Axis Capital 1Q Profit Falls On Investment Losses

PEMBROKE, Bermuda (AP) — Axis Capital Holdings Ltd. said Monday its first-quarter profit fell by 51 percent and missed analysts expectations because of investment losses.

For the three months ending March 31, net income was $116 million, or 78 cents per share. That compared with $238 million, or $1.48 per share, the same time a year ago.

Quarterly revenue fell 8.6 percent to $715 million from $782 million in the first quarter of 2008.

On average, analysts polled by Thomson Reuters expected quarterly earnings of $1.11 per share on revenue of $786 million.

Operating income for the first quarter was $156 million, or $1.05 per share, compared with $205 million, or $1.28 per share in the year-earlier period.

The $41 million in investment losses included an impairment charge of $30 million, Axis said. The company recorded a $36 million gain from investments in the first quarter of 2008.

Net premiums edged up to $665 million, up 1 percent from $658 million the same time a year ago.