AXIS Capital Holdings announced its third quarter financial results. The company reported net income available to common stockholders of $47 million (approximately $34.12 million), or $0.56 per diluted common share. That compares with a net loss of $73 million for the third quarter of 2020, or $0.87 per diluted common share.
For the nine months ended September 30, net income for common stockholders was $391 million, $4.59 per share, while net loss for the last year’s quarter was $146 million, a decrease of $73 per share.
Operating income for the third quarter was $1 million, $0.01 per reduced value common share, while operating loss for the third quarter of 2020 was $65 million, or $0.77 per diluted common share. .. Operating income for the nine months ended September 30 was $254. Operating losses for last year’s quarter ranged from $158 million ($1.88 per share) to $1 million ($2.98 per share).
Including dividends declared, the carrying value of the common stock was down $0.22, or 0.4%, compared to June 30. It’s up $1.79, (3.3%) over the past 12 months.
The industry has been hit by bad weather this year, said Albert Benchimol, President and CEO of AXIS Capital.
“Faced with these challenges, we are continuing to deliver results and accelerating progress with eight consecutive quarterly improvements in paint-time combinations each year. This is emphasizing,” said Benchimol. “Specifically, AXIS has a quarterly net operating income. The small event market share reflects the progress we have made in reducing our net disaster risk. Our performance so far has been the best. This is underlined by line growth, disciplined lending, and solid return on investment.