International insurers Axis Capital Holdings and XL Group have recorded improved half-year results despite experiencing pressure on underwriting margins.

Axis net profit of $US317 million ($347 million) was 15% higher than the equivalent period last year, as net written premium grew 13% to $US789 million ($863 million). Total revenue increased by 11% to $US1.66 billion ($1.82 billion).

The combined ratio reflected pressure on global insurance margins as it increased to 92.1% from 86.6% in the same period last year.

Axis CEO John Charman says the result is nevertheless pleasing given “the historically low investment yield environment coupled with challenging property and casualty market conditions”.

XL Group reported a similar net result during the half as profit increased 24% to $US320 million ($350 million), despite a 54% slump in underwriting income of $US88 million ($96 million).

A 2% fall in total revenue of $US3.19 billion ($3.49 billion) was more than offset by a 10% fall in total expenses of $US2.81 billion ($3.07 billion), partly due to lower claim costs.

The combined ratio for the half increased to 96.4% from 92.6% earlier.