Axis reported its net income in the fourth quarter increased 9 percent on disciplined underwriting and improved loss development.

The Pembroke, Bermuda-based insurer reported net income rose by $25 million in the fourth quarter to $315 million, or $1.89 per share, a 20 cent a share increase from the same period last year. The company also increased its quarterly cash dividend by two cents to 18.5 cents a share.

Revenues, however, were down in the quarter by less than 1 percent, or $4.3 million, to $805.4 million.

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