JP Morgan Maintains Neutral Rating On Axis Capital Holdings (AXS)

Axis Capital Holdings AXS beat JP Morgan's Q4 EPS estimates. JP Morgan notes that Axis “reported 4Q EPS of $1.41 versus our estimate of $1.29 and consensus of $1.22. The upside reflected lower than estimated losses related to the New Zealand earthquake exposure revisions.” “Specifically, the underlying loss ratio, development, and alternative gains were all stronger than expected, but were offset by higher expenses, lower recurring investment income, and an FX loss. Premium volume was stronger than estimated in both the insurance and reinsurance segments. Book value per share growth of 0.9% was higher than our +0.2% estimate, helped by higher operating income and realized gains.” JP Morgan maintained its Neutral rating and its $36 Price Target. Shares of Axis Capital Holdings closed at $36.82 on Tuesday.