2.57, consensus $2.40

Reports Q1 revenue $1.42B, consensus $1.60B. Reports book value per diluted common share of $57.13, an increase of $3.07, or 5.7%, compared to December 31, 2023. The company said, “The results of the first quarter once again evidence that AXIS is elevating its financial performance, producing consistent returns and strong metrics. Reflecting the increased resiliency and consistency of our portfolio, AXIS delivered 18.2% annualized operating ROE and a combined ratio of 91.1%. We continued to capitalize on generally favorable market conditions, growing gross premiums written by 11% over the prior year period. Our specialty insurance business continues to perform very strongly, achieving a combined ratio of 86.6% and record first quarter premium production of $1.6 billion, fueled by double digit premium growth across both our North America and London-based Global Markets divisions. During the quarter, both our insurance and reinsurance businesses leaned into our targeted markets while exhibiting strong cycle management and underwriting discipline.”