Bermuda-based insurer and reinsurer Axis Capital has reported first-quarter net income available to common shareholders of $US137 million ($147.65 million), down 54.79% from the corresponding period last year.

Gross written premium increased 4% to $US1.8 billion ($1.94 billion), with 1% growth in the insurance segment and 6% growth in reinsurance.

The combined operating ratio for the quarter was 91.9%, compared with 83% for the corresponding period last year.

There were no significant natural catastrophe losses and net investment income was $US83 million ($89.45 million), down 23.85%.

President and CEO Albert Benchimol says more than $US200 million ($215.55 million) was returned to shareholders through share repurchases and dividends.

“This year’s quarter was affected by lower investment income from alternative investments and higher property losses in the insurance segment. While market conditions have weakened a little, there remain many opportunities for profitable business across our core book.

“We also continue to have success in developing and nurturing new business initiatives.”