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AXIS CAPITAL REPORTS FOURTH QUARTER 2020 RESULTS
For the fourth quarter of 2020, the Company reports:
•Improvement of 4.5 points in current accident year combined ratio, excluding catastrophe and weather-related losses, compared to the prior year
•Pre-tax catastrophe and weather-related losses, net of reinsurance and reinstatement premiums, of $198 million, or 18.4 points, including the previously disclosed amount of $125 million, or 11.6 points, attributable to the COVID-19 pandemic
•Net loss attributable to common shareholders of $5 million, or $(0.06) per diluted common share, and operating loss1 of $16 million, or $(0.20) per diluted common share1
•Book value per diluted common share of $55.09, an increase of $0.34, or 1%, compared to September 30, 2020
For the year ended 2020, the Company reports:
•Improvement of 4.6 points in current accident year combined ratio, excluding catastrophe and weather-related losses, compared to the prior year
•Pre-tax catastrophe and weather-related losses, net of reinsurance and reinstatement premiums, of $774 million, or 17.7 points, including $360 million. or 8.2 points, attributable to the COVID-19 pandemic
•Net loss attributable to common shareholders of $151 million, or $(1.79) per diluted common share, and operating loss of $174 million, or $(2.08) per diluted common share
Pembroke, Bermuda, January 27, 2021 - AXIS Capital Holdings Limited ("AXIS Capital" or the "Company") (NYSE: AXS) today announced financial results for the fourth quarter ended December 31, 2020.
Commenting on the fourth quarter 2020 financial results, Albert Benchimol, President and CEO of AXIS Capital, said:
“This was a year of tremendous challenge. First and foremost, our thoughts are with the people and families afflicted by COVID-19 and those whose lives were upended by extreme weather. For our business, the combined impact of the pandemic which affected both our underwriting and investment results and elevated hurricane activity that made 2020 the fifth costliest cat year on record, led to disappointing financial results that overshadowed significant underlying progress.
"In 2020, AXIS materially strengthened our core performance, highlighted by a year-over-year improvement of 4.6 points to our current accident year combined ratio ex-cat and weather. This progress in our underwriting metrics demonstrates that all of the work that we’ve done in recent years to reposition our portfolio and drive targeted growth in our most attractive markets is delivering tangible results.
AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08
Tel. 441.496.2600 Fax 441.405.2600
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The following information was filed by Axis Capital Holdings Ltd (AXS) on Wednesday, January 27, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.