UPDATE 1-Axis Capital’s Q3 profit beats Street view

* Q3 oper EPS $1.22 vs est $1.14

* Total rev more than doubles to $948 mln

* Underwriting income up 79 pct

Nov 1 (BestGrowthStock) – Axis Capital Holdings Ltd (AXS.N: ), a
Bermuda insurer and reinsurer, posted a better-than-expected
quarterly profit, helped by strong underwriting income.

For the third quarter, the company earned $239 million, or
$1.78 a share, compared with a loss of $96 million, or 70 cents
a share, last year.

Operating earnings were $164 million, or $1.22 per share,
compared with $152 million, or $1.00 per share, a year ago.

Analysts on average were looking for a profit of $1.14 a
share, before items, according to Thomson Reuters I/B/E/S.

Revenue jumped to $948 million from $451.7 million.

Total underwriting income rose 79 percent to $127 million,
while net premiums earned rose 7 percent to $759 million.

Net investment income fell to $112 million from $134.8
million.

Reinsurers provide insurance to other insurers, spreading
the risk of losses among several carriers.

Shares of the company closed at $34.16 on Monday on the New
York Stock Exchange. They have risen about 9 percent since Aug.
3 when the company reported second-quarter earnings that beat
Wall Street view.
(Reporting by Archana Shankar in Bangalore; Editing by Vyas
Mohan)

UPDATE 1-Axis Capital’s Q3 profit beats Street view