AXIS Capital has reported $151.8m net income for the quarter ending 31 March 2005, compared with $166.8m a year earlier.
The company said the figure was equivalent to $0.95 per diluted share for the quarter ended March 31 2005, or $1.00 per diluted share a year earlier.
Net income for the first quarter of 2005 was reported as $152.7m, or $0.95 per diluted share, compared with $157.6m, or $0.94 per diluted share, for the quarter ended 31 March 2004.
Net income excluding foreign exchange losses, net of tax, for the first quarter of 2005 was reported as $175.7m, compared with $158.8m a year earlier.
The company said gross premiums written increased by 14.8% to $1.2bn while net premiums written increased by 18.1% to $1.1bn.
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