Axis Capital Holdings Limited, the Bermudian-based global specialty re/insurer, has reported net income available to common shareholders for the first quarter of 2023 of $173 million.

That compares with $142 million for the first quarter of 2022.

Operating income was $200 million, compared with operating income of $180 million in the prior year quarter.

Axis said the annualised return on average common equity was 16.2 per cent and annualised operating ROACE was 18.8 per cent.

Book value per diluted common share was $50.31, an increase of $3.36, or 7.2 per cent, compared to December 31, 2022.

Albert Benchimol, president and CEO of Axis Capital said: "Axis once again delivered strong performance as we continued to advance our strategy to achieve specialty leadership, demonstrating resilience despite dynamic market conditions that included turbulence in the financial markets and heightened weather and cat activity.

“In the first quarter, we produced very good results across our core metrics that included a combined ratio of 91 per cent, operating income of $200 million, and record operating income per diluted common share of $2.33.”

He added: "As I prepare to complete my tenure as CEO of Axis, following nearly 13 years with the company, it is gratifying to see the continued progress in our performance following years of hard work to reposition the business to a more focused specialist underwriter, well positioned to consistently deliver profitable results.

“I have complete confidence that the best is yet to come for Axis. In Vince Tizzio, we have the right leader to take the company to the next level."

Mr Tizzio, CEO Specialty Insurance and Reinsurance of Axis Capital and future president and CEO, effective May 4, added: "With a clear focus on delivering sustainable value creation to our shareholders, we continued to drive strong growth in our priority markets while capitalising on favourable market conditions that included a general resurgence in pricing momentum across the majority of our lines.

“Our specialty insurance business delivered record first-quarter production, generating $1.4 billion in gross written premiums, a combined ratio of 87 per cent and underwriting profit of $103 million.

"Our reinsurance business contributed a combined ratio of 91 per cent and $36 million of underwriting profit as we further transitioned the business to a specialist reinsurer with a smaller and less volatile book of business.”

Net investment income for the quarter was $134 million, compared with $91 million, for the first quarter of 2022.

Gross premiums written decreased by $253 million, or 10 per cent ($211 million, or 8 per cent, on a constant currency basis), to $2.4 billion with a decrease of $341 million, or 26 per cent, in the reinsurance segment, partially offset by an increase of $88 million, or 7 per cent, in the insurance segment.

Net premiums written decreased by $205 million, or 11 per cent ($164 million, or 9 per cent, on a constant currency basis), to $1.6 billion with a decrease of $243 million, or 25 per cent, in the reinsurance segment, partially offset by an increase of $39 million, or 5 per cent, in the insurance segment.

Pre-tax catastrophe and weather-related losses, net of reinsurance, were $38 million ($32 million, after-tax), (Insurance: $24 million; Reinsurance: $13 million), or 3.1 points, primarily attributable to New Zealand floods, Cyclone Gabrielle, and other weather-related events.

Comparatively, pre-tax catastrophe and weather-related losses, net of reinsurance, were $60 million (Insurance: $33 million; Reinsurance: $27 million), or 4.7 points in 2022, including $30 million, or 2.3 points attributable to the Russia-Ukraine war.