Axis profit up for H1, but disasters hurt Q2 bottom line

Bermudian re/insurer Axis Specialty Holdings has reported net income available to shareholders of $375.3m for H1 2013, up from $290.1m, on net premiums earned (NPE) of $1.82bn, up from $1.70bn in the same period last year. The combined ratio declined to 92.7%, from 93.6%. For Q2, income was $72.4m, down from $168.2m in Q2 2012, on NPE up to $945.9m from $850.6m. The combined ratio rose to 101.7%, from 92.3%, due to a 19.5pp year on year rise in the insurance combined ratio to 113.2%.