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News - Axis Capital sees profits fall.
(From Reinsurance)
Axis Capital Holdings has reported a net income of $90.1m for the year ended 31 December 2005, compared with a net income of $495m for the year ended 31 December 2004. Net income available to common shareholders for the quarter ended 31 December 2005 was $233.5m, compared with a net income of $181.1m reported for the previous year.
The decrease in the 2005 net income was principally caused by pre-tax net losses from hurricanes Katrina, Rita and Wilma of $1.01bn. These net losses include ...
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