Axis Capital Holdings’ results jumped in 2012 as its exposures to natural disasters were offset by contributions made by prior year reserves.

The Bermuda-based global insurer saw gross written premium (GWP) jump 1.1% to $US4.1 billion ($3.97 billion) and operating income of $421.5 million ($408.6 million), compared to a loss of $US153.9 million ($149.2 million) a year earlier.

Growth was recorded in a range of business areas including professional lines, liability and accident and health.

The net loss and expense ratio fell to 61.4% from 80.7% a year earlier, and the combined ratio improved to 96.2% from 112.3% in 2011. Total assets rose 5.9% to $US18.8 billion ($18.22 billion) and net investment income was $US380.9 million ($369.23 million).

Insurance made up 55.8% of GWP compared to 51.8% a year earlier, while the reinsurance ratios were 44.2% and 48.2% respectively. The fourth quarter was hit by Superstorm Sandy, which caused an underwriting loss of $US74.29 million ($72 million). Sandy itself cost the group $331 million ($320.8 million).

President and CEO Albert Benchimol told investors Axis “experienced strong results across most parts of our company in the fourth quarter, but our performance was clearly offset by the impact of Sandy, which led to a small loss for the period”.

In Australia Axis holds $US267 million ($258.6 million) worth of equity and fixed interest investments.