Axis Capital Holdings Limited
Description
AXIS Capital Holdings Limited, through its subsidiaries, provides various specialty insurance and reinsurance products in Bermuda, the United States, and internationally. It operates through two segments, Insurance and Reinsurance. The Insurance segment offers professional insurance products that cover directors' and officers' liability, errors and omissions, employment practices, fiduciary, crime, professional indemnity, medical malpractice, and other financial insurance related coverages for commercial enterprises, financial institutions, not-for-profit organizations, and other professional service providers; and property insurance products for commercial buildings, residential premises, construction projects, property in transit, onshore renewable energy installations, and physical damage and business interruption following an act of terrorism. This segment also provides marine and aviation insurance services for offshore energy, renewable offshore energy, cargo, liability, including kidnap and ransom, fine art, specie, and hull war, hull and liability, and specific war coverage for passenger airlines, cargo operations, general aviation operations, airports, aviation authorities, security firms, and product manufacturers; personal accident, travel insurance, specialty health products for employer and affinity groups, and pet insurance products; and liability, cyber, and credit and political risk insurance services. The Reinsurance segment offers agriculture, marine and aviation, catastrophe, accidental and health, credit and surety, motor, professional, travel, life, engineering, property, and liability reinsurance products. AXIS Capital Holdings Limited was founded in 2001 and is headquartered in Pembroke, Bermuda.
About
CEO
Mr. Vincent Christopher Tizzio
Employees
2,048
Instrument type
Common Stock
Sector
Financial Services
Industry
Insurance - Specialty
MIC code
XNYS
Address
92 Pitts Bay Road, Pembroke, HM 08, Bermuda
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Oscillators
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Summary
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Moving Averages
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Earnings
| Date | Estimate EPS | Actual EPS | Difference | % Surprise |
|---|---|---|---|---|
| Jan 30, 2025 | 2.57 | 2.97 | 0.40 | 15.56% |
| Oct 31, 2024 | 2.55 | 2.71 | 0.16 | 6.27% |
| Jul 31, 2024 | 2.59 | 2.93 | 0.34 | 13.13% |
| May 2, 2024 | 2.40 | 2.57 | 0.17 | 7.08% |
| Jan 24, 2024 | 1.08 | 2.94 | 1.86 | 172.22% |
Earnings estimate
|
Current Quarter
(Mar 2025)
|
Next Quarter
(Jun 2025)
|
Current Year
(Dec 2025)
|
Next Year
(Dec 2026)
|
|
|---|---|---|---|---|
| Number of analysts | 5 | 5 | 6 | 7 |
| Average estimate | 2.71 | 2.89 | 10.97 | 12.25 |
| Low estimate | 2.47 | 2.80 | 10.35 | 11.10 |
| High estimate | 2.92 | 3.02 | 11.50 | 13.10 |
| Last year EPS | 2.57 | 2.93 | 11.18 | 10.97 |
[stock_revenue_estimate]
Growth estimates
Current qtr (Mar 2025)
11.160%
Next qtr. (Jun 2025)
1.750%
Current year (Dec 2025)
0.480%
Next year (Dec 2026)
9.250%
Next 5 years (per annum)
—
Past 5 years (per annum)
—
Income statement
| 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|
| Fiscal date | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 |
| Total reported revenue | 5.59B | 5.30B | 5.32B | 4.76B | 5.19B |
| Cost of revenue | — | — | — | — | — |
| Gross profit | — | — | — | — | — |
| Operating expense | |||||
| Research & development | — | — | — | — | — |
| Selling general and admin | 684.45M | 680.34M | 663.30M | 579.79M | 634.83M |
| Other operating expenses | 5.25M | 11.42M | 3.84M | 5.46M | 26.72M |
| Operating income | — | — | — | — | — |
| Non operating interest income | |||||
| Income | — | — | — | — | — |
| Expense | 68.42M | 63.15M | 62.30M | 75.05M | 68.11M |
| Other income expense | 22.50M | 13.07M | 23.30M | -8.09M | 16.44M |
| Pretax income | 398.45M | 243.13M | 648.91M | -129.13M | 337.45M |
| Tax provision | 26.32M | 22.04M | 62.38M | -12.32M | 23.69M |
| Net income | 376.29M | 223.08M | 618.61M | -120.42M | 323.47M |
| Basic EPS | 4.06 | 2.27 | 6.95 | -1.79 | 3.37 |
| Diluted EPS | 4.02 | 2.25 | 6.90 | -1.79 | 3.34 |
| Basic average shares | 85.14M | 84.86M | 84.71M | 84.26M | 83.89M |
| Diluted average shares | 85.14M | 84.86M | 84.71M | 84.26M | 83.89M |
| EBITDA | — | — | — | — | — |
| Net income from continuing op. | 376.29M | 223.08M | 618.61M | -120.42M | 323.47M |
| Minority interests | — | — | — | — | — |
| Preferred stock dividends | — | — | — | — | — |
Balance sheet
| 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|
| Fiscal date | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 |
| Total assets | — | — | — | — | — |
| Current assets | |||||
| Cash | — | — | — | — | — |
| Cash equivalents | — | — | — | — | — |
| Cash and cash equivalents | 953.48M | 751.42M | 844.59M | 902.83M | 1.24B |
| Other short term investments | 4.35B | 4.19B | 12.34B | 12.20B | 12.51B |
| Accounts receivable | 9.97B | 9.10B | 8.28B | 7.67B | 7.28B |
| Other receivables | 8.77M | 16.05M | 4.56M | 2.15M | 35.66M |
| Inventory | — | — | — | — | — |
| Prepaid assets | 1.92B | 1.55B | 1.38B | 1.19B | 1.10B |
| Restricted cash | — | — | — | — | — |
| Assets held for sale | — | — | — | — | — |
| Hedging assets | — | — | — | — | — |
| Other current assets | — | — | — | — | — |
| Non current assets | |||||
| Properties | — | — | — | — | — |
| Land and improvements | — | — | — | — | — |
| Machinery furniture equipment | — | — | — | — | — |
| Construction in progress | — | — | — | — | — |
| Leases | — | — | — | — | — |
| Accumulated depreciation | — | — | — | — | — |
| Goodwill | 388.49M | 399.40M | 410.32M | 425.09M | 443.55M |
| Investment properties | — | — | — | — | — |
| Financial assets | — | — | — | — | — |
| Intangible assets | 186.88M | 197.80M | 208.72M | 223.49M | 239.54M |
| Investments and advances | 13.70B | 12.73B | 13.59B | 12.84B | 13.10B |
| Other non current assets | — | — | — | — | — |
| Total liabilities | — | — | — | — | — |
| Current liabilities | |||||
| Accounts payable | 1.79B | 1.61B | 1.32B | 1.09B | 1.35B |
| Accrued expenses | — | — | — | — | — |
| Short term debt | — | — | — | — | — |
| Deferred revenue | — | — | — | — | — |
| Tax payable | — | — | — | — | — |
| Pensions | — | — | — | — | — |
| Other current liabilities | — | — | — | — | — |
| Non current liabilities | |||||
| Long term debt | 1.52B | 1.50B | 1.43B | 1.45B | 1.92B |
| Provision for risks and charges | — | — | — | — | — |
| Deferred liabilities | — | — | — | — | — |
| Derivative product liabilities | — | — | — | — | — |
| Other non current liabilities | — | — | — | — | — |
| Shareholders equity | |||||
| Common stock | 2.21M | 2.21M | 2.21M | 2.21M | 2.21M |
| Retained earnings | 6.44B | 6.25B | 6.20B | 5.76B | 6.06B |
| Other shareholders equity | -365.84M | -760.30M | 56.54M | 414.40M | 171.71M |
| Total shareholders equity | 5.26B | 4.64B | 5.41B | 5.30B | 5.54B |
| Additional paid in capital | 2.38B | 2.37B | 2.35B | 2.33B | 2.32B |
| Treasury stock | 3.75B | 3.77B | 3.75B | 3.76B | 3.78B |
| Minority interest | — | — | — | — | — |
Cash flow statement
| 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||||||||||||||||
| Net Income | 376.29M | 223.08M | 618.61M | -120.42M | 323.47M | 43.02M | -368.97M | 513.37M | 641.63M | 804.56M | 727.47M | 547.24M | 46.31M | 856.72M | 497.89M | 387.38M | 1.09B | 963.06M | 94.44M | 495.00M | 532.35M | 265.12M |
| Depreciation | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Deferred Taxes | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Stock-Based Compensation | 54.12M | 48.49M | 37.74M | 29.01M | 32.49M | 34.35M | 12.67M | 52.21M | 43.05M | 63.24M | 57.17M | 67.91M | 39.13M | 36.70M | 48.22M | 66.88M | — | — | — | — | — | — |
| Other Non-Cash Items | 5.25M | 11.42M | 3.84M | 5.46M | 26.72M | 172.33M | 50.10M | — | — | — | — | — | — | — | -67.41M | 41.49M | -149.73M | -418.86M | 725.20M | 293.60M | 1.14B | -171.45M |
| Accounts Receivable | -566.47M | -763.26M | -737.39M | -710.76M | -409.94M | -769.87M | -135.51M | -177.42M | -206.08M | -2.42M | -66.08M | -92.36M | -194.76M | -160.18M | -55.87M | 8.11M | -10.37M | 141.77M | -910.97M | -711.40M | -335.85M | -72.34M |
| Accounts Payable | 13.81M | 197.61M | 435.60M | 72.50M | -51.08M | 208.78M | -81.83M | -209.90M | -74.58M | -102.59M | -250.46M | 3.22M | -28.56M | -59.02M | -136.08M | — | 547.67M | 408.16M | 2.39B | 1.76B | 854.42M | 693.78M |
| Other Assets & Liabilities | -45.88M | -45.85M | 155.98M | -97.06M | -94.38M | 26.45M | -64.93M | -13.80M | 16.12M | 81.20M | -789,000 | 85.44M | -77.78M | 81.03M | -15.29M | 54.47M | 329.27M | 534.28M | 1.48B | 1.09B | 257.68M | 621.45M |
| Operating Cash Flow | -162.88M | -328.50M | 514.39M | -821.28M | -172.70M | -284.94M | -588.47M | 164.46M | 420.14M | 843.99M | 467.30M | 611.45M | -215.67M | 755.25M | 271.46M | 558.32M | 1.81B | 1.63B | 3.77B | 2.92B | 2.45B | 1.34B |
| Investing Activities | ||||||||||||||||||||||
| Capital Expenditures | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | -1.87B | — | — | — | — | — |
| Net Intangibles | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Net Acquisitions | -22.18M | — | — | — | — | — | -467.94M | -107.91M | — | — | — | — | — | — | — | — | — | — | -27.75M | — | -34.66M | -40.40M |
| Purchase of Investments | -6.81B | -8.15B | -12.89B | -11.14B | -10.45B | -9.02B | -9.02B | -9.86B | -11.53B | -13.36B | -12.84B | -14.38B | -17.14B | -13.33B | -11.90B | -9.95B | -8.72B | -5.60B | -7.63B | -7.74B | -13.34B | -7.33B |
| Sale of Investments | 6.35B | 7.56B | 11.82B | 11.84B | 9.87B | 9.66B | 9.89B | 10.01B | 11.52B | 13.45B | 12.35B | 13.55B | 16.33B | 12.70B | 10.42B | 9.32B | 7.35B | 4.44B | 6.44B | 5.75B | 11.59B | 6.66B |
| Investing Cash Flow | -517.28M | -623.14M | -1.11B | 650.06M | -640.54M | 611.64M | 366.15M | 14.37M | -19.51M | -154.08M | -489.29M | -862.38M | -832.72M | -687.79M | -1.48B | -633.31M | -3.24B | -1.17B | -1.21B | -1.99B | -1.79B | -702.93M |
| Financing Activities | ||||||||||||||||||||||
| Long-Term Debt Issuance | — | 78.95M | — | — | 717.51M | — | 346.36M | — | — | 494.34M | — | — | — | 494.87M | — | — | — | — | — | 495.71M | — | — |
| Long-Term Debt Payments | — | — | — | -500.00M | -250.00M | — | -67.24M | — | — | -500.00M | — | — | — | — | — | — | — | — | — | — | — | — |
| Other Financing Charges | -23.60M | -13.99M | -10.24M | -10.38M | -10.17M | -10.08M | -24.68M | -14.33M | -18.05M | 15.00M | 50.00M | — | — | — | — | — | -400.00M | — | -489.56M | — | — | — |
| Financing Cash Flow | -207.62M | -149.62M | -186.10M | -908.80M | 277.51M | -186.21M | -545.69M | -201.59M | -487.01M | -686.02M | -441.09M | -481.81M | -302.48M | -351.66M | -321.92M | -408.13M | -1.25B | 289.65M | -228.73M | 416.48M | 320.11M | 9.97M |
| Other Cash Details | ||||||||||||||||||||||
| End Cash Position | 1.38B | 1.17B | 1.32B | 1.50B | 1.58B | 1.83B | 1.36B | 1.24B | 988.13M | 921.83M | 923.33M | 759.82M | 981.85M | 929.52M | 788.61M | 1.70B | 1.27B | 1.99B | 1.28B | 632.33M | 605.18M | 729.30M |
| Income Tax Paid | 77.48M | 33.42M | 45.08M | 4.41M | 39.95M | 15.70M | — | 12.04M | 12.66M | 7.65M | 22.47M | 10.90M | 23.85M | 37.69M | 16.09M | 30.10M | 60.02M | — | — | — | — | — |
| Interest Paid | 63.60M | 59.89M | 59.40M | 54.11M | 59.56M | 64.82M | 49.95M | 48.88M | 48.88M | 68.85M | 58.13M | 58.13M | 58.13M | 48.99M | 28.75M | 28.75M | 47.97M | — | — | — | — | — |
| Free Cash Flow | 1.26B | 798.04M | 1.20B | 343.50M | 199.00M | 10.77M | 259.23M | 406.72M | 791.20M | 862.18M | 1.10B | 1.12B | 1.19B | 1.19B | 849.86M | 1.53B | 1.57B | 1.61B | 1.58B | 1.60B | 1.34B | 660.58M |
Top Institutional Holders
| Holder | Date Reported | Shares | Value | % Held |
|---|---|---|---|---|
| Vanguard Total Stock Market Index Fund | Sep 30, 2024 | 2,427,141 | 219.29M | 2.90% |
| Vanguard Small-Cap Index Fund | Sep 30, 2024 | 1,896,471 | 171.35M | 2.27% |
| American Century Small Cap Value Fund | Sep 30, 2024 | 1,700,000 | 153.59M | 2.03% |
| Price (T.Rowe) Mid Cap Growth Fund | Sep 30, 2024 | 1,486,800 | 134.33M | 1.78% |
| Undiscovered Managers Behavioral Value Fund | Sep 30, 2024 | 1,415,458 | 127.89M | 1.69% |
| Vanguard Small Cap Value Index Fund | Sep 30, 2024 | 1,283,853 | 116.00M | 1.53% |
| Vanguard Extended Market Index Fund | Sep 30, 2024 | 1,151,589 | 104.05M | 1.38% |
| Victory Portfolios-Sycamore Small Company Opportunity Fund | Sep 30, 2024 | 971,000 | 87.73M | 1.16% |
| Delaware Group Equity Funds V-Small Cap Value Fund | Nov 30, 2024 | 926,200 | 83.68M | 1.11% |
| Janus Henderson Triton Fund | Sep 30, 2024 | 844,395 | 76.29M | 1.01% |
Article
AXIS Capital Holdings Limited (AXS) Q4 2024 Earnings Call Transcript
AXIS Capital Holdings Limited (NYSE:AXS ) Q4 2024 Earnings Conference Call January 30, 2025 8:30 AM ET Company Participants Cliff Gallant - Head, Investor Relations Vince Tizzio - President and Chief Executive Officer Pete Vogt - Chief Financial Officer Conference Call Participants Andrew Kligerman - TD Securities Yaron Kinar - Jefferies Brian Meredith - UBS Josh Shanker - Bank of America Charlie Lederer - BMO Operator Good morning, and welcome to the AXIS Capital Fourth Quarter 2024 Conference Call. All participants will be in a listen-only mode.
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