Axis Capital Operating Income Climbs To $164 Million (AXS)

Insurance company Axis Capital Holdings Limited AXS announced after the market closed on Monday that it beat consensus Wall Street earnings estimates. Axis Capital Holdings Limited reported that its 3rd quarter operating income rose to $164 million, or $1.22 per share, up from $152 million, or $1.00 per share, a year earlier. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of $1.20 per share. President and chief executive officer John Charman said, “For the first nine months of 2010, we produced an annualized operating return on average common equity of 11.3%, which we view as healthy given current property and casualty insurance and reinsurance market conditions, the low investment yield environment and the global catastrophe activity this year. Our underwriting and investment results, coupled with prudent capital management activity, have resulted in a 23.5% increase in our diluted book value per share compared to a year ago. We remain committed to maximizing value creation for our shareholders without compromising our conservative, quality-based approach to the markets.” Axis Capital Holdings Limited (AXS) closed Monday trading at $34.16 per share. Analysts covering the company's stock give it a consensus price target of $37.58 per share. Read more from Benzinga's Company news.