Axis Capital Holdings Ltd. on Wednesday reported 2018 first-quarter net income of $63 million, up dramatically from $5 million a year ago as the Bermuda-based insurer and reinsurer underwent what its CEO called a “fundamental transformation.”

Net written premiums for the quarter increased 31.6% to $1.99 billion. Reinsurance net written premiums rose by 24.8% to $1.44 billion, while insurance net written premiums rose by 53.5% to 547.9 million, Pembroke, Bermuda-based Axis said in its earnings statement.

Net premiums written in the insurance segment increased by 54%, compared with a year ago; but excluding the impact of the increase in net premiums written associated with the acquisition of Novae, net premiums written increased by 2%, Axis said in the statement. Net premiums written in the reinsurance segment increased by 25% from a year ago and they increased by 23% excluding the Novae acquisition.

Revenue increased 25% to $1.26 billion compared with the year-ago quarter.

The combined ratio improved to 90.8% across the business, compared with 102.1% a year ago.

During a conference call Thursday with analysts, Albert Benchimol, president and CEO of Axis Capital, said “the story of the first quarter is that our actions of the past few years are starting to deliver meaningful results.”

Among other things, Mr. Benchimol said the company had exited a number of lines and markets and had invested in “developing lines with exciting potential.” These included accident and health, renewable energy, cyber, agricultural reinsurance and mortgage reinsurance, he said. The insurer also invested in technology, analytics and recruitment, he said.

“Over the past five years,” Mr. Benchimol said, “Axis has undergone a fundamental transformation from an intelligent and opportunistic provider of large capacity for volatile lines in what was a hard market, to a relevant and leading player in a select number of attractive markets positioned to deliver superior results from across a wide range of market conditions.”

Mr. Benchimol said Axis expects to deliver savings of $100 million by the end of 2020 due to its transformation efforts and the integration of Novae Group P.L.C., which Axis acquired last year.