Group 1 - AXIS Capital Holdings Limited has authorized a new share buyback program allowing up to $300 million for repurchasing common stock, in addition to a previously approved $100 million program [1] - The company has already repurchased $76 million worth of shares in Q1 2024 and $2 million in April, leaving $36 million under the previous authorization, resulting in a total of $336 million available for buybacks with the new program [1] - AXIS Capital has a strong history of returning value to shareholders through dividends and share buybacks, having increased its dividend for 18 consecutive years and maintaining one of the highest dividend yields among peers [1] Group 2 - The company is focusing on specialty lines and investing in growth areas such as wholesale insurance and lower middle markets, while exiting volatile catastrophe and property reinsurance sectors [2] - This strategic shift aims to reduce risk exposure and enhance focus on accident and health, casualty, credit and surety, and specialty reinsurance lines, which is expected to improve results and boost shareholder value [2] Group 3 - AXIS Capital's shares have increased by 28.4% year to date, outperforming the industry average increase of 16.1% [4] Group 4 - Other top-ranked insurance stocks include The Allstate Corporation, Arch Capital Group Ltd, and RLI Corp, all with a Zacks Rank 1 (Strong Buy) [5] - Allstate has a four-quarter average earnings surprise of 41.88% and has gained 21.6% year to date, with significant earnings growth projected for 2024 and 2025 [5] - Arch Capital has a four-quarter average earnings surprise of 28.41% and has gained 34.6% year to date, with modest earnings growth expected for the next two years [5] - RLI has a four-quarter average earnings surprise of 132.49% and has gained 11% year to date, with positive earnings growth anticipated for 2024 and 2025 [5]

Shares of AXIS Capital Holdings Limited (AXS) have rallied 26.7% year to date, compared with the industry’s increase of 15.5%, the Finance sector’s rise of 5.8% and the Zacks S&P 500 composite’s gain of 11.5%. With a market capitalization of $5.9 billion, the average volume of shares traded in the last three months was 0.6 million.A compelling and diversified product portfolio, underwriting excellence, digital capabilities and a solid capital position continue to drive this Zacks Rank #3 (Hold) insurer. Axi ...

AXIS Capital Holdings Limited (NYSE:AXS) Q1 2024 Results Conference Call May 2, 2024 9:30 AM ET Company Participants Cliff Gallant - Investor Relations Vince Tizzio - President and CEO Peter Vogt - CFO Conference Call Participants Dean Criscitiello - KBW Josh Shanker - Bank of America Elyse Greenspan - Wells Fargo Operator Good morning, and welcome to the First Quarter 2024 AXIS Capital Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions]. After today’s presentat ...

Core Viewpoint - AXIS Capital Holdings Limited reported a strong first-quarter 2024 performance with operating income per share of $2.57, exceeding estimates and showing a year-over-year increase of 10.3% [1] Financial Performance - Total operating revenues reached $1.4 billion, missing estimates by 2.8% but increasing 5% year over year due to higher net premiums earned and net investment income [2] - Net investment income surged 25% year over year to $167 million, driven by increased yields from the fixed maturities portfolio [2] - Total expenses rose 0.7% year over year to $1.15 billion, influenced by higher net losses and acquisition costs [2] - Pre-tax catastrophe losses were $20 million, a significant improvement from $38 million in the previous year [2] Underwriting Results - Underwriting income was $145.6 million, up 4.5% year over year, with a combined ratio of 91.1, deteriorating by 20 basis points [3] - In the insurance segment, gross premiums written improved 11.2% year over year to $1.5 billion, while net premiums earned increased 12.4% to $917.9 million [4] - Underwriting income in the insurance segment climbed 19% year over year to $122.9 million, with a combined ratio improving to 86.6 [4] - In the reinsurance segment, gross premiums written rose 11.8% year over year to $1 billion, although net premiums earned declined 17.8% to $340 million [5] Financial Position - Cash and cash equivalents at the end of the quarter were $1.14 billion, a 20% increase from the end of 2023 [6] - Total debts stood at $1.3 billion, a slight increase of 0.02% from the previous year [6] - Book value per share grew 5.7% from the end of 2023 to $57.13, supported by net income [6] Capital Management - AXIS Capital had $38 million remaining under its share repurchase program as of March 31, 2024 [8] Return Metrics - The annualized return on average common equity was 32.1% in the first quarter, an increase of 1,590 basis points year over year [7]

Core Insights - Axis Capital reported revenue of $1.43 billion for Q1 2024, reflecting a 5.1% increase year-over-year, but a -2.85% miss against the Zacks Consensus Estimate of $1.48 billion [1] - The company's EPS for the quarter was $2.57, up from $2.33 in the same quarter last year, surpassing the consensus estimate of $2.54 by +1.18% [1] Financial Metrics - Net loss and loss expense ratio stood at 57.9%, slightly above the average estimate of 57.1% from three analysts [2] - Combined Ratio was reported at 91.1%, compared to the average estimate of 90.1% from three analysts [2] - Acquisition Cost Ratio was 20.2%, higher than the two-analyst average estimate of 19.9% [2] - Net investment income reached $167.38 million, exceeding the average estimate of $165.65 million, marking a year-over-year increase of +25.1% [2] - Net premiums earned were $1.26 billion, slightly below the three-analyst average estimate of $1.30 billion, with a year-over-year change of +2.3% [2] - Other insurance-related income was reported at $8.34 million, significantly higher than the two-analyst average estimate of $4.09 million, representing a year-over-year change of +1345.4% [2] Stock Performance - Over the past month, shares of Axis Capital have returned -5.3%, compared to a -4.1% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

分组1 - Axis Capital reported quarterly earnings of $2.57 per share, exceeding the Zacks Consensus Estimate of $2.54 per share, and up from $2.33 per share a year ago, representing an earnings surprise of 1.18% [1] - The company posted revenues of $1.43 billion for the quarter ended March 2024, which was 2.85% below the Zacks Consensus Estimate, compared to $1.36 billion in the same quarter last year [1] - Over the last four quarters, Axis Capital has surpassed consensus EPS estimates four times and topped consensus revenue estimates two times [1] 分组2 - Axis Capital shares have increased approximately 10.8% since the beginning of the year, outperforming the S&P 500's gain of 5.6% [2] - The current consensus EPS estimate for the upcoming quarter is $2.72 on revenues of $1.45 billion, and for the current fiscal year, it is $10.18 on revenues of $5.94 billion [4] - The Zacks Industry Rank for Insurance - Property and Casualty is currently in the top 22% of over 250 Zacks industries, indicating a favorable outlook for the sector [5]

PART I Financial Information [Item 1. Consolidated Financial Statements](index=5&type=section&id=Item%201.%20Consolidated%20Financial%20Statements) Presents unaudited consolidated financial statements for Q1 2024 and 2023, including balance sheets, operations, and cash flows Consolidated Balance Sheet Highlights (at March 31, 2024 vs. Dec 31, 2023) | Metric | March 31, 2024 (in thousands) | December 31, 2023 (in thousands) | | :--- | :--- | :--- | | **Total Assets** | $31,758,690 | $30,250,672 | | **Total Liabilities** | $26,253,535 | $24,987,476 | | **Total Shareholders' Equity** | $5,505,155 | $5,263,196 | Consolidated Statement of Operations Highlights (Three months ended March 31) | Metric | 2024 (in thousands) | 2023 (in thousands) | | :--- | :--- | :--- | | **Total Revenues** | $1,424,557 | $1,344,357 | | **Net Premiums Earned** | $1,258,041 | $1,230,199 | | **Net Income** | $395,459 | $180,097 | | **Net Income available to common shareholders** | $387,896 | $172,534 | | **Earnings per diluted common share** | $4.53 | $2.01 | [Note 2 - Segment Information](index=13&type=section&id=Note%202%20-%20Segment%20Information) Details Q1 2024 segment performance, with Insurance generating **$123.0 million** underwriting income and Reinsurance **$22.7 million** Segment Underwriting Results (Q1 2024 vs Q1 2023) | Segment | Gross Premiums Written (Q1 2024, in millions) | Underwriting Income (Q1 2024, in millions) | Combined Ratio (Q1 2024) | Underwriting Income (Q1 2023, in millions) | Combined Ratio (Q1 2023) | | :--- | :--- | :--- | :--- | :--- | :--- | | **Insurance** | $1,574.5M | $123.0M | 86.6% | $103.4M | 87.3% | | **Reinsurance** | $1,079.9M | $22.7M | 95.8% | $36.0M | 91.4% | | **Total** | $2,654.4M | $145.7M | 91.1% | $139.4M | 90.9% | - The Insurance segment's combined ratio improved to **86.6%** from **87.3%** year-over-year, while the Reinsurance segment's combined ratio deteriorated to **95.8%** from **91.4%**[50](index=50&type=chunk) [Note 3 - Investments](index=15&type=section&id=Note%203%20-%20Investments) Total investments reached **$15.3 billion** in Q1 2024, with net investment income significantly increasing to **$167.4 million** Investment Portfolio Composition (at March 31, 2024) | Asset Class | Fair Value (in thousands) | | :--- | :--- | | Fixed maturities, available for sale | $12,269,310 | | Fixed maturities, held to maturity | $693,042 (Amortized Cost) | | Equity securities | $582,178 | | Mortgage loans | $609,704 | | Other investments | $934,724 | | **Total Investments** | **$15,347,431** | Net Investment Income (Three months ended March 31) | Source | 2024 (in thousands) | 2023 (in thousands) | | :--- | :--- | :--- | | Fixed maturities | $139,396 | $118,262 | | Cash and cash equivalents | $13,661 | $10,012 | | Other | $14,326 | $11,327 | | **Total Net Investment Income** | **$167,383** | **$133,771** | [Note 6 - Reserve for Losses and Loss Expenses](index=36&type=section&id=Note%206%20-%20Reserve%20for%20Losses%20and%20Loss%20Expenses) Gross reserve for losses was **$16.63 billion** at March 31, 2024, with reduced catastrophe losses in Q1 2024 Reserve Roll-Forward (Three months ended March 31, 2024) | Item | Amount (in thousands) | | :--- | :--- | | **Net reserve, beginning of period** | $10,110,935 | | Net incurred losses and loss expenses | $728,671 | | Net paid losses and loss expenses | ($663,295) | | **Net reserve, end of period** | **$10,127,709** | - Catastrophe and weather-related losses, net of reinsurance, were **$20 million** in Q1 2024, down from **$38 million** in Q1 2023[162](index=162&type=chunk) - The company recognized **$0 of net favorable prior year reserve development** in Q1 2024, compared to **$4.0 million** in Q1 2023[166](index=166&type=chunk) [Note 9 - Shareholders' Equity](index=43&type=section&id=Note%209%20-%20Shareholders%27%20Equity) The company repurchased **1.281 million** common shares for **$75.7 million** and paid a **$0.44** quarterly dividend Share Repurchases (Q1 2024) | Repurchase Type | Total Shares | Total Cost (in thousands) | Average Price per Share | | :--- | :--- | :--- | :--- | | **In the open market** | 1,048 | $61,607 | $58.79 | | **From employees (for tax)** | 233 | $14,121 | $60.70 | | **Total** | **1,281** | **$75,728** | **$59.13** | - A quarterly dividend of **$0.44** per common share was declared for Q1 2024, consistent with the prior year's quarter[202](index=202&type=chunk) [Note 15 - Reorganization Expenses](index=46&type=section&id=Note%2015%20-%20Reorganization%20Expenses) Reorganization expenses of **$12 million** were incurred in Q1 2024, primarily for severance under the 'How We Work' program - Reorganization expenses of **$12 million** were recorded in Q1 2024, mainly for severance costs under the **'How We Work'** program[214](index=214&type=chunk) [Note 16 - Income Taxes](index=46&type=section&id=Note%2016%20-%20Income%20Taxes) Bermuda's new tax act led to a **$163 million** deferred tax asset and a **$124.7 million** income tax benefit in Q1 2024 - Due to Bermuda's new **Corporate Income Tax Act 2023**, the company recorded a net deferred tax asset of **$163 million** in Q1 2024[215](index=215&type=chunk) Income Tax (Expense) Benefit (Three months ended March 31) | Jurisdiction | 2024 (in thousands) | 2023 (in thousands) | | :--- | :--- | :--- | | **Current Tax Expense** | $27,026 | $14,278 | | **Deferred Tax (Benefit) Expense** | ($151,680) | $1,618 | | **Total Income Tax (Benefit) Expense** | **($124,654)** | **$15,896** | - The actual tax rate for Q1 2024 was **-46.0%**, primarily due to the Bermuda Economic Transition Adjustment, compared to **8.1%** in Q1 2023[219](index=219&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=48&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2024 financial results, highlighting **$388 million** net income and **11%** gross premiums growth - Net income available to common shareholders was **$388 million**, or **$4.53** per diluted share, for Q1 2024[224](index=224&type=chunk) - Operating income (a non-GAAP measure) was **$220 million**, or **$2.57** per diluted common share[224](index=224&type=chunk)[225](index=225&type=chunk) - The results include a significant one-time net deferred tax benefit of **$163 million** related to Bermuda's **Corporate Income Tax Act 2023**[224](index=224&type=chunk)[232](index=232&type=chunk) [Consolidated Results of Operations](index=52&type=section&id=Consolidated%20Results%20of%20Operations) Q1 2024 gross premiums grew **11%** to **$2.65 billion**, with underwriting income rising to **$145.7 million** Consolidated Performance Metrics (Q1 2024 vs Q1 2023) | Metric | Q1 2024 (in millions) | Q1 2023 (in millions) | | :--- | :--- | :--- | | **Gross Premiums Written** | $2,654.4M | $2,382.0M | | **Net Premiums Earned** | $1,258.0M | $1,230.2M | | **Underwriting Income** | $145.7M | $139.4M | | **Combined Ratio** | 91.1% | 90.9% | [Results by Segment](index=54&type=section&id=Results%20by%20Segment) Insurance segment gross premiums grew **11%** with improved combined ratio, Reinsurance grew **12%** with higher combined ratio - **Insurance Segment:** Gross premiums written increased **11%** to **$1.6 billion**, driven by property (**+26%**) and marine & aviation (**+12%**). The combined ratio improved by 0.7 points to **86.6%**[240](index=240&type=chunk)[242](index=242&type=chunk) - **Reinsurance Segment:** Gross premiums written increased **12%** to **$1.1 billion**, led by credit and surety (**+42%**) and agriculture (**+76%**). The combined ratio deteriorated by 4.4 points to **95.8%**[253](index=253&type=chunk)[256](index=256&type=chunk) [Net Investment Income and Net Investment Gains (Losses)](index=62&type=section&id=Net%20Investment%20Income%20and%20Net%20Investment%20Gains%20(Losses)) Net investment income increased **25%** to **$167.4 million** in Q1 2024, with a reduced net investment loss - Net investment income rose **25%** year-over-year to **$167.4 million**, with income from fixed maturities increasing **18%** to **$139.4 million**[275](index=275&type=chunk)[276](index=276&type=chunk) - The company reported a net investment loss of **$9.2 million**, mainly from realized losses on fixed income sales and unrealized losses on equity securities[281](index=281&type=chunk)[282](index=282&type=chunk) [Liquidity and Capital Resources](index=76&type=section&id=Liquidity%20and%20Capital%20Resources) Total capital reached **$6.8 billion** with a **19.3%** debt-to-total capital ratio, and **$76 million** in share repurchases Capital Structure | Component | March 31, 2024 (in thousands) | December 31, 2023 (in thousands) | | :--- | :--- | :--- | | **Debt** | $1,314,074 | $1,313,714 | | **Shareholders' Equity** | $5,505,155 | $5,263,196 | | **Total Capital** | **$6,819,229** | **$6,576,910** | | **Ratio of debt to total capital** | 19.3% | 20.0% | - In Q1 2024, **1.3 million** common shares were repurchased for **$76 million**[338](index=338&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=78&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes to market risk disclosures, with a **$89 million** net foreign currency liability at Q1 2024 - Total net foreign currency exposure was a liability of **$88.7 million** at **March 31, 2024**, equivalent to **(1.6)%** of total shareholders' equity[345](index=345&type=chunk) - The largest net foreign currency exposure is a liability of **$82.4 million** to the British Pound (GBP)[345](index=345&type=chunk) [Item 4. Controls and Procedures](index=79&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls and procedures were effective as of March 31, 2024, with no material changes to internal controls - The **CEO and CFO** concluded that disclosure controls and procedures were effective as of **March 31, 2024**[348](index=348&type=chunk) - No material changes to internal control over financial reporting were identified during the **first quarter of 2024**[349](index=349&type=chunk) PART II Other Information [Item 1. Legal Proceedings](index=79&type=section&id=Item%201.%20Legal%20Proceedings) The company is subject to routine legal proceedings but no material legal proceedings outside ordinary business - The company is not a party to any material legal proceedings outside the ordinary course of business[350](index=350&type=chunk) [Item 1A. Risk Factors](index=79&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the risk factors disclosed in the 2023 Annual Report on Form 10-K - No material changes from the risk factors disclosed in the **2023 Form 10-K** were reported[351](index=351&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=80&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Details Q1 2024 equity repurchases, with **1.048 million** shares bought back and **$38 million** remaining authorization Issuer Purchases of Equity Securities (Q1 2024) | Period | Total Shares Purchased (as part of programs, in thousands) | Average Price Paid per Share | Approx. Dollar Value Remaining under Program (in millions) | | :--- | :--- | :--- | :--- | | Jan 2024 | 48 | $55.37 | $97 million | | Feb 2024 | 848 | $57.16 | $48 million | | Mar 2024 | 152 | $60.86 | $38 million | | **Total** | **1,048** | **-** | **$38 million** | - The Board of Directors authorized a share repurchase program for up to **$100 million**, effective from **January 1, 2024**, to **December 31, 2024**[354](index=354&type=chunk)

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 ...

Core Insights - Zacks Premium offers tools for investors to enhance their stock market engagement and confidence through various research services [1] - The Zacks Style Scores provide a rating system for stocks based on value, growth, and momentum, aiding investors in selecting securities with high potential for market outperformance [2] Zacks Style Scores Overview - The Style Scores categorize stocks into four types: Value Score, Growth Score, Momentum Score, and VGM Score, each focusing on different investment strategies [2][4] - Value Score identifies undervalued stocks using financial ratios like P/E and Price/Sales [2] - Growth Score emphasizes a company's financial health and future growth potential based on earnings and sales projections [3] - Momentum Score assesses stocks based on price trends and earnings estimate changes to identify favorable buying opportunities [3] Integration with Zacks Rank - The Zacks Rank is a proprietary model that leverages earnings estimate revisions to guide investors in portfolio creation [5] - Stocks rated 1 (Strong Buy) have historically achieved an average annual return of +25.41%, significantly outperforming the S&P 500 [5] - The combination of Zacks Rank and Style Scores helps investors select stocks with the highest likelihood of success, focusing on those with 1 or 2 ranks and Style Scores of A or B [6] Company Spotlight: Axis Capital (AXS) - Axis Capital Holdings Limited is a Bermuda-based holding company with a Zacks Rank of 2 (Buy) and a VGM Score of B [7] - AXS has a Value Style Score of A, supported by a forward P/E ratio of 6.25, indicating strong valuation metrics [7] - Recent upward revisions in earnings estimates have increased the Zacks Consensus Estimate for AXS to $10.17 per share, with an average earnings surprise of 102.6% [7][8]