This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

AXIS Capital Reports Third Quarter Operating Income Of $201 Million

Stocks in this article: AXS


Net investment income of $104 million for the quarter represented a $54 million increase from the third quarter of 2011 and a $29 million increase from the second quarter of 2012, with the variances primarily driven by the market value of our alternative investments ("other investments"). These investments generated $34 million of income in the third quarter of 2012, compared to losses of $30 million and $2 million, respectively, in the third quarter of 2011 and the second quarter of 2012. Partially offsetting these improvements were reductions in income from our fixed maturity portfolio of $10 million, or 12%, in comparison to the prior year quarter and $4 million, or 6%, in comparison to the second quarter of 2012; these declines were primarily due to lower reinvestment yields, though partially offset by an increase in the average investment balance.

Net realized investment gains were $51 million, compared to $30 million in the prior quarter and $58 million in the prior year quarter.

Capitalization / Shareholders’ Equity

Our total capital at September 30, 2012 was $6.9 billion, including $1.0 billion of long-term debt and $503 million of preferred equity.

At September 30, 2012, diluted book value per common share on a treasury stock basis was $43.57, up $3.02 in the quarter, with growth driven by operating income, valuation improvements for our available-for-sale investment portfolio and, to a lesser extent, share repurchases.

During the quarter we repurchased 5.2 million common shares at an average price of $34.21 per share, for a total cost of $179 million. As of October 31, 2012, we had $236 million of remaining authorization for common share repurchases through December 31, 2012.

Conference Call

We will host a conference call on Thursday, November 1, 2012 at 10:00 AM (Eastern) to discuss the third quarter financial results and related matters. The teleconference can be accessed by dialing (866) 843-0890 (U.S. callers) or (412) 317-9250 (international callers) approximately ten minutes in advance of the call and entering the code 3-8-0-3-5-1-8. A live, listen-only webcast of the call will also be available via the Investor Information section of the Company’s website at A replay of the teleconference will be available for three weeks by dialing (877) 344-7529 (U.S. callers) or (412) 317-0088 (international callers) and entering the code 1-0-0-1-8-9-8-4. The webcast will be archived in the Investor Information section of our website.

In addition, a financial supplement relating to our financial results for the quarter ended September 30, 2012 is available in the Investor Information section of our website.

4 of 8

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,356.87 +288.00 1.69%
S&P 500 2,012.89 +40.15 2.04%
NASDAQ 4,644.3120 +96.4780 2.12%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs