The Bermuda re/insurer said operating income for the quarter was $197 million compared with $201 million for the third quarter of 2012.

Revenues increased to $1.04 billion from $1.02 billion last year. Analysts expected revenues of $707.45 million.

Commenting on results, Albert Benchimol, president and CEO of AXIS Capital said: “We’re pleased to announce a very good quarter on all fronts.

“Our annualised operating return on average common equity was 15.6 percent for the quarter and our diluted book value per share increased 4.5 percent, with strong contributions from both underwriting and investments.

“Our global underwriting platform, breadth of products and excellent financial strength are all highly valued attributes in today’s marketplace, positioning us favourably to achieve our goals.

“We are confident our risk selection, combined with our disciplined attention to portfolio construction, will positively differentiate our company and shareholder returns over the longer term. Our recent upgrade to A+ by A.M. Best is another testimony to our strong track record and the value of our global franchise in the marketplace.”

Net premiums earned increased 10 percent to $945 million from last year.

The combined ratio was 86.3 percent, compared to 85.3 percent last year.

The company said gross premiums written increased 7 percent to $905 million, with growth of 9 percent in the insurance segment and 4 percent in the reinsurance segment.

Net premiums written increased 10 percent to $716 million.

The company said estimated natural catastrophe and weather-related pre-tax net losses (net of reinstatement premiums) was $51 million.