Axis today reported a jump in first-quarter profits by $19 million to $156 million.

The take for the first three months of 2015 compared to a figure of $137 million for the same period last year.

The figures are equivalent to $1.54 per common share, compared to $1.24 for the first three months of 2014.

Operating income for the first quarter totalled $136 million or $1.35 per common share, compared to $137 million and $1.24 per common share for the same time in 2014.

Gross premiums written decreased by eight per cent — four per cent on a constant currency basis — to $1.7 billion.

Axis president and CEO Albert Benchimol said: “Our solid underwriting results reflected low catastrophe and weather related losses, ongoing favourable reserve development and broadly diversified, well constructed portfolio of risks.

“Our results reflected our tactical responses to the market environment and, importantly, demonstrated progress on our targeted portfolio enhancements and operational excellence initiatives.

“These initiatives, combined with our meaningful market presence, our technical expertise and our financial strength, position us well to continue to deliver a strong value proposition fro all our stakeholders.”

The figures included a pre-tax merger cost of $7 million in corporate expenses related to the proposed merger with rival firm PartnerRe.