Axis Capital reports Q4 operating EPS ($1.77), consensus ($1.26)
Reports Q4 revenue $1.25B. Reports estimated pre-tax catastrophe and weather-related losses, net of reinsurance and reinstatement premiums, of $269M, or 22.5 points, compared to $133M, or 11.2 points, in the prior year. The company's book value per diluted common share was $49.93 as of December 31, 2018. The company said, "In 2018, we delivered improved full-year underwriting performance, both with and without cats. Following three quarters in which we achieved tangible progress toward delivering on our financial goals, however, heavy attritional property and catastrophe activity led to unsatisfactory results in the fourth quarter. Throughout the past year we took a number of significant actions to strengthen our portfolio and, over the past few months, we've accelerated these initiatives. Additionally, we anticipate that recent improvements in pricing and market discipline will also have a positive impact on the pace of our improvements. 2018 was a year in which we made significant progress in advancing our strategy and in strengthening our business. We furthered our relevance and positioning in key markets, including transitioning our London operations to a leading position at Lloyd's with the integration of Novae, and we scaled up a transformation program that is improving our efficiency and our agility in a rapidly evolving market."