AXIS Capital Holdings Limited has recently released its 10-K report, providing insight into its financial performance and operations. The company operates through two segments, Insurance and Reinsurance, offering a wide range of specialty insurance and reinsurance products worldwide. In 2023, the company reported gross premiums written of $8.36 billion, a 2% increase from 2022, with net premiums written at $5.10 billion, a 3% decrease from the previous year. Net premiums earned were $5.08 billion in 2023, down 1% from 2022.
The Insurance segment saw gross premiums written of $6.14 billion in 2023, marking a 10% increase from 2022. The Reinsurance segment reported gross premiums written of $2.22 billion, reflecting a 16% decrease from the previous year. The net premiums earned in the Insurance segment were $3.46 billion, a 10% increase from 2022, while the Reinsurance segment reported $1.62 billion in net premiums earned, a 20% decrease from the previous year.
AXIS Capital's underwriting income for 2023 was $160.76 million, a significant decrease from $358.68 million in 2022. The company's net investment income increased by 46% to $611.74 million in 2023. However, there was a significant decrease in net investment gains/losses, with a loss of $74.63 million in 2023 compared to a loss of $456.79 million in 2022.
The company's combined ratio for 2023 was 99.9%, marking a 4.1% increase from 95.8% in 2022. The Insurance segment's combined ratio was 92.5% in 2023, a 2.9% increase from 89.6% in 2022. The Reinsurance segment reported a combined ratio of 107.7% in 2023, a 7.7% increase from 100% in 2022.
In terms of gross premiums written by line of business, the company saw increases in property, marine and aviation, liability, accident and health, and credit and political risk lines. However, there was a decrease in gross premiums written for professional lines.
