Axis profits and premiums fall
Bermuda-based global insurance and reinsurance provider Axis Capital Holdings has reported a 2% fall in net profit for the first half of 2008 of $US469 million ($511 million). In the same period last year it reported $US479 million ($522 million).
Operating income for the first six months of this year fell to $US434 million ($473 million) compared with $US483 million ($526 million) for the first half of last year. Net written premium declined 10% to $366 million ($398 million).
The company’s first-half combined ratio increased to 81.2% from 78.1%, reflecting declining profitability.
Axis recently launched local operations in Australia through its European subsidiary Axis Specialty Europe, operating under the name Axis Specialty Australia.
A partnership between Axis Specialty Europe and Dexta, Australia’s largest independent general insurance underwriting agency, is based on a multi-year agreement until at least 2010.
Operating income for the first six months of this year fell to $US434 million ($473 million) compared with $US483 million ($526 million) for the first half of last year. Net written premium declined 10% to $366 million ($398 million).
The company’s first-half combined ratio increased to 81.2% from 78.1%, reflecting declining profitability.
Axis recently launched local operations in Australia through its European subsidiary Axis Specialty Europe, operating under the name Axis Specialty Australia.
A partnership between Axis Specialty Europe and Dexta, Australia’s largest independent general insurance underwriting agency, is based on a multi-year agreement until at least 2010.