AXIS Capital’s net investment income hit by negative credit and real estate performance

Written by Adam Cadle

29/07/2020

AXIS Capital’s net investment income fell from $93m in Q1 2020 to $45m in Q2 2020, primarily as a result of negative returns from credit and real estate funds.

The insurer’s fixed income portfolio book yield was 2.5% at June 30, 2020, compared to 3.0% at 30 June 2019. The market yield was 1.6% at 30 June 2020.

Gross premiums written increased by $68m in Q2, or 4%, ($78m or 5% on a constant currency basis), to $1.7bn due to an increase of $69m, or 7% in the insurance segment.

Net premiums written decreased by $14m, or 1%, to $1.1bn with a decrease of $25m, or 5% in the reinsurance segment, partially offset by an increase of $11m, or 2% in the insurance segment.

Net income available to common shareholders for the second quarter of 2020 was $112m.

Related Articles