Bermudian-based Axis Capital Holdings Ltd has reported net income available to common shareholders of $1.1 billion for the 2024 fiscal year.

Announcing its year-end and fourth-quarter results, the company said FY24 operating income was $952 million.

For the fourth quarter, Axis reported net income available to common shareholders of $286 million, and operating income of $252 million.

For the year, gross premiums written increased by $649 million, or 8 per cent, to a record $9 billion, with an increase of $475 million, or 8 per cent, in the insurance segment, and an increase of $175 million, or 8 per cent, in the reinsurance segment.

Net premiums written increased by $655 million, or 13 per cent, to $5.8 billion.

The company reported a return on average common equity of 20.5 per cent and operating ROACE of 18.6 per cent.

The combined ratio for FY24 was 92.3 per cent.

Book value per diluted common share was $65.27, an increase of $11.21, or 20.7 per cent, compared with December 31, 2023.

For the fourth quarter, the company reported an annualised return on average common equity of 20.7 per cent and an annualised operating ROACE of 18.2 per cent.

The combined ratio was 94.2 per cent.

Gross premiums written increased by $191 million, or 11 per cent.

The company said: “Income tax benefit for the fourth quarter of 2024 was $19 million principally due to adjustments related to certain deferred tax assets and deferred tax liabilities that are no longer required and an increase in the Bermuda net deferred tax asset associated with Bermuda corporate income tax, effective January 1, 2025.

“Excluding these tax benefits, the effective tax rate was 5.4 per cent, driven by pre-tax income in our UK and US operations.

“Income tax benefit for the year ended December 31, 2024, was $56 million principally due to the Bermuda net deferred tax asset, and adjustments related to certain deferred tax assets and deferred tax liabilities that are no longer required.

“Excluding these tax benefits, the effective tax rate was 13.8 per cent driven by pre-tax income in our US, UK, and European operations.”

Vince Tizzio, president and chief executive of Axis Capital, said: “2024 was an excellent year for Axis. We delivered on the financial and operational guideposts that we shared at our investor day this past May, highlighted by an operating return-on-equity of 18.6 per cent and 20.7 per cent growth in diluted book value per share.

“In our insurance business, profitability was highlighted by an 89.1 per cent combined ratio for the full year and we grew 7.7 per cent, to reach $6.6 billion in premiums.

“Our reinsurance business is producing strong, consistent profits with a 91.8 per cent combined ratio for the full year while growing 7.9 per cent to $2.4 billion in premiums.”