AXIS CAPITAL HOLDINGS LIMITED INVESTOR FINANCIAL SUPPLEMENT FIRST QUARTER 2024 | --- | --- | |------------------------------------------------------|-------| | | | | | | | AXIS Capital Holdings Limited | | | 92 Pitts Bay Road Pembroke HM 08 Bermuda | | | | | | Contact Information: Cliff Gallant | | | Investor Contact (415) 262-6843 | | | investorrelations@axiscapital.com | | | Website Information: www.axiscapital.com | | This report is for informational purposes only. It should be read in conjunction with t ...

Wall Street expects a year-over-year increase in earnings on higher revenues when Axis Capital (AXS) reports results for the quarter ended March 2024. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on May 1. On the ...

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AXIS Capital Holdings Limited’s (AXS) compelling and diversified product portfolio, underwriting excellence, digital capabilities, solid capital position and favorable growth estimates make it worth adding to one’s portfolio.Zacks Rank & Price PerformanceAXIS Capital currently carries a Zacks Rank #2 (Buy). The stock has gained 15.8% over the past year compared with the industry’s growth of 30.6%.Image Source: Zacks Investment ResearchEarnings Surprise HistoryThis specialty insurer has a solid record of bea ...

Industry Overview - The Zacks Property and Casualty (P&C) Insurance industry has experienced a 32.3% increase over the past year, outperforming the S&P 500 Composite's 28.6% and the Finance sector's 24.3% growth [1] - Key drivers for growth include higher retention, streamlined operations, global presence, better pricing, solid underwriting, and a strong capital position [1] Company Profiles - Palomar Holdings, Inc. has a market capitalization of $2 billion and offers personal and commercial specialty property insurance products in the U.S. [2] - Axis Capital Holdings Limited has a market capitalization of $5.3 billion and provides various specialty insurance and reinsurance products globally [2] - Both companies currently hold a Zacks Rank 1 (Strong Buy) [2] Pricing and Premium Growth - Global commercial insurance prices have risen for 25 consecutive quarters [2] - Gross premiums are projected to increase six-fold to $722 billion by 2030, with a 5.5% growth expected in 2024 [2] Economic Losses and Underwriting - Total economic losses in 2023 were $380 billion, with insured losses at $118 million [3] - The total net underwriting loss reached $38 billion, a 10-year high, primarily due to weather-related losses and high inflation [3] - The combined ratio was 103.7, with catastrophe losses contributing 780 basis points [3] Interest Rates and Capital Position - The Federal Reserve raised interest rates four times in 2023, benefiting insurers, especially long-tail insurers [4] - A solid capital level allows insurers to pursue strategic mergers and acquisitions, expand operations, and increase dividends [4] Technological Advancements - The use of real-time data and increased automation is expected to enhance premium calculation and operational efficiency [5] Performance Metrics - Palomar Holdings has gained 50.7% in the past year, outperforming Axis Capital's 15.5% increase [6] - Return on Equity (ROE) for Palomar Holdings is 19.3%, slightly higher than Axis Capital's 19.2% and significantly above the industry average of 7.3% [7] - Palomar Holdings has a price-to-book (P/B) ratio of 4.39, while Axis Capital's is 1.15, with the industry average at 1.53 [8] - Axis Capital's debt-to-capital ratio is 21.3, higher than the industry average of 18.8 and Palomar Holdings's 10 [9] Growth Projections - The Zacks Consensus Estimate for 2024 earnings indicates a 3% growth for Axis Capital and a 16.3% increase for Palomar Holdings [10] - Revenue estimates for Palomar Holdings and Axis Capital imply year-over-year increases of 24.5% and 3.6%, respectively [12] Combined Ratio - Axis Capital's combined ratio was 99.9% in 2023, while Palomar Holdings reported a significantly better ratio of 76.6% [11] Conclusion - Comparative analysis indicates that Palomar Holdings is better positioned than Axis Capital in terms of price, return on equity, leverage, growth projection, combined ratio, and revenue estimates [13]

The Zacks Property and Casualty Insurance (P&C) industry is likely to benefit from better pricing, prudent underwriting and exposure growth. Industry players like Berkshire Hathaway Inc. (BRK.B) , The Progressive Corporation (PGR) , Chubb Limited (CB) , The Travelers Companies (TRV) and AXIS Capital Holdings (AXS) are poised to grow despite a rise in catastrophic activities. Given an active catastrophe environment, the policy renewal rate should accelerate. Also, the increasing adoption of technology and th ...

The Property and Casualty (P&C) insurance industry is set to benefit from better pricing, prudent underwriting, increased exposure, an improving rate environment and a solid capital position. With the ongoing economic expansion, insurers remain well-poised for growth.Price hikes, operational strength, higher retention, strong renewal and the appointment of retail agents should help write higher premiums. Per Deloitte Insights, gross premiums are estimated to increase sixfold to $722 billion by 2030.Per Fitc ...

Core Viewpoint - Axis Capital (AXS) has shown strong performance, with a 5.2% increase in stock price over the past month and a 13.1% gain since the beginning of the year, outperforming the Zacks Finance sector and the Zacks Insurance - Property and Casualty industry [1] Financial Performance - Axis Capital reported an EPS of $2.94 in its last earnings report, significantly beating the consensus estimate of $-1.25, and also exceeded the revenue estimate by 2.67% [2] - For the current fiscal year, Axis Capital is projected to achieve earnings of $10.15 per share on revenues of $5.92 billion, reflecting a 3.05% increase in EPS and a 3.61% increase in revenues [2] - The next fiscal year forecasts earnings of $11.17 per share on $6.37 billion in revenues, indicating a year-over-year growth of 10.05% in EPS and 7.44% in revenues [2] Valuation Metrics - Axis Capital's current trading metrics show a P/E ratio of 6.2X for the current fiscal year EPS estimates, compared to the peer industry average of 13.5X [4] - The stock trades at a trailing cash flow basis of 5.9X, while the peer group's average is 16.1X, and it has a PEG ratio of 1.23 [4] Zacks Rank - Axis Capital holds a Zacks Rank of 1 (Strong Buy), supported by favorable earnings estimate revisions from analysts [5] - The stock meets the criteria for selection, as it has a Zacks Rank of 1 or 2 and Style Scores of A or B, suggesting potential for further price appreciation [5] Industry Comparison - The Progressive Corporation (PGR), a peer in the industry, also shows strong performance with a Zacks Rank of 1 (Strong Buy) and is expected to post earnings of $8.90 per share on revenues of $71.42 billion for the current fiscal year [6] - The Insurance - Property and Casualty industry is performing well, ranking in the top 15% of all industries, providing favorable conditions for both Axis Capital and its peers [6]

PEMBROKE, Bermuda--(BUSINESS WIRE)--AXIS Capital Holdings Limited ("AXIS Capital") (NYSE: AXS) today announced that W. Marston (Marty) Becker will succeed Henry B. Smith as non-executive Chair of its Board of Directors. Mr. Smith, who has served as Chair since May of 2020, has decided to transition from the Chair role and will continue to maintain a seat on the Board. The transition will take place in May of 2024, timed to the Company’s Annual General Meeting. “There is no better individual to succeed me ...

PEMBROKE, Bermuda--(BUSINESS WIRE)--AXIS Capital Holdings Limited (“AXIS Capital” or the “Company”) (NYSE: AXS) announced today the hiring and appointment of Stephen Lord as Global Chief Information Officer (CIO) and Robert Barriero as Global Head of Strategic Sourcing and Corporate Real Estate. The hirings reflect the continued focus that the Company is placing on enhancing how it operates and goes to market through its “How We Work” program, which was introduced by President and CEO Vince Tizzio in 2023. ...