AXIS Capital Reports Fourth Quarter 2017 Results

By a News Reporter-Staff News Editor at Insurance Business Weekly -- AXIS Capital Holdings Limited ("AXIS Capital" or the "Company") (NYSE:AXS) reported net loss attributable to common shareholders for the fourth quarter of 2017 of $38 million, or $(0.46) per diluted common share, compared with net income of $131 million, or $1.48 per diluted common share, for the fourth quarter of 2016. Net loss attributable to common shareholders for the year ended December 31, 2017 was $416 million, or $(4.94) per diluted common share, compared with net income of $465 million, or $5.08 per diluted common share, for the same period in 2016.

Non-GAAP operating income for the fourth quarter of 2017 was $20 million, or $0.24 per diluted common share, compared with non-GAAP operating income of $101 million, or $1.14 per diluted common share, for the fourth quarter of 2016. For the year ended December 31, 2017, AXIS Capital reported non-GAAP operating loss of $265 million, or $(3.15) per diluted common share, compared with non-GAAP operating income of $410 million, or $4.48 per diluted common share for the same period in 2016. 1Non-GAAP operating income (loss) and non-GAAP operating income (loss) per diluted common share are non-GAAP financial measures as defined in SEC Regulation G. The reconciliations of non-GAAP measures to the most comparable GAAP financial measures (net income (loss) available to common shareholders and diluted earnings per common share, respectively) are provided in this release, as is a discussion of the rationale for the presentation of these items.

Keywords for this news article include: Business, AXIS Capital Holdings Limited.

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