Bermuda-based Axis Capital Holdings posted operating earnings of $201 million for the third quarter, handily beating analysts’ estimates.Experiencing a period of a low level of catastrophe activity and strong investment returns, the company’s third quarter operating profit, of $1.63 per common share, doubled last year’s numbers of $95 million, or 74 cents per common share, for the third quarter of 2011.Net income was $223 million, up from $212 million in the same period last year.“Axis delivered a strong third quarter, with an annualised operating return on average common equity of 15.2 percent, and 7.4 percent growth in diluted book value per share,” said Albert Benchimol, president and CEO of Axis.“This built upon the strong performance in earlier quarters to achieve a 17.6 percent increase in diluted book value per share over the last 12 months, reaching a new all-time high of $43.57 per share.“We benefited in the quarter from the low level of catastrophe and large loss activity and the favourable impact of strong equity markets on our overall investment returns.”Mr Benchimol added that in general, pricing conditions continued to improve across almost all of their business lines.“Underwriting results across all of our units showed good fundamentals and shifts in our mix of business favoured lines showing ongoing improvement. We also continued to show good progress in a number of business initiatives we’ve been cultivating for some time.”Axis wrote two percent more business in the third quarter — hitting $848 million, up from $835,056 in the third quarter last year. The company’s insurance segment wrote seven percent more business, hitting $530 million in the quarter, while their reinsurance division wrote $318 million in the quarter, down seven percent.So far this year, business is going well for Axis — reporting an operating income of $449 million for the first nine months compared to an operating loss of $221 million for the same period last year.Mr Benchimol commented on Superstorm Sandy and the potential resulting losses, saying, “It will be some time before the full scope of damage and overall impacts are fully realised. From what we know at this time, this is an earnings event that will not affect our progress.”