PEMBROKE, Bermuda (AP) — PEMBROKE, Bermuda (AP) — Axis Capital Holdings Ltd. (AXS) on Wednesday reported a fourth-quarter loss of $142.6 million, after reporting a profit in the same period a year earlier.

The Pembroke, Bermuda-based company said it had a loss of $1.76 per share. Earnings, adjusted for investment costs, came to $2.94 per share.

The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for a loss of $1.25 per share.

The insurance company posted revenue of $1.48 billion in the period. Its adjusted revenue was $1.46 billion.

For the year, the company reported profit of $376.3 million, or $4.02 per share. Revenue was reported as $5.72 billion.

Axis Capital shares have risen 7.5% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $59.52, a drop of almost 5% in the last 12 months.

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