Axis Capital’s latest financial statements report net income available to common shareholders of $173 million in Q3, down from $204 million in the previous quarter.

Operating income was $230 million in the third quarter, compared with $250 million in the previous three months.

The company had a combined ratio of 91.6 per cent.

Commenting on the results, Vince Tizzio, president and chief executive of Axis Capital said in a high catastrophe quarter for the industry, Axis produced consistent, profitable results.

“In the quarter, we generated an annualised operating ROE of 17.3 per cent and a group combined ratio of 93.1 per cent, while delivering double-digit growth in diluted book value per share over the last 12 months,” he said. “We also continue to enhance our operating efficiency through our How We Work transformation initiative, leading to a 12.1 per cent G&A ratio, a 1.4 point improvement over the prior year quarter.”

Mr Tizzio expressed his concerns for people and communities impacted by Hurricanes Helene and Milton.

“At times like this, our industry has an opportunity to demonstrate the value that insurance brings, and I thank our claims team for the excellent work they are doing to support our customers,” he said.

Across the business, his firm was leaning into attractive growth markets and unlocking new revenue opportunities, he noted, while helping their customers navigate a dynamic risk landscape.

“We head into the final months of 2024 with confidence in our future and a deep commitment to help Axis realise its best potential as a speciality underwriting leader,” Mr Tizzio said.

For the nine months ended September 30, Axis reported net income available to common shareholders of $765 million, or $8.97 per diluted common share and operating income of $700 million, or $8.21 per diluted common share.