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Financial results round-up: Arch, AXIS, Everest reveal numbers

For the three months ended September 30, net income available to Arch common shareholders stood at US$6.9 million – a dive from US$388.8 million for the same period in 2021. Meanwhile after-tax operating income available to Arch common shareholders slid from last year’s US$294.7 million to US$106 million this time around.

Both the insurance and reinsurance segments suffered increased underwriting losses in Q3 2022. Only the mortgage segment enjoyed an underwriting income. Overall, the group posted an underwriting income of US$68.8 million, which represents a 60.4% decline from a year ago. 

AXIS

Finding itself in the red, AXIS reported a US$17 million net loss attributable to common shareholders in Q3 2022. In the same quarter last year, the firm’s net income available to common shareholders amounted to US$47 million. Q3 operating income, however, grew from US$1 million to US$3 million.

The insurance segment saw a 51.9% jump in underwriting income, while the reinsurance business registered an underwriting loss, albeit smaller compared to that in the third quarter of 2021.

Everest

Also hit with losses, Everest cited an active catastrophe quarter and volatile market conditions as behind the company’s US$319 million net loss. In Q3 2021, Everest’s net loss was lower, at US$73 million. Meanwhile the latest net operating loss of US$205 million is also more significant, compared to last year’s US$53 million.

Additionally, the reinsurance segment reported pre-tax catastrophe losses worth US$620 million net of estimated recoveries and reinstatement premiums, mainly driven by Hurricane Ian.

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