Axis Capital reports preliminary FY23 operating EPS $5.65, consensus $7.86

Commenting on the 2023 financial results, Vince Tizzio, President and CEO of AXIS Capital, said:”AXIS delivered strong underlying performance in 2023 and we believe the Company is on a clear trajectory to becoming a specialty underwriting leader. This was a year where we drove consistent premium growth with double-digit increases across the vast majority of our specialty insurance lines, and continued to cultivate a diversified and resilient portfolio, further improved and streamlined our operating model, and grew the tailored products and capabilities that we provide to our customers. The decisive actions we are taking this quarter address reserve development that is predominantly related to 2019 and older accident years as current economic and social inflation trends impact the overall U.S. Casualty market. We undertook a rigorous review that included an examination of trend assumptions, emerging development patterns, new industry data, and current legal trends. AXIS concludes the year with a portfolio that is well-positioned in the market, underpinned by our strong capital position. We approach the future with confidence and our team is relentlessly committed to achieving our specialty leadership ambition.”