Bermuda-based AXIS Capital Holdings said 2004 was “one of the most challenging” years in its history when reporting its year-end results.
Net income for the year, it said, was $495m compared with $532.3m a year earlier. The 2004 net income results took into consideration the impact of the third quarter hurricane season.
It reported net income for the fourth quarter was $181.1m, or $1.09 per diluted share, compared to $160.5m, or $0.97 per diluted share, a year earlier.
Chief executive John Charman said he was “particularly pleased” with the results.
“Our solid results have been achieved against a backdrop of regulatory uncertainty, erratic competitive behaviour and unprecedented industry losses from a series of worldwide natural disasters,” he said.