AXIS Capital (AXS) Q1 Earnings Miss Estimates, Down Y/Y
Zacks Investment Research | Apr 24, 2019 11:49PM ET
AXIS Capital Holdings Limited (NYSE:AXS) reported first-quarter 2019 operating income of $1.24 per share, missing the Zacks Consensus Estimate by 11.4%. Moreover, the bottom line declined 15.1% year over year, mainly due to lower revenues.
Operational Update
Operating revenues of about $1.2 billion lagged the Zacks Consensus Estimate by 1.6%. Also, the top line dipped 2.1% year over year.
Gross premiums written declined 3% year over year to about $2.6 billion, largely driven by a 3% decrease each in Insurance and Reinsurance segments.
Net investment income increased 6.2% year over year to nearly $107 million.
Total expenses in the quarter under review declined 3% year over year to $1.2 billion, courtesy of the reduced foreign exchange losses and the amortization of value of the business acquired.
AXIS Capital’s underwriting income totaled $778.2 million, down 45.9% year over year. Combined ratio expanded 610 basis points (bps) to 96.9%.
In the quarter under consideration, pre-tax cost savings of $17 million — $69 million on an annualized basis — related to the company’s transformation initiative and the integration of Novae have been recognized.
Axis Capital Holdings Limited Price, Consensus and EPS Surprise
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