AXIS CAPITAL HOLDINGS LTD AXS Income Statement

Axis capital holdings ltd (AXS)

Income statement / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Dec'10	Sep'10	Jun'10	Mar'10	Sep'09	Jun'09
Revenues
Net premiums earned
1,088,625	1,172,052	1,157,307	1,123,607	1,134,212	1,214,470	1,224,075	1,185,548	1,167,402	1,211,495	1,017,131	981,431	938,703	921,880	934,415	946,990	902,340	921,812	919,341	941,211	904,053	958,512	966,138	1,000,400	945,949	941,911	945,242	945,873	874,039	856,051	862,447	850,603	846,362	846,754	839,992	840,014	788,201	757,318	758,873	735,027	696,192	706,025	706,770
Net investment income
93,101	117,557	115,763	137,949	107,303	113,127	114,421	109,960	100,999	100,909	95,169	106,063	98,664	95,518	116,923	91,730	49,164	79,000	45,685	88,544	92,107	78,593	66,562	114,867	82,744	113,863	103,429	83,112	108,908	86,847	103,638	74,449	116,023	102,361	49,396	100,018	110,655	107,889	111,800	82,584	104,619	134,788	112,220
Other insurance related income (loss)
-8,707	5,057	1,533	2,925	6,929	-8,189	8,475	3,730	6,606	3,180	-3,197	2,560	-3,783	2,373	5,944	-892	-203	-15,273	1,158	3,486	7,676	-11,817	7,702	1,683	3,082	2,669	725	435	595	793	953	299	631	351	1,156	126	763	346	884	217	626	-135,738	-14,261
Bargain purchase gain
-	-	-	-	-	-	-	-	-	-	0	15,044	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Termination fee received
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	280,000	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net investment gains (losses):
Allowance for expected credit losses
20,019	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Impairment losses
1,190	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other-than-temporary impairment ("OTTI") losses
0	656	1,458	834	4,036	2,099	5,546	1,674	414	1,000	5,412	1,528	6,553	5,865	4,247	6,369	9,729	9,958	32,301	12,893	17,568	19,105	9,431	1,905	786	526	2,811	5,127	898	1,841	4,745	13,739	3,909	3,175	9,643	1,473	2,155	2,635	2,091	7,533	6,957	-283,418	-22,896
Other realized and unrealized investment gains (losses)
-41,668	-	15,985	22,059	16,803	-	-12,082	-43,419	-14,416	-	20,044	-2,864	-18,497	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other realized and unrealized investment gains (losses)
-	-	-	22,059	-	-	-	-43,419	-14,416	44,036	20,044	-2,864	-18,497	-14,367	9,452	27,379	-56,779	-4,913	-37,656	1,783	-24,985	29,884	86,879	35,166	11,406	20,085	-1,897	21,362	45,376	33,611	55,548	44,144	18,400	-564	66,830	38,950	32,084	80,407	78,894	32,045	21,684	25,973	-2,225
Non-credit portion of OTTI losses recognized in other comprehensive income
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	0	0	0	1,170	-370	0	-215	0	272	-107	-1,449	4,080	1,443
Net OTTI losses recognized in income
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	4,745	13,739	3,909	-	-	-	-	-	-	-	-	-	-
Total net investment gains (losses)
-62,877	42,714	14,527	21,225	12,767	-72,667	-17,628	-45,093	-14,830	43,036	14,632	-4,392	-25,050	-20,232	5,205	21,010	-66,508	-14,871	-69,957	-11,110	-42,553	10,779	77,448	33,261	10,620	19,559	-4,708	16,235	44,478	31,770	50,803	30,405	14,491	-3,739	57,557	37,477	30,144	77,772	76,531	24,619	16,176	-253,365	-23,678
Total revenues
1,110,142	1,337,380	1,289,130	1,285,706	1,261,211	1,246,741	1,329,343	1,254,145	1,260,177	1,358,620	1,123,735	1,100,706	1,008,534	999,539	1,062,487	1,058,838	884,793	970,668	1,176,227	1,022,131	961,283	1,036,067	1,117,850	1,150,211	1,042,395	1,078,002	1,044,688	1,045,655	1,028,020	975,461	1,017,841	955,756	977,507	945,727	948,101	977,635	929,763	943,325	948,088	842,447	817,613	451,710	781,051
Expenses
Net losses and loss expenses
908,073	857,394	850,913	672,463	664,028	1,027,342	794,959	706,641	661,345	840,131	1,235,367	605,332	606,942	540,613	532,328	632,294	498,962	523,331	560,387	580,153	512,328	524,622	552,064	565,829	544,207	551,360	501,522	642,899	438,414	675,049	442,652	467,637	510,690	583,453	506,839	564,959	1,019,801	383,346	422,154	403,370	468,262	311,109	378,252
Acquisition costs
238,650	261,775	260,026	242,363	260,418	259,309	248,314	231,952	229,260	234,714	194,724	204,361	189,792	187,306	189,810	189,125	180,635	180,563	182,744	183,263	171,542	187,349	185,950	191,862	172,036	175,299	173,682	169,719	145,491	144,063	158,796	156,397	168,397	157,372	146,836	147,905	135,356	124,099	123,788	124,176	116,649	113,423	103,309
General and administrative expenses
157,060	138,823	155,522	165,395	175,091	137,445	154,894	165,213	169,837	145,723	124,629	147,816	161,260	163,164	142,906	146,746	149,901	140,371	144,727	148,482	163,241	165,150	152,916	151,081	152,729	144,182	140,699	149,034	141,475	141,387	134,611	161,331	123,652	109,989	114,537	118,105	116,520	140,619	103,435	106,062	99,769	92,009	86,949
Foreign exchange losses (gains)
61,683	-52,827	59,543	12,381	-7,056	31,231	-8,305	44,099	-37,860	-44,644	-32,510	-36,118	-21,465	51,514	13,795	56,602	-616	33,112	28,088	-22,108	63,220	46,085	72,292	-9,705	-4,233	-14,485	-56,860	10,320	34,882	-21,300	-23,927	36,162	-20,447	17,327	60,830	-18,517	-15,058	5,120	-24,961	27,229	8,147	-6,784	-24,184
Interest expense and financing costs
23,472	18,563	18,042	15,607	15,895	16,674	16,897	17,098	16,763	16,434	12,835	12,751	12,791	12,774	12,839	12,914	12,833	12,849	12,918	12,939	12,257	17,782	20,344	19,975	16,594	15,625	15,260	15,260	15,834	15,499	15,558	15,170	15,636	15,616	15,677	15,445	15,860	15,691	15,800	15,697	8,688	7,977	7,971
Transaction related expenses
-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Reorganization expenses
-1,000	8,180	11,000	3,000	14,820	18,946	16,000	19,000	13,054	21,030	5,970	0	0	-	-	-	-	-	45,867	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Amortization of value of business acquired
1,799	2,056	4,368	7,194	13,104	22,797	39,018	53,407	57,110	50,104	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Amortization of intangible assets
2,870	2,851	2,831	2,912	3,003	5,250	1,753	4,029	2,782	2,543	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total expenses
1,269,259	1,342,362	1,243,374	1,096,829	1,153,415	1,456,400	1,280,440	1,153,013	1,188,011	1,355,041	1,606,035	1,006,378	992,250	852,343	864,088	924,477	842,947	824,002	918,555	946,945	796,148	848,818	838,982	938,452	889,799	900,951	888,023	966,592	706,332	997,298	775,544	764,373	838,822	849,103	723,059	864,931	1,302,595	658,635	690,138	622,076	685,221	531,302	600,665
Income (loss) before income taxes and interest in income (loss) of equity method investments
-159,117	-4,982	45,756	188,877	107,796	-209,659	48,903	101,132	72,166	3,579	-482,300	94,328	16,284	147,196	198,399	134,361	41,846	146,666	257,672	75,186	165,135	187,249	278,868	211,759	152,596	177,051	156,665	79,063	321,688	-21,837	242,297	191,383	138,685	96,624	225,042	112,704	-372,832	284,690	257,950	220,371	132,392	-79,592	180,386
Income tax (expense) benefit
-4,867	-158	8,147	14,469	1,234	-25,921	-3,525	996	-1,036	31,005	-25,877	-3,333	-9,337	-1,373	9,352	4,901	-6,540	1,873	30	1,815	-690	16,381	-4,098	9,500	4,125	-4,497	6,030	-4,662	10,131	-12,027	10,149	2,317	2,848	7,342	3,765	2,417	1,709	11,129	9,890	6,300	11,361	7,082	12,006
Interest in income (loss) of equity method investments
-23,577	4,072	792	2,635	2,219	-4,052	1,667	3,378	0	0	-661	-1,975	-5,766	340	-2,434	0	0	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	170,868	282,966	202,259	148,471	181,548	150,635	83,725	311,557	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Amounts attributable from noncontrolling interests
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-2,816	-6,160	1,573	1,222	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income (loss)
-177,827	-752	38,401	177,043	108,781	-187,790	54,095	103,514	73,202	-27,426	-457,084	95,686	19,855	148,909	186,613	129,460	48,386	144,793	257,642	73,371	165,825	173,684	289,126	200,686	147,249	181,548	150,635	83,725	311,557	-9,810	232,148	189,066	135,837	89,282	221,277	110,287	-374,541	273,561	248,060	214,071	121,031	-86,674	168,380
Preferred share dividends
7,563	9,144	10,656	10,656	10,656	10,657	10,656	10,656	10,656	10,657	10,656	10,656	14,841	16,690	9,969	9,969	9,969	10,003	10,022	10,022	10,022	10,022	10,022	10,022	10,022	10,022	13,514	8,197	8,741	8,741	8,741	11,527	9,219	9,218	9,219	9,219	9,219	9,219	9,218	9,219	9,219	9,218	9,219
Preferred Stock Redemption Premium
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	3,081	-	1	0	9,387	4,621	0	0	0	0	-	-	-	-	-	-
Net income (loss) available (attributable) to common shareholders
-185,390	-9,896	27,745	166,387	98,125	-198,447	43,439	92,858	62,546	-38,083	-467,740	85,030	5,014	130,910	176,644	119,491	38,417	134,790	247,620	63,349	155,803	163,662	279,104	190,664	137,227	171,526	137,121	72,447	302,816	-18,552	223,407	168,152	121,997	80,064	212,058	101,068	-383,760	264,342	238,842	204,852	111,812	-95,892	159,161
Per share data
Earnings (loss) per common share:
Earnings (loss) per common share (in usd per share)
-2.20	-0.11	0.33	1.98	1.17	-2.38	0.52	1.11	0.75	-0.40	-5.61	1.01	0.06	1.45	1.97	1.30	0.41	1.39	2.52	0.63	1.56	1.60	2.71	1.81	1.26	1.57	1.23	0.63	2.59	-0.12	1.84	1.36	0.97	0.98	1.68	0.81	-3.39	2.20	1.99	1.68	0.87	-0.70	1.15
Earnings (loss) per diluted common share (in usd per share)
-2.20	-0.12	0.33	1.97	1.16	-2.38	0.52	1.11	0.75	-0.40	-5.61	1.01	0.06	1.42	1.96	1.29	0.41	1.37	2.50	0.63	1.54	1.58	2.68	1.79	1.24	1.55	1.21	0.62	2.55	-0.13	1.82	1.35	0.96	1.01	1.66	0.79	-3.39	1.94	1.78	1.51	0.79	-0.70	1.06
Weighted average common shares outstanding (in shares)
84,094	83,963	83,947	83,941	83,725	83,585	83,558	83,539	83,322	82,964	83,305	84,141	86,022	87,506	89,621	91,926	94,035	96,026	98,226	100,274	99,910	100,356	102,945	105,118	109,053	110,683	111,676	115,163	117,022	117,860	121,127	123,823	125,782	126,542	125,971	124,132	113,351	116,853	120,091	121,766	128,202	137,904	137,849
Weighted average diluted common shares outstanding (in shares)
84,094	84,637	84,582	84,401	84,272	84,216	84,107	83,984	83,721	81,823	83,305	84,511	86,793	88,426	90,351	92,558	94,853	97,093	99,124	101,160	101,139	101,925	104,247	106,289	110,391	112,628	113,355	116,671	118,658	120,013	122,952	124,983	126,668	142,766	128,002	128,369	113,351	132,549	134,406	135,665	142,176	137,904	149,861
Cash dividends declared per common share (in usd per share)
-	-	-	-	-	-	-	-	-	-	0.38	0.38	0.38	-	0.35	0.35	0.35	-	0.29	0.29	0.29	-	0.27	0.27	0.27	-	0.25	0.25	0.25	-	0.24	0.24	0.24	-	0.23	0.23	0.23	0.23	0.21	0.21	0.21	0.20	0.20