Bermudian-based Axis Capital Holdings Ltd has reported net income available to common shareholders for fiscal year 2023 of $346 million.

That compares with net income available to common shareholders of $193 million in 2022.

Operating income for the year was $486 million, which compares with operating income of $498 million in 2022.

The full-year results were achieved despite a fourth quarter net loss attributable to common shareholders of $150 million, and an operating loss of $107 million.

As previously announced, Axis said the fourth quarter results featured net adverse prior year reserve development of $425 million, pre-tax, or 33.6 points.

Axis reported underlying operating income of $254 million for the quarter.

Vince Tizzio, president and CEO of Axis Capital, said: "This was a transformative year for Axis, one where we further elevated all aspects of how we operate and go to market, and we believe the company is on a clear path to becoming a specialty underwriting leader.

“We’re capitalising on favourable conditions in our chosen specialty markets while exhibiting underwriting discipline and strong cycle management. This was evidenced by our operating income of $486 million and a 4.5 point year-over-year improvement in the current accident year combined ratio to 91.8 per cent.”

He added: “We’re energised by the continued profitable growth within our core specialty insurance business, highlighted by year-over-year increases in premium generation of 10 per cent including new business premiums of 18 per cent, and an excellent current accident year combined ratio of 87.4 per cent.

“In parallel, we further solidified our repositioning of Axis Re as a focused specialist reinsurer with increased profitability and reduced volatility.”

“In 2023, through our 'How We Work' programme, we made significant improvements to our operational infrastructure, while investing in talent, and becoming a more efficient and consistent company.

“We look ahead to 2024 with excitement. We have a robust global platform, strong and deep relationships with our customers, a great team and culture – and we’re relentlessly committed to taking this company to the next level.”

For the full year, gross premiums written increased by $142 million, or 2 per cent, to $8.4 billion with an increase of $555 million, or 10 per cent in the insurance segment, partially offset by a decrease of $413 million, or 16 per cent in the reinsurance segment.

Net premiums written decreased by $161 million, or 3 per cent ($101 million, or 2 per cent, on a constant currency basis), to $5.1 billion with an increase of $381 million, or 11 per cent in the insurance segment, offset by a decrease of $542 million, or 29 per cent in the reinsurance segment.

The combined ratio for the year was 99.9 per cent, which compares with 95.8 per cent in 2022.

In the fourth quarter, the combined ratio in the insurance segment was 106.7 per cent, which compares with 85.2 per cent for the same period in 2022.

The fourth quarter combined ratio in the reinsurance segment was 162.8, which compares with 98.8 per cent in the prior year period.

For the full year, as previously announced, net adverse prior year reserve development was $412 million, pre-tax, or 8.1 points, and underlying operating income was $847 million, or $9.85 per diluted common share.

Axis recorded a return on average common equity of 7.9 per cent and operating ROACE of 11 per cent.