AXIS Capital Holdings Full Year 2023 Earnings: Revenues Disappoint
AXIS Capital Holdings (NYSE:AXS) Full Year 2023 Results
Key Financial Results
Revenue: US$5.64b (up 9.9% from FY 2022).
Net income: US$346.0m (up 80% from FY 2022).
Profit margin: 6.1% (up from 3.8% in FY 2022). The increase in margin was driven by higher revenue.
EPS: US$4.06 (up from US$2.27 in FY 2022).
AXS Profitability Indicators
Combined ratio: 99.9% (up from 95.8% in FY 2022).
All figures shown in the chart above are for the trailing 12 month (TTM) period
AXIS Capital Holdings Revenues Disappoint
Revenue missed analyst estimates by 3.2%. Earnings per share (EPS) was mostly in line with analyst estimates.
The primary driver behind last 12 months revenue was the Insurance segment contributing a total revenue of US$3.46b (61% of total revenue). Notably, cost of sales worth US$4.39b amounted to 78% of total revenue thereby underscoring the impact on earnings. The largest operating expense was General & Administrative costs, amounting to US$684.4m (76% of total expenses). Explore how AXS's revenue and expenses shape its earnings.
Looking ahead, revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Insurance industry in the US.
Performance of the American Insurance industry.
The company's shares are down 3.9% from a week ago.
Balance Sheet Analysis
While it's very important to consider the profit and loss statement, you can also learn a lot about a company by looking at its balance sheet. We've done some analysis and you can see our take on AXIS Capital Holdings' balance sheet.
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