Axis Capital has reported first-quarter net income of $US38 million ($49.76 million), down from $US156 million ($204.28 million) in the corresponding period last year.

Gross written premium grew 17% to $US2 billion ($2.62 billion), but gains were partially offset by “exiting certain lines of business… which reduced premium written primarily in our Australian professional lines”.

Axis last year announced its withdrawal from retail insurance operations in Australia.

Net investment income of $US49 million ($64.16 million) was recorded for the quarter, compared with $US92 million ($120.47 million).

The combined operating ratio improved to 91.9% from 93.7%.

President and CEO Albert Benchimol says strategic actions are having a positive impact “notwithstanding a competitive marketplace”.

“We continue to improve our overall portfolio, pursuing more attractive business, while at the same time shedding business that no longer meets profitability requirements,” he said.