Financial results summary: Everest, AXIS, Arch reveal numbers
For the three months ended September 30, net income available to Arch common shareholders stood at $6.9 million – a dive from $388.8 million for the same period in 2021. Meanwhile after-tax operating income available to Arch common shareholders slid from last year’s $294.7 million to $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 $68.8 million, which represents a 60.4% decline from a year ago.
Finding itself in the red, AXIS reported a $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 $47 million. Q3 operating income, however, grew from $1 million to $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.
Also hit with losses, Everest cited an active catastrophe quarter and volatile market conditions as behind the company’s $319 million net loss. In Q3 2021, Everest’s net loss was lower, at $73 million. Meanwhile the latest net operating loss of $205 million is also more significant, compared to last year’s $53 million.
Additionally, the reinsurance segment reported pre-tax catastrophe losses worth $620 million net of estimated recoveries and reinstatement premiums, mainly driven by Hurricane Ian.
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