Axis misses as reinsurance profits plummet

Axis reported first quarter operating income of $0.59 per
diluted common share, 27.2 percent short of analyst consensus
expectations of $0.81 per share.
Meanwhile, annualised operating return on equity shrank by 3.7
percentage points to 4.0 percent for the period.
The carrier ran up an underwriting loss in the quarter as its
combined ratio took on 10.2 percentage points year-on-year to 102.1
percent.
The majority of the increase was due to a 9.4 point increase in
the loss ratio, which...