Axis reports $18.6 million net loss for fourth quarter 2012
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Axis Capital Holdings Ltd. posted a net loss of $18.6 million for the fourth quarter of 2012, compared with a profit of $80.1 million for the fourth quarter of 2011.
The Pembroke, Bermuda-based reinsurer and insurer said Monday its net loss from Superstorm Sandy was $301 million.
Axis reported a decline of 15% in investment income for the fourth quarter to $87 million. The company’s gross written premiums for the fourth quarter increased 13% to $752 million.
For the full 2012 year, Axis reported net income of $495 million, compared with $9.4 million for 2011. In a statement, Axis said the improvement largely was thanks to a reduction in net losses from natural catastrophe and weather events which totaled $398 million in 2012 compared with $910 million in 2011.
Axis’ gross written premiums increased by 1% in 2012 to $4. billion and its net investment income was $381 million, up 5% compared with 2011.
The company’s combined ratio was 96.2% for 2012 compared with 112.3% in 2011.
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