PEMBROKE, Bermuda—AXIS Capital Holdings Ltd. reported net income of $461 million for 2009, an increase of 31.6% from the $350.5 million recorded in 2008.

Gross premiums increased 6% to $3.59 billion in 2009, the Pembroke, Bermuda-based insurer and reinsurer reported late Monday. Its combined ratio improved to 77.3% in 2009 compared with 89.8% in 2008, and total underwriting income for the year increased 71% to $524.6 million. Investment income increased 88% to $464.5 million.

In a statement accompanying the earnings report, AXIS Capital President and CEO John Charman credited “very good property and casualty underwriting results and strong performance from our investment portfolio” for the year's performance.