Axis Capital Holdings (AXS) has reported 27.57 percent fall in profit for the quarter ended Sep. 30, 2016. The company has earned $186.61 million, or $1.96 a share in the quarter, compared with $257.64 million, or $2.50 a share for the same period last year.
Revenue during the quarter dropped 9.67 percent to $1,062.49 million from $1,176.23 million in the previous year period. Net premium earned for the quarter went up marginally by 1.64 percent or $15.07 million to $934.42 million.
Total expenses come downBenefits, losses and expenses for the quarter were at $864.09 million, or 92.47 percent of premium earned from $918.56 million or 99.91 percent of premium earned in the last year period. Operating income for the quarter was $198.40 million, compared with $257.67 million in the previous year period. Net investment income was at $116.92 million for the quarter, up 155.93 percent or $71.24 million from year-ago period. The company has recorded a gain on investments of $5.20 million in the quarter compared with a loss of $69.96 million for the previous year period.
Commenting on the third quarter 2016 financial results, Albert Benchimol, president and chief executive officer of AXIS Capital, said "We are pleased to report continued improvements in our operations and results, culminating in quarterly operating earnings of $1.78 per diluted share and book value per diluted share of $59.77. This represents growth in diluted book value per share, adjusted for dividends, of 4% in the quarter and 14% over the last twelve months.
Assets outpace liabilities growthTotal assets increased 3.24 percent or $665.05 million to $21,222.39 million on Sep. 30, 2016. On the other hand, total liabilities were at $15,196.73 million as on Sep. 30, 2016, up 3.16 percent or $465.76 million from year-ago. Return on assets stood at 0.96 percent in the quarter, down 0.58 from 1.54 percent in the last year period. At the same time, return on equity was at 2.93 percent in the quarter, down 1.32 from 4.25 percent in the last year period.
Investments come down marginallyInvestments stood at $13,542.39 million as on Sep. 30, 2016, down 1.62 percent or $223.26 million from year-ago. Meanwhile, yield on investments went up 53 basis points to 0.86 percent in the quarter. Total debt was almost stable over the past one year at $992.63 million on Sep. 30, 2016. Shareholders equity stood at $6,025.66 million as on Sep. 30, 2016, up 3.42 percent or $199.29 million from year-ago. As a result, debt to equity ratio went down 1 basis points to 0.16 percent in the quarter from 0.17 percent in the last year period.
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