- Gross premiums written increased 2% to $848 million;
- Net premiums written decreased 3% to $651 million;
- Net premiums earned increased 3% to $862 million;
- Combined ratio of 85.3%, compared to 91.5% for the same period last year;
- Notable catastrophe and weather-related losses in the quarter included:
- Estimated pre-tax net losses (net of reinstatement premiums) of $40 million resulting from the impact of severe drought conditions on U.S. crops and $20 million for Hurricane Isaac; and
- An aggregate $27 million reduction in our estimate of pre-tax net losses (net of reinstatement premiums) for first and second quarter 2012 U.S. weather events.
- No material change in our aggregate estimate for losses related to 2011 and 2010 calendar year natural catastrophe events during 2012;
- Net favorable prior year reserve development of $60 million, pre-tax, benefiting the combined ratio by 7.0 points, compared with $78 million in the prior year quarter, benefiting the combined ratio by 9.4 points;
- Net investment income of $104 million, with our alternative investments driving a $54 million increase;
- Total return on cash and investments of 2.1% (pre-tax), compared to (0.4%) for the same period last year;
- Net cash flows from operations of $424 million;
- Operating income of $201 million, representing an annualized operating return on average common equity of 15.2%;
- Share repurchases in the quarter totaling $179 million; and
- Diluted book value per common share of $43.57 at September 30, 2012, an increase of 7% during the quarter, 14% from December 31, 2011 and 18% over the last 12 months.
AXIS Capital Reports Third Quarter Operating Income Of $201 Million
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