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UPDATE 1-Axis Capital Q1 profit tops Street view
April 26, 2010 / 8:51 PM / 8 years ago

UPDATE 1-Axis Capital Q1 profit tops Street view

* Q1 oper EPS $0.67 vs est $0.48

* Q1 revenue up 14 pct

* Net premiums earned rise 5 pct

April 26 (Reuters) - Axis Capital Holdings Ltd (AXS.N), a Bermuda insurer and reinsurer, posted a better-than-expected quarterly profit, helped by a rise in net premiums earned.

For the first quarter, the company earned $112 million, or 79 cents a share, compared with $116 million, or 78 cents a share, last year.

Operating earnings were $96 million, or 67 cents per share, compared with $156 million, or $1.05 per share, a year ago.

Analysts on average expected for a profit of 48 cents a share, before items, according to Thomson Reuters I/B/E/S.

Total revenue rose 14 percent to $817.6 million.

Net premiums earned rose 5 percent to $696 million.

Reinsurers essentially provide insurance to other insurers, spreading the risk of losses among several carriers.

Axis Capital shares closed at $32.31 Monday on the New York Stock Exchange. (Reporting by Abhinav Sharma in Bangalore; Editing by Gopakumar Warrier)

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