AXIS Announces Year End Results.Business Editors PEMBROKE Pembroke, town, Canada Pembroke (pĕm`brōk), town (1991 pop. 13,997), SE Ont., Canada, NW of Ottawa, on the Ottawa River. It is a lumbering center and also has steel and electric-products factories. , Bermuda--(BUSINESS WIRE)--Feb. 14, 2003 AXIS Capital Holdings Limited today announced its results for the year ended December 31, 2002. Gross premiums written When a non-life insurance company closes a contract to provide insurance against loss, the revenues (premiums) expected to be received over the life of the contract are called gross premiums written. for the year were $1,108.0 million. Of the premiums written during the year, $793.8 million was derived from specialty lines and $314.2 million from treaty reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. . The Company generated net premiums earned of $536.8 million which were split $314.6 million in respect of specialty lines and $222.2 million in respect of treaty reinsurance. Net investment income, including realized gains Realized Gain A gain resulting from selling an asset at a price higher than the original purchase price. Notes: There may be tax consequences for a realized profit. of $26.1 million, was $97.4 million for the year. Net income was $265.1 million for the year ended December 31, 2002. The Company's loss ratio was 42.7% and its combined ratio was 70.7%. Shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. was $1,961.0 million as of December 31, 2002. John Charman John R Charman (born 1953), is an English businessman, who has made his career in insurance. He is currently CEO/President/Director at Bermuda based Axis Capital Holdings Ltd. , President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , said, "We are delighted that AXIS has achieved so much in such a short period of time. There is so much yet to do. The support we have received from our global clients and intermediaries has been, and continues to be, outstanding." AXIS Capital Holdings Limited is a Bermuda based company with wholly owned (re)insurance subsidiaries which focus on reinsurance and specialty lines of insurance. Cautionary Note Regarding Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. This release or any other written or oral statements made by or on behalf of the Company may include forward-looking statements that reflect the Company's current views with respect to future events and financial performance. All statements other than statements of historical fact included in this release are forward-looking statements. Forward-looking statements can generally be identified by the use of forward-looking terminology such as "may," "will," "expect," "intend," "estimate," "anticipate," "believe" or "continue" or their negative or variations or similar terminology. When the Company makes forward-looking statements, the Company is basing them on its management's beliefs and assumptions, using information currently available to the Company. Such beliefs and assumptions are subject to risks and uncertainties. If these beliefs or assumptions prove to be incorrect, the Company may be adversely affected. In addition, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. |
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